Picking a niche of people to serve is where I see most people stumble …
Sadly, because this key component is right at the beginning of this ‘ol money-making process … it’s (almost always) the single biggest reason why people fail right out the gate.
I recently did a consult with a friend and client. Math (short for Mathieu) was having problems. His niche wasn’t making him any money. He had tried everything. It felt like “trying to squeeze water from a rock” (his words, not mine). He was frustrated. So he booked a call with me.
Five minutes into the conversation it was clear to me why Math was fighting a losing battle.
He’s a very clever guy. He’s an engineer. He’s been “trying his luck” in starting an online business for a number of years already. He’s not new to this business. He tried freelancing, affiliate marketing, personal brand, and even blogging. He knows a lot. If I had to guess, I would say that he’s closer to be a Freedom Seeker than an Opportunity one.
Yet … Math had made a rookie mistake. He chose the niche he was in because it was close to his heart. He knew a lot about it. He got it “2/3 right”.
But…
He was missing the final “1/3”. Can you guess what it is?
He didn’t validate whether there was actually any need (and a way to monetize it) within this niche. How can you do that?
One easy way to do it is to validate if there are other marketers successfully operating in it (competition).
Another way is to find if there are any B2B angles that you can leverage so you can multiply the income potential of this niche.
I asked Math if he had checked if other marketers were selling similar products to him on Google?
He said he had checked on Google and there was almost no competition and that was why he chose that niche in the first place.
Less competition = More money… or so he thought.
Rookie mistake. “Lack of competition is a clear sign not to enter a market”
So I asked Math, “if your ideal customer was searching Google for the information that you want to offer, what would they typically type in?”
Response … job interview
Quick Validation Test #1
I went to Google. Typed in the two ideal search queries…
NO advertisers. Nada. Zilch. Not good.
Quick Validation Test #2
Next I went to ClickBank Marketplace (One of the biggest Affiliate Network)…
After the quick Google test … it wasn’t surprising to me to see these results in the ClickBank. The most relevant product in the “Job Interview” niche has a 9.01 gravity (which is super low). It means there is no (very low) competition (across the board).
Never a good sign. Not good at all.
Math: Oh damn! Obviously I’ve never looked at this.
Then I asked him “Math, you’re an engineer, right? So why not geared your ebook specifically to people wanting to land high-paying engineer jobs? Selling your $99-guide would literally be like selling money at a discount for them as it’ll show them how to get 6-figure engineering jobs. And why not offer coaching packages and high-end services to engineer employers as they have almost unlimited funds and clearly want what you have to offer?”
Quick Validation Test #3
Next, is there any B2B angle that you can leverage in order to multiply the income potential?
In this case, along with focusing on engineer job seekers… we could also focus on engineer employers.
By adding a B2B component, you shift your audience from individuals to businesses.
Businesses have bigger bank accounts and are more likely to pay you without hesitation.
The beautiful thing about this approach is that your content and marketing funnel are pretty much the same. However, with the B2B component, you don’t just stop at a $97 ebook.
You can also offer:
- $5,000 coaching package
- $3,000/month service
- $100/month SAAS
Rather than writing a blog post on entry-level engineer interview tips, position yourself as an expert and go after the businesses themselves by offering something like $3,000/month onboarding new engineers service or a $50,000 headhunting service for hiring top-tier engineers at Google and Apple.
When you’re just starting out your blog, personal brand, SAAS, agency, and traffic is hard to come by, offering consulting services is a great way to generate more income with less traffic.
If your sales page has 100 visitors a 2% conversion rate, your two sales should be for thousands, not $17.
Instead of focusing on adding affiliate links and ads to your site when you have little traffic at the beginning, see if you can come up with a high-end consulting offer to build momentum and make money right out of the gate.
Remember, just understanding your tribe’s pain points isn’t enough.
To dramatically increase your income potential, try finding a B2B angle to it that has the potential to pay you on a monthly recurring basis.
With this approach, I hope you’re beginning to understand why I truly believe you can make $10,000/month in 90 days with a new blog, agency, SAAS, personal brand.
Building a business is already hard, so no need to make it harder by choosing a difficult and way too general niche.
There are so many other markets and niches where there are tons of hungry frustrated and ready to pay for your content/product/service buyers.
Here’s a quick look at how I go about identifying and picking a good (read: profitable) niche…
About a month or so ago I wrote about how to find your true fans. Read/reread that page before continuing here. Do it now. Then come back here.
The biggest tip I can give you is this …
… instead of starting with a product in mind (like every Opportunity Seeker does), start by identifying a pocket of people that has a specific need (aka a problem that needs to be solved).
Did you get that?
Never start with a “product” in mind … and then attempt to find people to sell it to. No. Why? Well, let’s just say that’s not the most effective way to choose your niche.
- Identify the people you want to serve FIRST…
- Find out what they are ALREADY looking for…
- Then simply give it to them.
Your job is to find your minimum viable market of people who are looking for solutions to their problems and to position yourself as their go-to guy or gal (More about that later).
Now, let’s look at how you need to position yourself and your offer so that you stand out from the crowd.
