CHOOSING YOUR MILLION-DOLLAR-NICHE – Remé Jean-Louis Global

Your Million-Dollar Question – What is a Niche?

When you want to start a business, your Niche is the most important thing to think about before you can even decide to go into business. If you choose the wrong Niche and do not have the right product, you won’t have the right profit potential to support your business goals, and the success of your business is a constant uphill battle.

Therefore, in this article today I am talking about ” choosing your million-dollar niche.

First, let’s break it down, let’s define the concept of a niche. “What is a niche?” Strictly defined, A ” Niche ” is a portion or part of a market that we have identified as having special characteristics that are worth marketing to.

The relevance of a niche in a business is crucial because by identifying a niche the business can focus its efforts and resources on a specific target market. By catering to a niche, the business can better understand its customers’ needs and provide tailored or better solutions, products, or services that meet those needs more effectively than broader competitors. That’s what I call ” specialization.”

Choosing a Niche also helps the business to differentiate itself from the competition and establishes a better, unique selling proposition which can lead to an increase in its customers.

The worst mistake a lot of business owners and marketers make is that they try to appeal to everyone, and everyone – At first, it’s appealing, but you don’t want to do that. Because, if you try to be everybody to everyone, you will end up being nobody to none. You’re just not going to connect. It’s very important to identify who you are after to better connect with them.

To start determining your Niche, you have to ask yourself:

As An Entrepreneur, What Problem Are You Going To Solve?

The need for a problem-solving mentality in entrepreneurship should preceed any business idea, it must be the purpose of being in business. That is where to start, you have identified a problem and have cooked up the solution to it. And, that is the first step in identifying your million-dollar niche.

Let’s explore a few examples of niches for a better understanding and to just get the ideas flowing.

For example, “Business Training” is a category with lots of niches:

Make Money Online
Home-based Business
Local Marketing
Internet Marketing
Affiliate Marketing
Sales And Leadership

If you’re going into “Business Training” for instance, don’t cover the whole category, pick one niche and you will have a much higher likelihood of succeeding.

Identifying a Good Niche: Key Factors to Consider

Before I go further, I want to take a moment to explain what makes a good niche. You need to identify your customers easily. Ask yourself these questions:

How do we know there is a niche here in the first place?
What does this group of people have in common?

You have to be able to answer these questions and identify this group of people so that you can orientate your marketing accordingly.

Your audience also needs to be easily accessible. There might be a niche willing to spend lots of money with you but if you can’t find a marketing channel to reach out to them profitably, then it’s irrelevant and you won’t want that.

Some additional questions we can ask:

Is there a niche where the market is underserved, where they’re not getting what they need and want?
Can you come along, and do it better than anybody else, better than the competition?

Those are important questions to ask, too because at the end of the day, you will need a large potential market with growth potential. It is crucial to always be part of a niche that’s growing, not a niche that’s declining.

Business Training is a good example – there will always be a need, and new Entrepreneurs are always coming into the market. As the population ages, more people decide to start their businesses.

And people who decide to start a business don’t just do it once though. Real Entrepreneurs will always come back for more, trust me.

So, you want the same thing – You want people who keep coming back for more, so you can keep serving them versus a one-and-done market where people invest once and then disappear, gone.

“According to Forbes, heading the list of most profitable industries in the most recent ranking, as it has been for several years, is the category that includes accounting, tax preparation, bookkeeping, and payroll service companies, with net profits averaging 18.4 percent of sales. Real-estate leasing Companies and legal firms ranked second and third in profitability with a nearly 18 percent net profit margin. The average private U.S. company has a net profit margin of 8.9 percent.”

So, now you have an idea of what a profitable and a non-profitable margin is.

Let’s consider …

Niche With large Margins

The smaller your margins are, the less your margin is of safety. That’s why you need to find a niche with large margins. So, how to do that? Start researching.

Search for:

Product ideas. Take a look at the competitive products and consider buying them so you can study them. when you’re done studying them, take note of their deficiencies, then determine how you can make them better, and do it.

Sales Copy. If you’re looking at the competition’s marketing strategy and feel like acting on it, ask yourself why you want to do that. even better, look at the feelings or motivation of the average prospect in that niche, because these are the ones you will have to influence with your marketing.

General Complaints and Frustrations of Your Future Market. You can hear the same thing coming out time and time again, pay close attention to these things and see how you can do better and then deliver on their pain points.

Learn Words, Abbreviations, and Acronyms Your Audience Use in Their Conversations. Did you know that every market has its language? So, you will need to learn your market language to better market to them in the most authentic way possible. Because if you don’t, you will be automatically identified as an outsider. And, people will always want to buy from the insiders only. That’s why I always say that trust is the key foundation between you and your audience.

Why Business Training Matters

Business training plays a crucial role in providing individuals, and Entrepreneurs with a blueprint for success, especially for niche success.

I will always encourage you whether you are new or not in the complexity of the world of business to get some specific training because business training can translate into understanding the niche better.

Understanding the audience is key in niche selection

If you want to motivate, persuade, and sell your Audience, you need to understand them. There are 10 questions you can ask yourself to understand your Audience better and connect with them, but today let’s use a few of them.

Ask Yourself These Questions:

What keeps them awake at night? They’re lying in bed, staring at the ceiling, and can’t sleep.

What are their concerns?
What are their deepest fears, the fears they would rather not even voice aloud?

If you’re able to know and target them through your Niche, that will give you a huge advantage.

What are they afraid of?

Are they afraid of getting scammed?
Afraid of buying or paying for another program that’s not going to work
Afraid that they will be laughed at
Afraid that if they keep buying products and not implementing them, five years from now they’ll be doing the same thing?

Why are they angry? Every niche has someone they like to blame.

Who’s the scaped Goat?
Who’s the person, organization, or company they like to blame?

Tools of the Trade: Utilizing Niche Research Tools

Let’s go through a few tools you can use to help you conduct research on different niches you may be interested in.

TRENDS

You can search niches that are trending to help you see what is doing well in the market or not so well.

Google has a wealth of information about virtually every niche that is out there. Google Trends helps you spot things that are trending up and down at any given time.

Terapeak allows you to see what’s selling well, working with sites like eBay to assess trends.

Juniper specializes in “identifying and appraising high growth market sectors within the Digital ecosystem.”

KEYWORDS RESEARCH

Keyword research helps you assess what people are looking for but not what they’re necessarily buying, and that can help you attract organic traffic, especially to a website.

We want to know what people are looking for, what they will continue to look for, and more importantly what they’re buying and spending money on.

The Google Keyword tool can show how many times a keyword is being researched. You can search globally, nationally, or in more refined regions or markets. Any way just slice it, and you will get a lot of in-depth data.

You will find that most searches are a long-tail version of the keyword. I encourage you to go after those long-tail variations because usually, they are less competitive for more targeted searches.

Google’s Keyword Planner is also a useful tool. If you start searching for a niche, I think you can go into it, sometimes, with their related search terms you can get a lot of ideas about other niches that may be better.

Wordtracker is a tool like Google, but some people say it’s a little bit better and gives a little bit more specific information such as volume.

ONLINE FORUMS

Earlier in the article I talked about finding where your target market, your Audience likes to gather together. Online forums are good places to initially think about.

Simply reading posts in relevant forums, will give you good intel about your market from what makes them angry to what they’ve tried and what worked or not worked.

One of the biggest internet forums is “Worriorforum.com”. If you want to learn about the frustrations of the internet marketing niche and what they want, this forum is a goldmine. You should take a look at it as soon as possible, trust me it’s worth it.

Quantcast.com will tell you a lot about the Audience of a particular website, and it’s extremely in-depth. With a few clicks, you can find out who the users are and what they have in common.

ClickBank has made billions of dollars in sales of information products, including digital training courses, Affiliate Marketing, and more. They are in all kinds of niches, therefore, this can also be a great resource for you and your business.

At the very top of the ClickBank site, look for Affiliate Marketplace. When clicking on that, it will take you to the whole category. You can read more about ClickBanby in my review section following this link here: https://remejeanlouisglobal.com/clickbank-affiliate-marketplace-does-it-work-reviewing-users-experiences-in-canada/

Staying Ahead: The Importance of Tracking Trends

LIST DATA SERVICE

I think up to now, I have shared a lot of pieces of information with you today in this article about how to choose your million-dollar niche, however getting to this point is by far the most important tool I am about to mention here, please pay attention and read carefully.

Because it not only tells you what people are interested in and what today’s hot product is, but it tells what people are buying regularly. Plus, you can get some great information about the big players in the niche.

So you can easily find out :

Who’s making the lion’s share of the money?
How big are they and how they make?
How many customers do they have?
What price points exist and are successful?

MACROMARK

Macromark is a list brokerage firm. They offer lists of names, e-mail addresses, and physical mailing addresses of people who’ve bought a product in a niche before or who have indicated interests.

Let’s say you are looking for a certain niche, you want to into that niche, you can simply follow these three steps below:

Go to Macromark and choose that niche. You will find all the different lists that you can r and market to. They will tell you how many people are on that list, what they spent to get there, what they bought, and who they bought it from.
Calculate how well the companies renting out the data are doing and how big are they.
Place your list order.

And let me tell you, that is very important to do and understand.

SRDS

I am about to finish this rich article and I hope it is helpful to your success as a marketer.

SRDS stands for “Standard Rate & Data Service”. And that is much bigger than Macromark. They do the same thing but on a much bigger, international scale. They offer around 65,000 lists in all kinds of niches that you can rent out.

It’s worth just going to this site and browsing it because what you will be learning is mind-blowing. There, you can exactly see where the markets are, what niches exist, and what may not be worth going after. This site will save you a lot of time, work, and effort.

KEY POINTS

In this article today, You have learned:

What a “niche” is and why it is so important to choose the right niche when you’re going into business.
Ways you can determine the right niche for your business
How you can understand your audience and their wants and needs
How and where to find your Audience
Why it is important to understand the use of Keywords and Online forums