Without a clear niche market and a target audience, it becomes 10 times harder to get marketing results and make money online. Choose a profitable niche and focus on the prospects that can and will pay you and the potential for your business to “go green” with profits increases tremendously.
Which comes first in choosing a niche market – the product or the target audience?
You can start from either direction – but they both have to guide you to a PROBLEM that someone will pay you to solve. Do you really like planning parties? Great there are plenty of events that you focus on – but what kind of events will pay you enough to build a business from. Like working with artist and creative types as a target audience? Awesome – but what problems can you solve for them that they will pay you for? A potential niche market could be planning unique galas and events for theatres, galleries and indie art groups.
Invest the time in learning what sells (and why certain things don’t sell)
To make money online you’ll need to analyze what you want to sell or the service you want to provide. It should be in an area that you know a lot about or are willing to learn about. Initially what you want to offer may have wide appeal, but think of whom it will appeal to most. For example, does your service appeal to authors? That’s still a pretty wide market. Narrow it down more to get to your niche market. Who is most likely to be interested, non-fiction or fiction writers? Established authors or first time self-publishers? From there you might want or need to narrow it even further. For example, your product might appeal to self-publishing fiction writers, but what kind of fiction or what gender of authors will you target?
Use keywords to help you narrow your niche and connect to your target audience
This is where those who know how to make money online with their business excel. After narrowing it down as far as you can, think of appropriate keywords. Check with Google to see how many sites come up using these keywords. Next use a site that tracks keyword usage (such as Word Tracker) to see if there are plenty of users looking for that information. If there are enough.
Make a decision
While it’s important to pay attention to your intuition, there is no magic crystal ball that will ultimately determine the most profitable niche that aligns to your purpose and passion. If you have a target audience though there are data and trends that can help you find them and communicate your brand and benefits to them. The best action you can take is to just pick a starting point that you’re interested in. Stick with it until you start to make money online or you have established that the path you have chosen is not as profitable as you expected.
Chosen your niche – now what?
After you have chosen your niche market, communicate it on all of your marketing materials, your business cards, brochures, email signature, your website. Study the influencers in your field, how have they used their USP (unique selling proposition) to make them stand out online?
Finding a profitable niche market that’s aligned with passion and purpose can be a challenge – especially if you are multi-passionate, have a lot of interests or have a number of skills you can use. Many entrepreneurs and solopreneurs give up and struggle with trying to reach too broad of an audience with too many services and never make money online in a way that allows then to reach their earning potential.
Want to increase your chances for getting more reads, more leads, and more clients? Choose a niche market with plenty of potential paying customers, which allows you to stand out from the competition, and then network with and market consistently to that target audience.
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