There may be nothing more important than choosing the correct market or niche, simply because every other piece of ‘The Engine‘ is dependent upon having a group of willing and able buyers.
No amount of work or luck will help if you don’t have a willing and able market.
Maybe you’ve been told you can build a profitable online business around any topic you’re passionate about, right?
If there is not a sustainable market for your products and services, every second of your time invested in building your business presence online is a complete waste of time…
…you’re just rearranging the deck chairs on the Titanic, so to speak.
To confidently build a startup or small business around a niche market you must determine 3 big things.
- Is the market big enough?
- Is the market profitable – on the front and back-end?
- Is the market niche large enough?
To determine if the market is large enough look for
- 20,000+ Google searches per month on your top 5 keywords
- Similar opportunities in Bing, Amazon and Facebook
- Active Blogs
- Facebook Groups and Facebook Pages
- Forums / Discussion Boards
- Email Newsletters
- Groups or associations
If you need help getting started with the list above, here’s a “Growth Hacking the Google Keyword Planner” video tutorial that walks you through the step-by-step process of using Google’s main tripwire offer for Adwords – to NEVER have to buy Adwords (until you’ve dominated organic search results, anyway).To determine if the market is monetizable look for these must-haves of a profitable niche market for your product or business launch campaign…
- Enduring Market (not a fad) with a…
- Loyal Tribe of Market Enthusiasts
- Persistent Revenue Opportunities
- Between 3 and 7 direct competitors
- Minimum of ONE MAJOR FLAW in the market or niche
- Affiliate programs / revenue share opportunities
- Paid search and social campaigns (Google + BING + Facebook ads by competitors is a “green light” for this checkpoint)
- 3 or More Traction Channels with Market Scale Opportunity
Each of the above checklist items is one letter of the so-called ABCs of niche market analysis, of course…
If, for example, you don’t find an active forum or your keywords don’t add up to 20k monthly search inquiries or higher – don’t panic! You may still have a viable market…
That said, the more of the above criteria your market meets — the more likely you are to qualify this niche as a market where you can – and will – succeed online.
What is responsible for those big launch campaign pay days?
- Is it great copywriting?
- Is it social networking?
- Is it killer PPC strategies?
- Is it successful conversion mapping?
- Is it SEO?
It’s a mix of all these things and more, sure. But this is the small picture, and unless you have the big picture in mind, you will never cash in BIG online.
There are two things you need to get straight in your mind.
1. What your prospect needs from you in order to buy online.
2. Why your prospect buys.
Do people buy what they need? Hardly ever. Do they buy what they want?
But what they really buy like mad are things they feel they cannot live without.
In order to hit those big pay days, that’s what your product must make them feel or they simply won’t buy from you.