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💌 When doing market research, start by scoping out the size and saturation of your niche to understand where you fit in. Look at various subtopics within your niche, and check out the latest trends on social media.
It's crucial to see if what you're passionate about is currently in demand—look for articles, videos, and social media buzz to gauge popularity. Scope out the competition to see what products they're creating; it's not just about what's being sold, but also sparking ideas for what you could offer.
Consider if the niche suits you and if you're excited about contributing to the topics being discussed.
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- What sub niches exist in my niche? Which stand out to me? Explore the different segments within your niche to identify specific groups or topics that resonate with you.
- What are some trending topics within this niche or sub niche? Look for current hot topics, discussions, or emerging trends that are capturing attention.
- Are there any popular tools, products, methods, or software being used? Identify commonly used resources that help solve problems or enhance experiences within your niche.
- Are there any situations happening within your niche that are relevant? Pinpoint current events, changes, or challenges that are impacting your niche and could influence your strategy.
- How are other people making money in this niche? Investigate the various ways individuals or companies are generating income, from product sales to services offered.
- From this research, what ‘ins’ can I find into this niche? How can I differentiate myself? Use this data to find angles that could set you apart from others in the niche.