Dr Mani, What is the best way to identify a good niche market to enter?
Great question – and I say that because it’s such a rare question, yet one that is critically important to your eventual success as an information marketer.
Far too many excited infopreneurs plunge straight ahead into creating content – writing an ebook or special report, building a website or blog, picking an affiliate product to promote – based entirely on what INTERESTS THEM… and little else.
Later, with many frustrating hours of hard work behind them, they wake up to the reality that only few seem interested in what they have to offer – and are surprised, disappointed and disheartened.
It doesn’t have to be like this if you start with the right approach – of identifying a good niche market to enter.
So, how do you do that?
There are two broad approaches to finding great niche markets:
* follow the money
* follow your heart
Which approach is better?
Both are effective. Both can work. Both are profitable. You pick and choose the one that’s best for you.
In the first approach, you assess financial potential that exists in any niche you are considering.
Are there enough prospective buyers in that niche?
Are they already spending money buying products and services?
Can you reach them easily with your offer that’s unique and/or special?
Knowing the answers to these questions will enable you to make a decision about testing the niche.
The second approach is rooted more in things you are passionate about – though even here, you cannot afford to ignore the economic realities of the arena you plan to enter.
Once again, let me reinforce this message. “Follow your heart” does NOT mean simply going out and doing whatever you fancy and expecting success as an information marketer.
No, it means picking a list of topics or niches you are specially interested in, and then running through a similar checklist as above to see if you can reasonably expect to be profitable in it.
Which approach do I personally prefer?
I prefer to do things I’m passionate about. Stuff that I like, enjoy and am somewhat expert at. The reason is that it gives longevity and lasting power to my business ventures, because work seems so much more fun when it is aligned with my interests.
And because it usually takes some time before all the effort you invest into building an information business starts turning a profit, this passion and curiosity and interest will keep you going until that happens.
There are many specific steps to take in evaluating a niche once you’ve come up with a shortlist, and we’ll talk about them in another article. Or you can buy my book, “Think, Write & Retire” which deals with it in more detail.
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