Selecting Your Niche: Ten Things to Consider When Selling Info Products
In marriage, I believe that success is 90% a result of selecting the RIGHT partner.
In information marketing, there is a similar rule in place. Selecting the right niche is as important to your success as just about anything else.
There are two sides to niche selection.
One is choosing a niche that you really ENJOY so that sticking with it will be tough, but doable. Second, if you select the WRONG niche, you won’t make any money. And, unless you’re selling info products for a “warm feeling”, that won’t cut it either.
Here are a list of 10 things to consider when selecting YOUR niche:
1. Is it a Topic that You Really Enjoy?
Is the niche that you’re considering one that you find yourself reading about either on or offline? Is it a topic or field that you gravitate too naturally without the promise of financial gain? IF the answer is YES, you’re on the right track.
2. Have You Sufficiently Narrowed Your Focus to DOMINATE the Niche?
Many of my coaching clients start out with a niche that is MUCH too broad. The broader the niche, the greater the competition. The greater the competition, the more difficult it will be to be the KING or QUEEN of your niche.
3. Are There Enough People Willing to Spend Money in Your Selected Niche?
With the niche that you’ve selected, can it be PROVEN the people will spend money? If the answer isn’t YES, then you’re in deep trouble. If you love the niche, the wrong answer here will turn your niche from a business into a hobby.
4. Will This Niche Still be “In Vogue” a Few Years from Now?
No one knows the future. But, when you select a niche, ask yourself: Is this niche trending in the right direction. Does it appear to be getting more or less popular? Stick with niches that are moving in the right direction, understanding that no one has a crystal ball.
5. Would You be Willing to Take the Time to Write a Book About This Niche?
If the answer is NO, you’re in trouble. To dominate a niche, you’ll have to end up writing a book about it. No other way to establish yourself as the KING/QUEEN of that niche.
6. How Difficult Will it be to Build a List in this Niche?
Again, another tough question to answer without some research. How much are pay per click rates going for with the dead center keywords that you would target? How difficult will it be for you to get to the top spot organically in Google? These are questions you need to ask before you get started.
7. Who Are Your Competitors and WHAT Makes You Better/Different?
In the information marketing field I’ve got a number of competitors. I’m still excited that I remain at the top of the organic search engine rankings. My positioning is to be the top ETHICAL information marketer. Not tough to do with some of my competition.
8. Can You Supply Your Niche with an “Endless” Supply of Products/Services?
Can you list 40-50 products that YOU could produce in this niche? You’ll need to have plenty of them planned in order to dominate the niche. If you can’t come up with a rather large list of potential products you’d want to create for a given niche, then it might not be right for you.
9. Do You Understand How People in This Niche FEEL and/or THINK?
To penetrate a niche effectively, you’ve got to be able to get into their heads. You’ve got to know what makes them tick. What makes them GO? What makes them CRAZY? If you can’t answer those key questions about the niche you’re examining, you should probably go back to the drawing board.
10. If it doesn’t work will you still be willing to try again with another niche?
VERY few people bat 1000%. In baseball, great hitters hit a bit over .300. That’s 3 out of 10. In information marketing, the numbers are somewhat similar. Not every niche you enter will bear fruit. Are you willing to keep going if this particular niche doesn’t work out?
Ask yourself these questions BEFORE you get started. Waiting until after you’ve done a lot of work will only make things worse.
I hope this helps you to figure out what niche/niches YOU should be targeting.
Comments? Ideas? Thoughts?
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