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Topics discussed:
– A checklist for finding your niche
– What’s their problem?
– Looking into the market
– 8 filtering mechanisms to refine an idea
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Tweetables:
Are you offering a solution? [Click To Tweet].
Can you create value different from everyone else in that market? [Click To Tweet].
Be convincing. [Click To Tweet].
Transcription:
We’re going to cover something really interesting. A few questions on SuperFastBusiness lately were related to what niche someone should be starting. They’ve just started with deliberation. If you’re asking what niche to be in then that means you don’t really know. So how do you know what niche you should be in? There’s a few little things to check so I’m just going to go through just a couple now.
A checklist for finding your niche
I like to think about is when I’m looking at a market, and remember a market is a bunch of people who you can identify. The first thing is can I reach this market? Are they accessible to me? And these days with Facebook and Google, it’s pretty accessible. If you want a high level market, you could join a mastermind because the people in the mastermind are going to be high-level people so they’re reachable.
What’s the problem?
The next thing is does this market have a problem? Do they actually have problem? Because if they don’t have a problem, you can’t solve it and you won’t get paid to solve it, so you can’t make a sale. So everything is going to be difficult. People who are happy and have no problems are not going to buy anything. You want to have a market that has a huge problem.
For example, business owners. They always have a problem: they don’t have enough time, they don’t have enough money. These are like perennial problems for them. If you want to look at overweight people, they have a problem. They feel unhappy with their body image. They feel unfit. They know they are going to die earlier than if they fit or etc., so they definitely have a problem. But most importantly, do they know they have a problem?
Someone who has a problem but doesn’t know it, we have to convince them. It’s like sometimes, I get sales calls from people who are trying to sell me something that solves a problem that I might have but I didn’t know it was a problem. I’ll give you an example. The promotional company who supplies hoodies for my event was sending me some screen cleaners and all these instructions, remove this, wipe and then stick. Now, I haven’t really realized how dirty the screen on my phone is. It’s potentially a problem that I had but I really didn’t know it until now that I’ve got this.
Things to check in the market when building your niche
Eliminate mistakes
The next thing is can I actually afford to buy it, right? So a lot of people are trying to market solutions to people who have a problem and know they have a problem but can’t afford to invest in the solution. Well, that’s not going to get you very far, is it? So this is like a quick, back-of-the-postcard checklist that can sort of eliminate a lot of the potential mistakes that you can make.
The next thing is some of the filtering mechanisms that I use to just further refine an idea before I get too stuck into it, too invested in it. So of course, does it solve a problem? Does our solution solve the problem? Make sure of that.
Sell with integrity
Could I sell it with integrity? Do I feel good about this? Can I sleep at night? Now a lot of people in the marketing space could not answer this question very effectively. I don’t know how some people sleep at night with what they are selling. Like, could you have integrity about selling a spam technique, to spam SEO search engines so that you got a temporary gain but you know that it would collapse at some point. I couldn’t.
Then, if possible, do you have some personal affinity with this? Now personal affinity is a hotly debated thing, do you have to love something to do it? No, but it does help if you relate to it enough to think that you can do it for the next couple of years. Being an expert at something, solving a problem, is is nicer if you could be interested in it.
When you’re selling floor tile cleaner, that’s great, it probably solves a problem, there are people that have it but can you get that excited about it? Or would you rather work with something that you are interested in? I mean I’m really interested in marketing, I’m interested in communication, I’m interested in selling, I’m interested in analytics and stuff. I’m interested in that stuff so I can talk about it.
Check Google
Now go and look if there are any ads in Google for this thing because if there’s not, you have to now put a lot of resource in telling people that they need this thing. It means that maybe people have tried it and failed? It’s pretty unlikely that you thought of something that no one in the world has thought of and you just come in there and crush it. You have to educate people that they need these things. So look for ads in Google.
Are there ads in Google for website development? Yes. SEO? Yes. Business coaching? Yes. So all of these things are good signs. Is there already busy-ness in the market? Is there activity? Is there a Facebook group? Are there forums? Are there discussions happening? Is it in magazines? Is there noise that you can go and enter? This is about accessibility. This is about reaching them.
Is there a back-end growth? Is it like a one-time thing like a wedding dress? Or is it something you can sell after that? So maybe you can sell a nutrition plan. Maybe you can combine it with having your first baby product or whatever. But look for back-end growth. Some markets don’t have a lot of back-end growth, people buy that thing and there’s not really anything after that thing. But then there’s other markets where that first thing is just a start of a little journey, like the golf market. You buy a golf club, pretty sure you’re going to keep buying golf clubs, every type of ball, every type of glove, etc. So that’s got some back-end to the market. You could sell high-priced clinics with pro-golfers etc.
Ongoing sales
Is it recurring? I always look for this one because it has really transformed my business. Can you find a way that you can keep selling something in that market over and over again? Obviously I found that services can be sold over and over again. And I found that some affiliate products, people want to stay on board like annual recurring or monthly subscription. Things like Ontraport, for example. People aren’t just going to disconnect that after one month. It’s an ongoing sale. Can you create value in that market, different to everyone else in the market? Is this something that you feel you have the ability to show someone that they would be better off?
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