The Riches Are In The Niches
They always say “The Riches Are In The Niches”. I've got to say this is something I have to agree with and I see so many marketers get this so wrong.
In today's video, I want to answer one of the questions I get asked all the time from people who want to create a successful membership site, product, anything like that, that they have difficulty in choosing an exact niche that they can focus on, which is going to be profitable for them. My answer is always to focus on “The riches are in the niches”
The More Specific Your Target Niche Can Be…The Better
Let's go into the process I go through with people when they ask me this question. There are basically three large groups that you can have a successful membership site, info-product, whatever it is, which you're focused in to. These are very broad and these are health, wealth, and relationships.
If you had a product, which was how to be healthy, it would probably cater to 95% of the world's population, but it's far too specific. It's not really resonating with anyone. So as the old phrase goes, ‘the riches are in the niches.' And in today's video, I'm going to show you how we dig deep to find a much more targeted niche where your message is going to resonate and hopefully it's going to be incredibly profitable for you.
Now, this process is not going to guarantee that you're going to have a profitable product, but it's something that you should do first. And then obviously do market research to see how many people are in this specific marketplace.
Start Thinking How You Can “NICHE” Down
Let's do an example, one for each. Let's say we're in the health market. This is our stage one, all these over here. Stage two is our sub-niche, and stage three is our niche-niche, our third step down.
Health, for example, put that there. Health, it could be to lose weight. We've gone from really everyone in the world to probably 50% of people in the world to lose weight. Again, far too general, far too not targeted to a specific avatar.
Let's go down one step further. It could be losing maternity weight. Again, we're going from 100%, 50% to probably, I don't know, 5%. It's sufficiently big enough, but it's targeted as well. Again, if we wanted to go, if we felt this was far too broad, we could go niche down once again further on here and we could maybe go for over 40s. Again, we've targeted that right down to a niche, and then we would do our market research. Is it a winner or isn't in terms of what people are in that target group?
The Riches Are In The Niches
Let's have a look at relationships. It could be a divorce. A very painful process for people to go through. So sub-niche could be how to save your marriage. Marriage, and then we could even go down further, if partner cheated, oops. Again, gone down four different levels. We've gone from a specific market… Sorry, a very general market, to more specific, and then even more specific, and that would resonate with people.
Let's have a look at the wealth market. We could go down into real estate. Estate, sorry if my writing's terrible. Real estate, then we could go down to, in America, they call flipping properties, flipping props. Again, a sub-niche. And then we could be niche down one, so it could be for first-time buyers.
Can you see now? We've gone from something totally general to something really specific. And if we've got a product that focuses over this end of the spectrum providing, as I said the caveat is are the people in this market have got money, passionate about what they we want to do and want to buy this sort of stuff and looking for this sort of stuff. Then we're on certainly stacking the odds in our favor that we're going to have a successful product.
I Hope You Found This Video Useful?
Again, it's a really useful process to do. If you just remember three main product areas, specific targets if you like, or topics, health, wealth, relationships and then niche down. And niche down at least to stage three, depending on how specific these niches are, and possibly even four.
You could even go one step further. It's really important that you go through this process to pick a target. You basically, you want your messaging to resonate with that. And if you go too general, again, the big mistake I see so many info-marketers making and people who've got membership sites and products, things like that, is they go way too general. So rather than focus on a specific niche where generally you can charge more money, they could try and wide to capture a bigger audience and it just doesn't really work.
Hope you enjoyed that. More importantly, if you want to talk to us about membership sites, creating products, any of that sort of stuff, please feel free to reach out to us. Remember, the riches are in the niches!
There are places all over where you can click a link, button, whatever it might be, and reach a member of my team or myself to continue the conversation.