The Five P’s Of Niche Selection And Profitability, part 1 can be found here .
Practicality in niche selection
Another of the P’s is practicality. You may want to create the world’s best SEO site, but you don’t know anything about SEO. Well, all I can say is you are too old to believe in fairies! I am not saying don’t dream big, if that is your aim, but put it on the back burner.
Get two sites up and running and earning a $100 a day each and then outsource your dream.
However, for the moment let’s get back to the real world. You need to be able to have the interest to research what you need to know. It does not mean that you have to be an authority to start, just enough interest to be able to know where to get the information you need.
If you are not sure, then go here to find out how to become an authority The video is about half an hour, but it is the only research resource you will ever need.
So you need practicality, because if it is not achievable, then you are setting yourself up for failure before you start. If you cannot isolate and engage your target audience, you will never make a sale
The pain in terms of niche selection should not be yours it should be the pain of others. Search through your niches forums, blogs, amazon reviews for information related to your ideal customer.
You’re looking for the lingo they use, common problems, questions, any products/websites they’ve used for help, what their current and long-term problems are.
Find out what their “why” is.
Once you know the problems of your target market you can build a profile of your perfect customer.
This allows you to talk to your customer in a more conversational way. Because you understand their pain and frustrations, they will trust you more and spend money. When you can push their buttons or empathize with them on an emotional level then you’ve made selling to them infinitely easier.
Here you will simply jot down all the pain points, wants, needs, desires, fears,etc… that you found out about your ideal customer while doing your detective work in the previous step.
So as an example if you were in the affiliate marketing niche it could look
something like this:
Tired of working for someone else *
Wants to travel *
Want to stop commuting to work*
Wants to spoil their family *
Want fiscal freedom *
Is afraid of being stuck at a dead-end job for the rest of their life *
Struggling with information overload *
Isn’t sure if this stuff really works *
Afraid of being scammed *
Use this profile to reflect your understanding of someone’s problems because people almost never buy because they need something, they buy because they want something, or at least think that they do.
Tap into this pain and you have succeeded.
The power of PLR
The final P is are there PLR products in your niche. No, I am not suggesting you use them per se but they are an indication of how profitable and viable the niche is.
PLR means Private Label Rights. If you purchase an original article it may cost you upwards of $20 to pay for one that earns you money. PLR when someone like me writes fifty articles on say peanut allergy and then sells that to a hundred people for less than $10.
There are a lot of people out there who find writing or communication very difficult. PLR is a fantastic way to get together an ebook you can re-brand as a video or other content. Used intelligently it is a fantastic resource or research tool .
If there are already people writing PLR in your niche, then it is a popular niche. However, if they are not then you can write your own PLR and create your own product.
The list below is a list of things I have been asked to write PLR about
- A lead gen report and auto responder series on College Scholarships
- A Married Man’s Guide to Getting Good Loving
- adult dance classes
- adult education
- Adwords guide
- affiliate marketing
- affiliate marketing program setup (CB, PDC)
- African mango diet
- Alcachofa diet
- Angular cheilitis
- anonymous surfing or anonymous proxies.
- Antifungal diet
- Antique guns
- ANXIETY ATTACKS
- ATV 4 wheelers
- Bad Credit
- Beer of the month club
- Belly button discharge
- Beyonce Lemonade Diet
- bicycle, scooter & related gadgets
- Bigger butt
- Bird Watching
- Blackberry’s, Computers
- Bocce ball
- Bone carving
- Breastfeeding diet
- Build a greenhouse
- Butcher Supplies
- Cabbage soup diet
- Cake decorating
- Candle making
- Cat food
- Chewing Tobacco
- Children’s Dance Classes
- Chinese New year/zodiac
- Chip carving
- College Prep
- Cruise tips
- day trading
- different electronic products
- direct mail marketing
DNA-guided nutritional supplements
exercises for the butt & thighs
first wedding dance
fixing a house
Fructose malabsorption diet
Gerson therapy diet
Getting Good Backlinks
Hair loss prevention and cure
health and wellness
Hills science diet
home internet business
How to build a bat house
How to build a cat tree
How to build a compost bin
How to build a dog house
How to build a drift trike
How to build an end portal
How to build a tree house
How to do Keyword Research
How to make a bow and arrow
How to make crab cakes
How to make fake snow
How to make rock candy
How to make slime
How to Pick Up Girls Without Embarrassing Yourself
How to upload/FTP the website
how-tos of video marketing – about You Tube, Tube Mogul, Traffic Geyser to Ustream
ice road truckers
Interior decorating with candles
internet marketing productivity
Internet Safety – parents/kids
Jadera diet pills
Joint Ventures for profit
Kamagra tablets and Kamagra Oral Jelly
kids dance parties 5 for $5
liquid vitamins and minerals
Meat of the month club
Natural dog food
natural remedies 4 depression, diabetes, hair loss, acne, stress, insomnia, headaches, high blood pressure, arthritis.
Network Marketing, MLM, SEO
offline marketing. (postcards, yellow page ads, guerrilla tactics)
Offline small business marketing
Organic and Baby/Pregnancy
Parenting Troubled Teens
Peptic ulcer diet
vegetable growing in pots
Poor Money Management
Producing DVDs for profit
profiting with private label products
Progresso soup diet
security for online shopping
Selling domain names for profit
Set up a simple blog or website.
Single Cup Coffee
Vertical jump training
what to write on thank you cards invitations and save the date cards
Wwe ringside collectibles
So you don’t have to have all five, but if you do you re going to find it a lot easier to stay in the niche and make it profitable, there are ways out if you choose the wrong niche, but it is easier if you can make the right choice before you start.
Good luck and leave Any questions you may have below, and I will answer them for you