Niche Selection – Where to Start?
Deciding on what product or service you will promote in your Internet Marketing business, should be based on the simple principles: There must be a demand for products or services on that topic. You want to offer something that people actually need, something that will make their lives better, make them feel better physically, make them look better, or help them solve a particular issue with something they are having trouble doing.
This should be done in two steps:
1. Research online market places, to find out which products are selling well right now, particularly in the niche you are looking at.
2. Research for a group of people who have a common problem to solve, related to the products or services that you found above.
If you can choose a product or service that you are excited about, something that you would have plenty to say about, on a regular basis, that also fits with above research, you have a winner!
The important point is that you need both a good valuable product or service, and a group of hungry buyers for that particular product or service. If you can locate both these components, then you should work in that niche.
Once you have chosen a product or service to sell, researching to find out what other products or services these same people will need, is the next most important part of beginning your niche marketing success.
The things that you need to know are where they spend their time online, and what makes them tick from a personal and business point of view.
There is niche marketing tutorials out there (eBooks, Videos, etc.) that can help you learn these things and easy ways to do the whole process. It actually isn’t that hard to do this, but if you start out trying to market online, without selecting your niche with this research, you are starting out completely blind. Some products will not sell and you would have wasted time and money, for nothing. So, save yourself a lot of grief, save your money and time! Learn these basic skills from the start.
Another thing you can learn as you do your research, is what you can reasonable charge for your product or service.
The best and most effective way to do this is to visit sites, like market places, that advertise products or services similar to what you have chosen to sell. It should be easy to get a good feel for where prices sit.
Just like there is no point in promoting a product that no-one is buying, there is also no point in promoting it at a price that the buyers won’t spend, or even to sell it too low, reducing your possible profits.
Once you have determined that there are people out there who are willing to spend money to buy what you are selling, target this audience, with your blog content, social media posts, in forums, etc. Build authority in your niche, by being very generous with valuable related information, answering questions, etc.
Don’t forget that you also need to capture the target audience into your mailing list, so you can re-market to them, each time you have a new product to offer in that niche.
This can also give you the opportunity to market less related products, as long as you have a story about why this would be a fit for them.
When you have identified a problem people are experiencing within your target audience, this makes it even easier to sell to them.
On-going research is the real key to successful Niche Marketing!
Now that you understand Niche Marketing a lot better, if you have decided this is for you, then you should check out our Niche Marketing Mastery course, which will show you how to actually do all above and more, in Step-by-Step details.
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All the Best!