Tools to find a profitable market niche

POR Hispanic Entrepreneurs • October 11, 2021

Locating an untapped market is the key that all entrepreneurs want to handle. That is why it is essential to know the tools to find a profitable market niche. In Hispanic Entrepreneurs We name a few for you to start looking for an innovative idea in a market of opportunities.

What should a profitable niche have?

Some wonder if it is possible to find a profitable niche, and the answer is yes. With the passage of time and the development of society, new needs appear to cover. We demand services that we cannot find and need, so it is clear that not everything has already been invented.

But before looking for one that has been little exploited; you should know what the characteristics of this are. The niche must be wide so that a business can be derived from it. Besides that the demand is increasing, that there is some competition. That there is a small market that they invest in this, if someone pays, it is possible that the business will go.

It is also important to have someone who understands the industry. Ideally, you should be the entrepreneur who is going to start the business. But if you don't handle it, it's vital that you have an expert on your team that you trust.

In short, the niche has to have a group with specific and similar needs, and an optimal size to generate business. There must also be the will to satisfy their desires, the economic capacity to finance them and no or few businesses that can satisfy the needs.

Tools to find a profitable market niche

Using some tools to locate the right niche will always be a very useful help. These can be combined to obtain an optimal result, among the most used are:

1-Personal experience

Many successful business ideas have emerged to solve problems for the entrepreneurs themselves. Personal experience is a great source of ideas, in your day to day you can find problems that deserve to be solved. An example of this is Airbnb (accommodation) that arose from the need of its founders to generate money to pay the rent.

2-Google Trends

With this tool we can analyze the development of a market niche, how it was in the past and how it will be in the future. Likewise, it allows us to locate the most popular search terms on Google with their related keywords.

This could lead us to an untapped niche. Google Trends gives various options to search for ideas, compare them based on user searches. Look for ideas that have recently become fashionable and are still current, to see if it makes sense to develop them. It also analyzes the most searched terms, some ideas could come from there.

3-Google Related

This is part of Google Trends, it will help you discover what would be a good niche on the internet. Choose a country and keyword on a business that you think could be profitable. Search-related words will appear, choose one that has many, there would be the niche.

Returns information on monthly searches for the term and its level of competition with related words.

4-Google Ads Keyword Planner

It is another complementary tool of Google that is used to search for keywords related to products or services. Register and write the word, the best thing is that they are the same ones that you tried in Google Trends and Correlate. With this it is possible to know what the audience is looking for in the Google search engine.

Use it to evaluate the search volume that some terms have to understand the behavior of the digital market. This in-depth study of keywords could translate into profitable and scalable ventures.

5-Payer

Here you will find which startups are emerging, the trends and the booming themes. With this data we can segment the market well and identify untapped niches. As well as detecting a trend in another country and based on that model to take it to yours.

6-Facebook Ads

When looking for market niches, it allows to validate new ones by taking a step further. It provides a segmentation that is essential to detect the potential demand for the product or service of the niche you are looking for.

Through this, the number of people who are interested in a topic is known. This way you check if the one you chose is big enough for the business to be profitable.

7-Amazon

Although it is an online sales page, we can use it to analyze the information of the customers' buying habits. This will help us to validate business ideas. When searching for products, you will find data that will give you an idea of how users search for it. In addition, similar items will emerge by price and type.

It is very useful to know the way in which they manage their sales strategy and presentation of the future competition. Apart from key data that you should analyze before investing such as comments on the products.

8-Buzzsumo

Through this you will learn about topics related to niches because it has a list of products that have been successful on social networks. Buzz S umo Provides data on the most searched information in a specific area.