Straight off the back of our last Social Media training webinar, I was asked to supply a little more detail of niches to market to.
As I said on the call, before you start any marketing campaign, you have to discover (rather than decide) a niche to target in your marketing.
I have always said that our best niche in this industry is the MLM or Network Marketing niche for a number of reasons. Firstly, Mike Dillard says so (he probably knows a little more than the average person on this subject 
, people in the industry already have an understanding and acceptance of the business model, and for the most part, they also have little or no understanding of professional online marketing methods.
But you do not have to exclusively market to this niche, and it is a very important skill to understand how to uncover a potentially profitable niche.
If we have built a sales funnel for you, you already have the Coffee House Letter landing page customized ready to go. But as you develop your marketing skills, you will want to learn how to develop your own pages and speak to other niches if you choose to.
So the exercise I gave you to determine whether there is a niche where you think there is follows…
1. Is my prospect experiencing emotional pain/ frustration and an urgency to address it? Or do they have an intense or irrational passion?
You can see that we are looking for heightened emotional states here. A lukewarm attitude will not trigger a person to make a buying decision.
2. Is my prospect actively looking for a solution to this problem or challenge?
Again, action will be triggered by the intensity of emotion and desire. If the prospect is not actively looking for solutions, they are not that concerned about the problem.
3. Does my prospect perceive there to be very few or no options to solve their problems?
In other words, how competitive is this potential market?
4. Are there at least one in one thousand people actively looking for a solution right now?
This relates to the demand for your particular product or service. It is true that there is very good money to be made in very small niches, but that being the case, your marketing has to be absolutely spot on to achieve sales. If the niche is a bigger one, you are more likely to make a sale even if your marketing is not polished to perfection.
If you went through those questions and scored mostly “yes” answers, then it is likely that you have identified a potential market which may be profitable.
Your next step is to identify the specific (that is a key word here) emotional needs and desires of your prospect and identify the strong unmet need they have.
Your offer must be positioned to address the unmet need and then find out where your prospects are looking for solutions and answers. This is important so that you can meet them where they are looking in the market.
This is where Attraction and Information marketing comes into play. When you have identified the above, you can supply your prospects information and advice that solves their unmet needs.
So ask yourself the following…
1. Where does my prospect have an emotional/ irrational need driven by a strong fear or desire?
Remember, people are more motivated to act in response to pain or fear, than pleasure.
2. What is the unmet need that I can solve with my knowledge?
3. How can I offer my knowledge and skills in a way that solves their unmet needs?
4. Where is my prospect searching for solutions to their challenges?
It has been identified by Eban Pagan that there are basically three “mega niches” online which most searchers fall into.
They are Relationships, Money and Health. Obviously, our area of interest is Money, but this is far too broad a niche to consider as is.
So Eban has gone a step further and identified what he believes to be growth areas within the Money mega niche. I have listed them below. The brilliant thing is, they are extremely complimentary to the WMI product range. So get your thinking caps on about how you can work these into your marketing.
1. Real Estate
2. Foreign Currency (“FOREX” trading)
3. Investing (perfect for M3 consultants – the VRA newsletter is part of this level of membership)
4. Retirement (again – perfect – people are worried – as they should be – about their retirement savings and want to learn how to safeguard themselves financially)
5. Debt – huge – perfect for M1 consultants – the M1 is all about managing debt, getting out of debt and managing money
6. Starting a Business (MLM and Network Marketing market)
7. Making Money
8. Marketing (especially online) – great way to leverage the BiB sales part of your system
9. Time Management
10. Getting a Job
So get away from your screen, grab a piece of paper and a pen, and start writing down what products you sell (including your affiliate products). Separate them into specific potential niches where appropriate (be as specific as possible). Then start to create a profile of your ideal prospect in each niche.
From this point you can choose one (again – I recommend you start with MLM – it is competitive, but it works), and do your research as described above.
Cheers,
Tan
