I’ve been following a series of articles on the excellent http://www.smartpassiveincome.com/ with interest recently, the articles are about a 
competition between some of the top bloggers to create the most successful Niche Website.
Niche Websites focus on a very specific subject, this means that there is less potential traffic for your website to catch but there is potentially less competition for that traffic, so the goal is to become a big fish in a small pond.
By using tools like Market Samurai it’s possible to identify low competition keywords which can then help you choose a niche market to create a website for.
I believe I’ve identified a potential niche and I’ve purchased a domain name to use for a niche blog so that I can experiment to see if I can get any success.