When trying to find a profitable niche, you may receive the standard advice, “do what you love.” While this isn’t wrong, doing what you love isn’t enough. Just because you love something doesn’t mean you’ll be able to make any money from it. Here are five secrets to finding the right niche that will be profitable.
Secret #1 – Brainstorm All Possible Ideas
When it comes to finding a profitable niche, you want to take the time to brainstorm all the possible niche ideas that you can. You can start by asking yourself, “what subject have you read five books about?” If you’ve taken the time to study the subject, you’ve shown an interest in it. The point of brainstorming ideas is not only to find what you enjoy but what you’re good at.
Secret #2 – Find a market That’s Easy to Target
Conduct some research online. Are you able to quickly target the market? For example, if you look at ads on Facebook, are you able to target specific audiences that fit the customers in the niche market? If you aren’t able to cost-effectively reach the target audience, you’re setting yourself up for failure.
Secret #3 – See What People are Already Buying
If you find a market that doesn’t have any competition, it is a huge warning sign. This usually means that there aren’t enough buyers to sustain the market. Instead, you want to investigate the competition and find out what products and services they are already selling.
Secret #4 – Analyze the Core Problem in the Market
During your research, try to determine the number one problem that customers in the market are having or their biggest desire. If you know where to look, this information is easy to find. Finding this information will allow you to understand what people are buying and exactly what motivates them to make a purchase.
Secret #5 – Offer a More Enticing Solution
This could come in the form of a cheaper solution or a more complete solution. There are a lot of ways to provide customers with a more enticing solution. You have to find a hungry group of buyers if you want to be successful.
When you find the right niche market and provide the right offer to customers, you can gain more traffic to your website and convert those visitors into sales. Learning these secrets to finding the right niche will help you become successful in your online business.
You’ve come up with a great new idea for a business, but before you can get started, you need to figure out who your market is. The more narrowly you can define your market, the better. This is known as finding a niche and is the key to your success. Building a good niche involves following a six-step process.
Step 1: Make a Wish List
You need to decide who you want to do business with, being as specific as you can. Identify the geographic range and the kinds of customers you want to target. You have to recognize that you won’t be able to do business with everyone. If you try, you’ll only risk confusing your customers and becoming exhausted.
Step 2: Focus
You need to clarify what products or services you want to sell. You can use these techniques to help you begin the process.
- Make a list of the things that you do best.
- List your achievements.
- Identify the valuable lessons you’ve learned in life.
- Look for patterns that reveal your approach to problems.
The niche you chose should arise naturally from your experiences and interests.
Step 3: Describe Your Customer’s Worldview
When you can look at the world from your prospects views, you can better identify their wants and needs. The best way for you to do this is to talk with your prospective customers and work to identify their primary concerns.
Step 4: Synthesize
By this step, your niche should be starting to take shape as your ideas, combined with what your potential customers’ needs and wants. A good niche will have the following five qualities.
- It coincides with your long-term vision.
- Your customers want it.
- It’s carefully planned.
- It’s one-of-a-kind.
- It can evolve.
Step 5: Evaluate
Now is the time for you to evaluate your proposed product or service against the previous five criteria listed in step four. Perhaps you’ll realize that the niche you’ve chosen requires you to travel more than you’re ready to. If this is the case, then the niche doesn’t fulfill all of the criteria and doesn’t coincide with your long-term vision. At this point, you’ll need to scrap it and move on.
Step 6: Test
When you finally have a niche that meets all the criteria, you’ll want to test it in the market. Give your customers a chance to buy your product or service by offering samples, like a sample of your newsletter, or a free mini-seminar.
Once you’ve successfully tested your ideas, it’s time to get started with your business. If you did your due diligence, entering the market should be a calculated risk that will hopefully pay off.
Sales funnels. Maybe you understand the concept and even the importance, yet they still seem somewhat vague as a practicality. Too often, we allow jargon to put us off learning simple practices that would make a huge difference to our business. Let’s take a look at the framework for a sales funnel and how you can adapt it to create your
This is the honey trap: the bait that your reader will gladly trade their email address for and it may be the most difficult thing to create. A free info product was once the way to go, but readers have become overwhelmed by the amount of info products out there, and more than a little apprehensive about giving their email addresses in exchange for yet another same-as-every-other-ebook they’ll never get around to reading. Lead magnets need to deliver tremendous value and the most successful
ones now come in the form of software applications such as Excel worksheets, or resource guides.
The Loss Leader
This is the product you sell for less than its worth. Amazon is a great example of a business that thrived on the use of a loss leader when it rolled out the Kindle e-reader. The company manufactured and sold its Kindle devices at a loss, but knew that they’d make the money back when their customers bought ebooks to read on those devices.
Follow up Content
This is content designed to establish rapport, entertain, educate and influence your reader to continue their buyer’s journey with you. Typically it will focus on how your high end products solve a problem for the end user.
The High End Product
This is your Rolls Royce product – the ultimate sale your funnel is designed to deliver.
Make it easy for your site visitors to spend money with you. The up-sell does so because your customer has overcome their own buying objections and spent money with you. Now is the time to allow them to spend more. The down-sell, conversely, allows the customer who still has objections to buying a lesser priced product or receive a special offer to allow them to buy the main product at a cheaper price. The buyer gets some feeling of satisfaction at having been able to buy one of your products and not go away empty handed, having come this far on the journey.
Each part of your sales funnel must reward your site visitor for the investment of time they have made in arriving at that point.
- Attention-Getting Ads Get Results
Think about it…how many advertisements do you hear every day…how about every hour? Let’s face it, we’re bombarded with magazine ads, newspaper ads, TV ads, radio ads, and the Internet is plastered with ads on every site. Not many of the astronomical number of advertisements stick with us, and make an impact. How can you make your ad STAND OUT FROM THE CROWD?
” Make a dramatic statement: “Even my dog knows ….”
” Surprise them with the unexpected: “Use for 30 days totally free…”
” Ask a thought provoking question: “Is your current insurance costing you hundreds of extra dollars every year?”
” Use high impact headlines – it’s important to snag their attention right away.
- Get Personal
How many times have you been caught in the cycle of automated phone services? Yeah, you push 15 numbers and end up back at the main menu and never did talk to a sales rep. People are hungry for personal interaction in the marketplace. Look for ways to make your business a personal experience that your customers will appreciate. Get to know something about the people who walk through your doors. Let the people who visit your website know something about you. Yeh, it’s easier to trust an individual than a huge impersonal company…and trust is crucial to building a pool of loyal customers.
3. Paint a Picture
Ah, the end of a hectic week has finally arrived! As I lock the doors on a still cluttered office, my mind wanders to the many things that will demand my attention this weekend. I long to just escape the demanding voices…escape to the waters of the lake across town. It would be like heaven to plop myself across the back seat of a boat, and watch the sea gulls dip and dive as the waves rock me peaceful to sleep. Yep, I can almost hear the sound of their splashing when the clang of metal alerts me to the fact that I’ve dropped my keys.
Put your customers on the boat. Yeah, painting word pictures that capture their emotions will be more effective that the raw facts of the benefit your product offers. Describe what the benefits will do for them, vividly and in great detail…get them panting for the end result. Paint your way to a sale!
Think about it…the 3 tactics we’ve talked about deal with human emotions or behaviors, rather than your product itself. Yeah, when we affect the inner part of the customer, our sales are likely to see great results… and hey, they’ll feel good while they’re writing out the check! What more could you ask for?
Have you noticed that the old “tried and true” cold calling techniques which were once successful have completely lost their effectiveness over the years? They just don’t work anymore.
But many salespeople are still use them because that’s all they know. They’re working from that old, ineffective cold calling mindset. And they’re making the same mistakes over and over again.
I’d like to talk about 4 classic cold calling mistakes from the old traditional approach that will put you on the wrong path if you’re not careful.
- Deliver a strong, enthusiastic sales pitch
People almost always feel “pushed” by sales enthusiasm, especially when it’s coming from someone they don’t know.
You see, a strong sales pitch includes the unspoken assumption that your product or service is a great fit for the other person. But think about it. You’ve never spoken with them before, much less had a full conversation. You can’t possibly know much about them at this point.
So to them, you’re just another salesperson who wants them to buy something. And so the walls go up.
It’s much better to modestly assume you know very little about your prospect. Invite them to share some of their concerns and difficulties with you. And allow them to guide the conversation, rather than your pre-ordained strategy or pitch.
- Your goal is to always make the sale
When your target in cold calling is to always make the sale, prospects are aware of your agenda. And almost immediately, they’re on the defensive. After all, you’re primarily focused on yourself and the sale – not on them.
In the old traditional mindset, you forge ahead with the hope of getting a sale. You’re coaxing, persuading, and pushing things forward.
But most cold calls break down the moment the other person feels this sales pressure.
Why? Because they don’t know you, and they don’t trust you.
So the sales momentum you’re trying to create actually triggers a backlash of suspicion and resistance. They’re trying to protect themselves from a potential “intruder” with what appears to them as a self-serving agenda.
Instead, you can approach cold calling with a different goal. Your focus can be on discovering whether you’re able to solve a problem for the other person.
When you become a problem-solver, this feels vastly different to the person you’re talking to. You’re not triggering rejection. You’re calling with 100 percent of your thoughts and energy focused on their needs, rather than on making a sale.
- Focus on the end of the conversation – that’s when sales are lost
If you believe that you lose sales because you’ve made a mistake at the end of the process, you’re looking in the wrong direction. Most mistakes are made at the beginning of a cold calling conversation.
You see, it’s at the beginning that you convey whether you’re honest and trustworthy. If you’ve started out your cold call with a high-pressured sales pitch, then you’ve probably lost the other person in just a few seconds.
When you follow a sales script, strategy, or presentation, then you’re not allowing a natural, trusting conversation to evolve. So the “problem” has been put into motion by your very first words. So the place to put all your focus is at the beginning of the cold call, not at the end.
- Overcome and counter all objections
Most traditional sales programs spend a lot of time focusing on overcoming objections. But these tactics only put more sales pressure on your prospect, which triggers resistance. And you also fail to explore or understand the truth behind what’s being said.
When you hear, “We don’t have the budget,” or, “Call me in a few months,” you can uncover the truth by replying, “That’s not a problem.”
And then using gentle, dignified language, you can invite them to reveal the truth about their situation.
So move away from the old sales mindset and try this new way of approaching your cold calling. You’ll find yourself being more natural, and others will respond to you in a much more positive way.