Marketing
Discovering Profitable Niche Marketsby Jeff Smith
Do you wonder what it takes to develop your own book, manual, special report, course, audio or video program and earn over $50,000 in less than 6-months?
The answer is, to quickly capture hot selling topics from niche markets you already know about.
Wait a minute! Why would I intentionally limit my market to a smaller group of potential buyers?
Aiming your infoproduct business at niche markets has several advantages...
You've located a group of eager buyers before spending any time on your product.
You know exactly where to go to research your and test your ideas, concepts, products and marketing.
Niche markets provide a lifetime of fresh product ideas - all with very little effort.
You can reach your buyers much easier, with less money while getting 10 times the sales and profit from non- targeted audiences.
Continue to build your infoproduct empire by adding value with additional products.
The trend toward niche publishing is exploding.
Most new publishers are small, niche focused and highly profitable.
So how do you find and narrow down your search for your niche market.
There are 3 steps: Identifying, understanding and qualifying niche markets.
1. Identifying Niche Markets
A niche market is really quite simple to identify. What you are really looking for is a group of people who...
a) Have similar interests and desires b) That can be located c) That can be easily targeted and accessed and... d) That are willing to spend money on your products
In order to quickly understand and make money from your niche, you want to make sure you identify niches that you already have experience with, some level of understanding or have significant contacts in.
Some examples of niche markets include:
Mega Publishing Star Dan Poynter's book on Hand-Gliding
Willie Crawford's successful Soul Food Cookbook - http://www.chitterlings.com
and Damon Zahariades excellent book on writing Special Reports - http://www.infoproductcreator.com/part/damon.html
2. Understanding Niche Markets
99% of the time buyers make decisions based on emotions rather than need.
They may NEED a new car, but they WANT a BMW!
They may NEED information on self-publishing, but they WANT to see it on video from an expert in the field.
Live a day (or several days) in your market's shoes.
Read what they read. Go where they go. Monitor what they say. Ask what they want, but more important find out WHY?
What have they purchased in the past? What types of messages work - what entices them to take their wallet out again and again.
That's what understanding your niche means. The golden key to earning BIG profits from niche markets is understanding that market at a level you much deeper than you may be willing to learn. You now know the difference between massive wealth building and struggling business
3. Qualifying Niche Markets
OK. So you have identified a target market, you understand their needs, wants, desires and motivation for such desires.
Next question!
Will they buy what you are offering? Will they continue to buy to satisfy their need?
You can qualify by asking the following questions:
Do they have the means? Do they have discretionary money to buy your products?
Have they bought before? You like to see a pattern of spending on products in your area of focus.
What is the emotional driver behind people buying products in your market?
Have you identified a niche market that meets these criteria?
If not, please stop whatever you are doing and spend some time on this.
Identify, Understand and Qualify your niche market and you can turn peanuts into pure gold!
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