Ask any marketer what one of the biggest challenges they face and they will tell you that choosing the right niche to build your business around is absolutely everything! Or is it?
Let’s take a look at the process that some of the top millionaires use to determine what niche they are going to build their business around:
Step 1 – find a lucrative market first: most marketers do not even attempt to locate a niche until they clearly see a market that has a real need and then research it to determine what niche this would be.
For example, Joe wants to sell an ebook to the weight loss industry because there is a bunch of women complaining on forums (emotion to have a solution is very good) about how hard it is to lose weight right after having a baby. Joe decides that he will create and market his book as a solution to these to women.
Step 2 – find out where they hang out online and do surveys: for example there are multiple online forums where women go to talk to other women who just gave birth. Posting a survey and getting the opinions of your target market will help you to develop the correct products that people actually want to buy. Use this information for product development.
Step 3 – use your research to determine the exact match / and final niche selection to your product. In Joe’s example we are looking at this:
- Industry – Weight Loss For Women
- Research – women who just had a baby are highly motivated to lose weight. They reported they would pay up to $50.00 for a specific weightloss guide just for them.
- Niche – Women who just gave birth and want to lose weight.
Step 4 – Send out questionnaires to determine the exact content that should be created for your product. This is a critical step for developing the right information in the niche so that people are satisfied with the product.
Step 5 – Product creation / free content giveaway to produce a mailing list to your niche. You are not just trying to sell a product, you trying to build a sustainable business. Once you’ve completed your research should create the correct product that leads into a front end marketing funnel. It would look something like this:
Free giveaway report that solves part of the problem – for example using Joe he would create a report something like this, “Just Gave Birth? Here is how to lose ten pounds of fat in 2 weeks, guaranteed!” The report could explain how to get started with Joe’s weight loss plan and of course follow up e-mails would offer his first product for sale which is a complete weight loss guide for women who just gave birth. The final step here is to develop additional products, and affiliate products and continue to mail offers to your ever-increasing e-mail list.
As you can see, the process is actually backwards because you need to locate exactly where the best target industry is and then mind that gold out of the industry by using surveys and contacting potential customers to get their feedback.
Congratulations you now understand exactly how to choose the right niche to build your business around.
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