Have you found that profitable niche in your market yet?
Most people trying to make money online fail before they ever get started.
Before they ever set up a website, create a product or choose a marketing strategy, their online business is doomed to the dark abyss of failed online ventures.
Terrifying isn’t it?
Well, why is that the case? Why do people fail so abysmally at making money online before they expend an iota of energy?
To be honest, it comes down to many things.
But chief among those things is operating in the wrong niche. That is, choosing the wrong group of people to cater to, the wrong problems to solve, the wrong solutions to provide.
So the purpose of this 2 part series is to make sure you do not become another online casualty by helping you find the right niche from the start.
When? From the start!
Let’s dive right into it.
Malcolm Forbes once said, “The biggest mistake people make is not making a living at doing what they most enjoy”. Centuries earlier, Aristotle had already figured this out because he said “Pleasure in the job puts perfection in the work”.
What does this have to do with finding a profitable niche? Well before we get to that, what exactly is a niche?
In marketing, a niche is a “piece” of a market. It is a specific group of people with identical problems that form a subset or piece of a larger related market.
For example, if you consider the “how to make money online” market, it has several niches within it. Affiliate marketing is one, eBay selling is another, private label rights products is yet another. These are pieces of the larger ‘make money online’ pie.
In my experience, it makes succeeding online much easier if you focus on catering to one of these niches rather than catering to the whole “pie”. Why? Well, because you can create products and provide services that solve specific problems. Those are the products and services that people buy.
For example, “Successful Affiliate Marketing for Less Than $100 Per Month” is a product that caters to a specific niche, Affiliate Marketing. In fact it caters to a niche within that niche, i.e. those who don’t want to or can’t spend more than $100 per month.
Such a product would be more appealing than a generic How to Make Money Online Product. It takes a while to appreciate this simple yet profound truth. But when you do, you will be much much closer to succeeding online.
Now, despite the need to find a niche to work within, you don’t want to choose just any niche. Preferably, you want to choose a niche that you are passionate about.
You see, the truth that not many people will tell you about is that passion is what will keep you motivated enough to create a successful online business. It is what will help you overcome the obstacles that you will undoubtedly meet.
And as Aristotle said, it’s the thing that will help you both enjoy your work and do it really well. When this happens, you will progress quicker because work will be play. I guarantee that. Unless of course you are passionate without the appropriate skills.
Are You Oblivious To This Common Success Trait?
If you read just a little bit about the most famous and successful people of all time, you will see that they all had one thing in common. They were passionate about what they were doing.
Steve Jobs was passionate about computers, simplicity and beauty. His products reflected his passion. Not only were they easy to use. They were also beautiful in design. Elegant and impressive just to look at. So we bought them… in droves!
Henry Ford’s father wanted him to be a farmer, but Ford was intrigued by and passionate about motor engines. He left the safety of the farm to follow his passion to become one of the most successful entrepreneurs of all time.
Thomas Edison worked over 18 hours a day, but often said that he was incredibly happy. He said that what he did was not work; it was fun.
So think about the things that you have fun doing. If you are having fun, it won’t bother you to invest more time in your online business. You will usually be motivated to work and THAT will make you progress much quicker. That’s the plain truth of the matter.
You might be a person who is passionate about many things or one who can get passionate about anything. That’s a great quality. But unfortunately, passion alone is not enough.
Here’s what I mean.
You might be passionate about something for which there is no demand or about something for which there is way too much competition. Starting an online business in such a niche will eventually frustrate you thoroughly.
Why? Because it’s exceedingly difficult to succeed in such niches.
But, the good news is that with just a little research, you can discover a niche that you are passionate about and that has great demand and reasonable competition. YOU can unearth a niche that is highly responsive to your offers!
How ? The next point explains .
POWER Tip: Pain and Urgency or Irrational Passion: This is a long standing marketing concept I first heard from Eben Pagan, a very successful online marketer.
It’s as follows. Whenever you are in pain, you have an urgent desire to end your suffering immediately. Practically everyone in the world is in some kind of pain. Their pain may, for example, be caused by:
· Lack of money
· Lack of desirable relationships
· Poor health
· Character flaws etc.
In most cases, people with problems like these desperately and urgently want to get rid of them. They are looking for any credible solution that promises to relieve them of their pain.
For example, you can bet your house that someone who has no money undoubtedly wants some money right now. Or, most people who can’t get a date want one ASAP! The point I’m making is that, if you offer these people credible, high quality solutions to their problems, they will be very responsive indeed.
So the take home lesson is, make it your aim to find a niche that has pain that they want relief from urgently.
Now, with that said, it’s not all niches that buy products on the basis of pain. Many buyers are not in any particular pain. You might say they are “irrationally passionate” about something. There are things that they want…that they feel they “must have”…regardless of the price or whether those things serve any purpose at all.
Collectibles are a great example. They are classified as “hobby niches”. Some people are just passionate about collecting things. They absolutely love it. It may seem irrational to others, but who cares. They love collecting stuff and will do so all day long.
As an internet marketer you can market to these people and be wildly profitable. Just check eBay and you will be amazed at how many people love and buy collectibles.
So if you want to stack the odds in your favour from the get go, remember to choose a niche were people have pain or irrational passion about something. They will be more responsive to your offers.Stay tuned for Part 2 – How To Find A Niche That Will Pump Paying Customers Into Your Online Business!