Give Customers A Solution
You do not need to come up with a great idea to be a successful online entrepreneur, but you do need to give the customer a solution to their problem.
So, what comes first? The idea, or the problem.? With online marketing, it is the problem. Or what we call the Hot Niche Market
You need to find out what the problem is to begin with! That can be a trick.
So, what is a Hot Niche Market?
This is a market that is a smaller market, and one where there is low to medium competition. A hot niche market is usually a problem that people want to have solved. Having an idea, or a product, does not necessarily mean that people are hungry, or ready, to buy that idea or product. The problem needs to have emotion and passion surrounding it, it’s the emotion and passion that makes the niche hot!! Now the customers are telling you what it is that they are desperately wanting to have solved, i.e., what they are ready to pay to have solved.
This is why this is the most important and vital step in establishing anything for sale.
We remember a quote from Richard Branson: Virgin only go into a market when they find a gap
In order to find a niche, it can be an idea that you’ve had in your head for a while, that you discuss with your friends, that you see come up often in social media websites, or on current affairs programs, or you can search any of the following sites or similar:
a) Keyword planner, in Google Adwords – to access Keyword Planner, sign in to your AdWords account at https://adwords.google.com.au. Click the Tools and Analysis drop-down menu and select “Keyword Planner”.
b) Trendwatching, www.trendwatching.com
c) Amazon Best Sellers
Look for topics and establish what is being searched for, what is the problem that people are needing to solve. Usually when you are first starting out, it is wise to choose niche markets that you have familiarity with, to assist you in writing content and articles (generating traffic).
Once you have a niche you are considering, break it down into a smaller, and therefore more targeted, market pieces.
For example, if weight loss was your niche, you would not be targeting all women who wish to lose weight. This would become a plan for failure as you will have people accessing your site for information that have a definitive problem to solve. People are looking for a variety of ways in which to lose weight, including, surgery, calorie counting, meal replacements, shakes, magic pills, and the list continues. As a result of this, you will have a large number of people who are not interested in your particular way to lose weight, very quickly they click off your website, without purchasing a thing.
So, know your target audience within the niche market. This may take some time and some social media research, but look for the following:
i) age group
iii) specific problems to be solved
By knowing your target market well, you will be able to write better sales copy for your marketing, you will only target those interested in what you have for sale that can solve their particular problem and your return will improve.
Back to the weight loss example, you may then target only those women, post birth, that are interested in using meal replacement shakes. Now you have a more targeted market.
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