Many new marketers struggle with the task of “picking a niche.” You know why?
They believe that you must pick a niche like you pick a lunch item off the menu at McDonalds.
They think there are thousands and thousands of niches and “I must pick one of them” so I’m going to pick what might be Niche #2,478 – which just so happens to be “dog training.”
Sometimes niches are chosen because the new business owner believes that there is much money to be made in that marketplace. Other times, the hopeful owner has a fascination with the topic, is passionate about it, or has experience with it as a buyer in the marketplace. And sometimes an entrepreneur will choose a niche subject just because “he heard somewhere” that there’s lots of money to be made from buyers in the niche.
But in actuality, the process isn’t like that at all for those who understand online business. If you change your thinking a little bit the whole niche selection process becomes somewhat scientific, logical, clear and solvable.
“A niche” is simply a void that your product fills … or said another way … a need or desire that your solution solves.
If you do a little study on the word “niche” you will learn that the word originally described a wall that had a “cut-out”, a recess, or a void where ornaments or statues were placed for decoration. (See attached photo)
Read that last sentence again and again until you memorize it.
In essence, you don’t “pick a niche” – you simply fill a void (an information gap) or solve a problem.
Through research and observation, it’s quite easy to uncover, discover, find, solve and then fill a niche with your own product or service (or with an affiliate product).
What are you trying to discover when you’re filling a void?
Simply, you are looking for (discovering or finding) a group of people with a common need (a void, problem, or “lack” they all share). When you discover this common need it becomes a relatively straight-forward exercise to then either create or find a product or service that fills that void in order to solve or satisfy the problem.
Beginning a business is best started on the demand side (finding a problem), not the supply side (presenting a product solution).
Observation and doing a little research will lead you to finding that group of people with a common problem that you’re going to eventually solve.
The natural tendency with most folks is to look for huge groups of people (a vast and broad audience) so there are lots and lots of prospects that have a similar need. Right? The logic is that you want a gigantic audience of prospects – the more people to sell to, the better.
I suggest you do just the opposite … and here’s why: the wider the audience, the less targeted the solution becomes. The more targeted the solution (your eventual product), the easier it is to market and sell. You can always expand your niche when appropriate … later.
Here’s a simple example. Let’s say you are ready to buy and are looking for a used sports car, a convertible. You decide to go to the Internet to see what you can find. Which web site would you be inclined to visit first:
a. A site that sells cars?
b. A site that sells used convertible sports cars?
The choice is a no-brainer, isn’t it?
The wider the audience, the less targeted the need, the more diverse the need, and the less likely your solution is going to appeal to everyone or anyone in that broad audience.
The stronger and more focused the need, the easier it is to meet that need and appeal exactly to all those prospects with that exact need. You will have an audience that is extra targeted because they are all seeking the same thing. And when you market to an extra targeted audience, your costs go down and your conversions go up since the marketing is relevant to everyone in the audience.
This has been a long explanation to a short question. But I hope it will help you to see that picking a niche isn’t the way to go. Observing and finding a void and then filling it is really your task at hand.
Go to forums, popular web sites, Facebook and Yahoo groups, places like Amazon and see if you can find common problems that aren’t being met. See what the most popular products and books are. They will help you to see what’s on peoples’ minds. There are lots of great resources to help you find a void that you can fill and be paid handsomely for your efforts as a result.
One thing I’ve often wondered is this: why are there so many products being sold online that nobody wants? I now believe it’s because product creators don’t study demand before they develop their solutions. Focus, target, and drill down into the niche so your marketing and selling become simpler, much more focused and targeted, and give you the best ROI possible.
To your online business success!