Today you will discover the best techniques for researching how to find a profitable niche market that will last for years to come in your business. One of the important questions to ask is if you can be an expert in that niche? Clients will usually only invest in your services if you are an authority.
Basically, the customer wants to have confidence that you know what you are talking about and that you can offer great value.
In our previous article of this Infopreneur Series, we discussed about the implementation of the Infoprenenur Business Plan. In this next chapter we focus on how to find a profitable niche market.
What Is A Niche Market?
Before we continue, it might be prudent at this point to define what is a niche. According to Dictionary.com they define a niche as:
“a distinct segment of a market”
At Wikipedia, a niche market is:
“the subset of a market on which a particular product is focused”
So in other words a niche is a specific topic or subject area that is more specialized as compared to the overall market and a product or service targets that specialized knowledge area.
However, you can have broad niches which would be covering a fairly wide range of the market. You need to get down to a specific problem that people are looking for solutions in that area.
If you consider horse riding, this would be a broad niche. If you built a website on this, it would take you a long time to be successful as there would be lots of competition until you became an authority site. Even then you would likely miss the boat since there is no focus in the market on a particular problem.
However, ‘horse riding for beginners’ or ‘body protectors for children’ would be a more laser focused area of the market offering a particular solution to the customer’s problem.
It is necessary to define what your specialized knowledge will be within the niche market. This may take you sometime and many iterations when you get started. If you are not sure, I would recommend you just get started on your topic of interest and likely it will evolve over time.
Its important to take action!
The Perfect Niche
Clearly creating a product or service is easier if you already have a good background knowledge of the topic or niche market, without having to do your homework. It also means you want to design your services or products for a specific group of people whom you know are in demand of what you have to offer.
This will make your marketing strategy in your business more efficient and straight forward, since you will already be familiar with the types of people you are targeting. They will know like and trust you, since you will resonate with their problems, needs and desires.
If you are going to be a successful infopreneur, then your niche needs to be made of the following three elements.
Accessibility To Potential Customers
This is all about reaching your potential clients. I am sure you have the best services and product in the world. However, this is not going to be of much value if you cannot get your services in front of your clientele.
It is important to consider the following points when selecting a profitable niche.
- Have you researched the psychology of the prospects in this niche?
- Assuming the prospects exist, are they looking for your services connected to your niche?
- Where would these prospects interact and connect, such as blogs, social media, forums?
- Have you researched the competition in the niche?
There has to be a trade off between competition and demand. If there is no competition then there is no demand. However, very high competition and the niche might be saturated unless you focus on a particular aspect.
The good news with competition is it means that marketers out there will have understood that prospects are accessible.
Strong Demand For Ongoing Sales
People buy what they want but will not always buy what the need. Please listen well to this last sentence!
You may think that people need this information or product but they will always buy what they believe they want in the moment. Here are some questions that are worth while pondering on when deciding your niche.
- Are there hungry buyers willing to give you money on information that they want?
- Will people in your niche, willing to spend money? If not then you are going to run into problems succeeding.
- The back end of your business is where the money is at, so are your prospects willing to spend more to get more?
- Can you be creative and be inspired to produce ongoing information in your niche?
Remember you are looking to build a list of loyal customers whom are willing to know, like and trust you. So they will buy and buy again.
Showing Your Enthusiasm, Your Passion
The majority of potential infopreneurs fall into the fly trap of only deciding their niche based on customer demand and accessibility. They fail to observe what it is going to take with their creative energy to produce and promote their services and information.
It is going to be very difficult for you to be motivated if you have no desire or passion in your niche. You must believe in it!
Lets look at some questions to determine your drive and enthusiasm in the topic or niche.
- Are you truly interested in this subject?
- If you were not building a business in this niche, would you still be interested in this topic?
- Would you find it interesting and fun to create information products and services for this niche?
- Do you have great empathy and compassion for your followers?
- Were do you think you will be five years from now? Will you still be in this niche?
You need to be committed to building a business long term, so reflect upon if you will still have the enthusiastic drive in the future.
Look At What You Know
I want you to do the following exercise. Get a sheet of paper and write down everything that you know. Here are some guidelines.
- Think about your profession and lifestyle.
- What do you know or have learned that others would like to know?
- What hobbies do you like to do?
- Have you learned something that other hobbyists would benefit?
- What makes you happy?
- Have you gone through some deeply challenging experiences?
- Would you be able to help people who have gone through similar experiences?
The truth is you are far more knowledgeable than you give your self credit. Always remember there are people looking for what you have to offer and the knowledge you have gained from your life experiences.
You are extremely powerful. Acknowledge how powerful and insightful you really are.
Review Your Creative Potentials
When you have done this exercise, put a score against the following criteria based on what we discussed above.
- What is the quantity of accessibility to prospects?
- What is the quantity of the demand for back end sales?
- What is the quantity of your enthusiasm?
Determining your interest in your selected niche is what is going to make or break your success. It is going to be so much easier on all levels if you have a burning passion and lust!
As an infopreneur once you have mastered your niche, you can then ‘rinse and repeat’ in other niches, by using your previously successful niche as a role model.
Also if you find after a while that you no longer have a passion in your existing niche, with little cost, you can start up a new niche. You can then use your knowledge gained to make your next niche and online business even more powerful.
You may want to operate multiple niches, the possibilities are endless.
Putting Theory Into Practice
They say knowledge is power. Not true! Applied knowledge is power! All the knowledge in the world is useless unless you apply what you know by taking action.
We have discussed a lot of theory about how you would figure out your niche. Perhaps you have a number of interests that you will be wanting to pursue. For the moment I would focus just on one topic for now and make it good.
To take action on your passion you need the right frame work and training that will teach you how to build your niche into a profitable business. I always recommend the World’s No. 1 Training and Open University Community that we fully stand by.
This will guide you by the hand on how to get started and help you with your chosen topic or niche market. You can have your first FREE website up and established today, in as little as 30 seconds.
If you have any questions I love to hear from you. Comment below and I will be delighted to answer your questions that you may have.
I am so please and excited for you. It is time for your motivation to shine and your success to blossom.
I look forward to hear your success story of being a Six Figure Earner and Expert in your Niche! 🙂