How to find a profitable niche?
How to find a profitable niche for your online business?
To know, how to find a profitable niche, is very important. If you actually want to make money in your niche, you should choose wisely.
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There are 3 big profitable niches, where people are constantly looking for solutions and pay a lot of money for it:
Because I know the most about 1. Wealth and „Make Money Online“ - niche, I will use examples from it, but you can use same steps in other niches too.
Go for HIGH-TICKET!
Imagine, you want to sell an online course for 997 $. Let´s look at some examples of potential buyers:
Who should be your customer?
students, 20 years, no income, debts
business owner with mid / high income
working from home mums, 3 children, divorced
worker with mid income and enough free time
men paying off a new expensive house
investor with good savings
In case you want to sell your high-ticket program, which people are the best customers for you?
What kind of people will actually value your offer and don’t bother you with refunds?
Which group will give you the best testimonials and which will look professional, so other people will treat you with respect?
ANNA KarlsSON - BLOGGER
Working with Julia was not only fun, I learned a lot new practical things! After just 3 weeks
I doubled my affiliate commissions and sold
Sure, you could say: „I will sell a course for 50 $, so everybody can afford it and more people will buy my course!“
Working in a profitable niche means also work less for the same money.
You have to create your course in both cases, but your expensive course doesn’t have to be much longer. It should bring better results and if you can explain everything in 5 modules, why make 50?
Also you have to market your course in both cases and this takes time and money…. The cheapest course won’t sell himself, if nobody knows about it.
If you want to learn how to sell
watch this free webinar!
(Affiliate Link - I recommend only products, that I use and love)
In general, nothing sells itself - marketing sells everything!
Imagine, you market the cheap course to the right audience and 5 % of your leads will buy.
That makes 5 people of 100: 5 x 50 $ = 250 $ Your advertising costs are 200 $, so you made 50 $ at the end of the day before taxes.
In this case you market your high-ticket course to the right people and 5 % will buy your 1000 $ course. Your earnings are: 5 x 1000 = 5000$ ; 5000$ - 200$ = 4800 $ before taxes.
Conclusion: What does sound like a profitable niche to you -
50 $ or 4800 $ ?
Repeat after me: NEVER SELL TO BROKE PEOPLE!
Niche more down by identifying problems
We already identified 3 group of people, who would be a good fit for a high ticket program.
Another point we have to look at now, is their biggest problem, which you can solve / teach them, how to solve it themselves!
If you don’t solve any „real world“ problem, why should people buy it? Even people with a high income won’t give you their money just for fun…
Possible problems could be:
for business owners:
- How to find more customers / easy customers, with no complaints?
- How to develop new products and bring fast to the market?
- How to drive more traffic to my online shop?
for workers in a 9-5 job:
- How to quit my job and make money online?
- How to start a side hustle?
- How to make my own website?
- How can I increase my ROI?
- How can I minimize my risks?
If you are not sure, which problems could they have, Facebook groups and forums in the specific niches are great for research.
In big and active groups, people post their problems and questions on a daily basis. Take your time to write those questions down in one Facebook group.
You will recognize some patterns and identify easy to solve problems and some complex questions, that can’t be answered in one sentence.
Such problems need an expert to help people to find a solution and guide them step by step.
That problem should be painful enough,
so that people actually would pay money for it and be grateful for a solution on top of that! (Remember, you need testimonials for your work!)
It should be so complex, that a beginner can’t figure it out with free information on the internet. But there should be a real solution with achievable results.
If people invest in your course and don’t get results after they implemented everything, you will be known as a scammer and can look for another job at the office…
Focus on just 1 question and find a real solution!
Choose one question from above or ask your own. Now go ahead and research, what are you competitors doing in that niche?
After that, try to find a better solution, but don’t reinvent the wheel. If other people are selling courses on that topic, why couldn’t you do the same?
You need just one point,
that will be better and kinda new for your potential customer! The rest is matter of marketing.
Probably you heard already of the „red ocean“ with a lot of sharks and blood in it - it’s a term from marketing and it means, there is a lot of competition in this niche. You can try to find a new angle and create a blue ocean, with no sharks and be the first with your original idea.
The problem with the blue ocean is, if there is no competition at all, there is probably not a real problem. People will not pay for your course, because they don’t know, what it is good for and how can it help them.
Therefore I would to suggest to create a purple ocean, where you find a market with low competition and enough customers to serve.
All you need to do is to „throw rocks at the enemies“ and tell your customers, why „guru’s“ will not help them. Finally you present one new part-solution, which your competitors don’t know about (yet).
The next step, after defining your niche,
is to create your "perfect customer avatar“. This will help you to create not only your course but also all the content for social media and copy for marketing towards your ideal customer!
This will be the topic in the next blog post. For now write all ideas down. After minimum 3 days research you should have an idea about your profitable niche, competitors and first impression of your ideal customer.
Don’t skip this step!
If you don’t know, in which niche you want to work, how do you want to market your product / service?Do you want to learn more about how to make money online in the „wealth“ niche? I will launch an online course on that topic soon.
When we try to reach everybody, we won’t reach anybody…
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