In the previous two lessons we talked about how to select a niche market, and how to determine whether there’s money to be made in it.
Today we’re going to refine your topic to make sure you’re zooming in on the desires of your niche audience. If you fail to do this, your product runs the risk of missing the target…
(Watch this video…)
Main points:
In general, people may be willing to pay for information that will…
– ease their pain
– fuel their pleasure
1) find a different niche
2) figure out different way to monetize it (ie. give the info away for free to build a list, and monetize the back end through physical product/affiliate sales)
1) email replies
2) self hosted survey – You can put a survey on your own website using a script such as this one (available with Master Resale Rights)
3) 3rd party survey – I recommend doing an ASK Campaign
UPDATE: I now use Instant Form Pro for most of my surveys. That’s what I used for my twitter survey, and other surveys. I like how easy it is to set up, and how it enables me to export the data to Excel to sort it as I wish.
1) Hire a market research firm (generally not recommended, due to the high cost)
2) Make a deal with a list owner in your niche. Create a win-win situation where the list owner benefits from the data being collected (or some other mutually beneficial arrangement).
3) Use PPC. You can send targeted traffic to a survey on your own site, or to an ASK Campaign. This will cost you some money, but very cheap compared to some alternatives (as few as 100 respondents may be enough).
4) Find free traffic. Get involved in forums in your niche, and then poll other members. Use social networks, etc.
5) Do it offline. Call people you know who are in your niche, text them, email them… do whatever it takes. Poll your neighbors, your church members, whatever you need to do to make sure your product hits the bulls eye.
What is your biggest problem regarding _________ ?
How difficult is it to find the answer to that problem?
What would you most like to learn about ________ ?
How much would you be willing to pay for a solution to ____________ ?
You want to know what PROBLEMS they are having. So pay special attention to questions like…
“Can someone tell me how to fix/improve/avoid… ______?”
“Is there a better/cheaper/faster way to… ______?”
“I need help with… _______”
Look for problems related to your niche that people are discussing on the forums.
This is the biggest article submission site, and will show you what is being done by other internet marketers to provide information in your niche. Are all of your audience’s most burning questions already being answered for free in these articles? Look at the author bio boxes to see how they are attempting to monetize the articles (ie. do they have a competing infoproduct?)
Action steps:
1) Survey your market and/or
2) Research the market in detail to find out exactly what they want
3) Decide what the focus of your topic will be
4) Come up with a USP for your product
I want to give you fair warning that this is where a lot of new marketers miss the boat. If you end up with a product that nobody wants to buy, more than likely you can trace it back to this lesson and see that you didn’t dig deep enough into your market to find out what they really want to pay for.
Once you’ve narrowed down your topic, it’s time to envision your product and come up with a great brand name. I’ll be talking all about that in the next lesson.
As always, you are welcome to post your questions and comments below 🙂
Have a great day!
Eric,
These lessons just keep getting better and better. I think this 45 minute lesson was your record length so far(ha ha) and I enjoyed every second of it…nothing less than a wealth of information as usual.
You diffently helped me put my idea(niche) and the direction I’ll be taking it, into my final focus. Since building a website from scratch is completely new for me, I’ll get my practice the first time around by building one that offers a free ebook download.I’ve chosen this direction for a few good reasons.
1)I don’t think many people(or as many as I would like)would pay for this niche product compared to the thousands that would sign up to receive a free info. product with this niche.
2) Developing an email list is very important for me.I don’t have one yet and I know that it’s a necessary part of a strong business.
3 I also think offering a free product takes some of the pressure(edge) off me from trying to create the perfect looking website the first time around….one with higher standards(design experience) that makes people want to give me money. People might be more focussed on receiving a free item than my ability to create the worlds best website…lol. It’s not that I don’t want the worlds best website,it’s just that it will take a little learning curve that comes with practice.
Thanks again eric….I’m off to yahoo answers now for a little research. I still need to think some more about the USP.
Ps…I know some services like xSitePro2 and iContact.com or Aweber.com offer surveys as well. With xSitePro2 you can just click a survey into your web page.
😉
Get 150 *Top Quality* NICHE Websites With Your Paypal ID On Each!
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love the feedback Gary, thanks!
Your Very Welcome Mr E. 🙂
Ps..What service would you recommend for affiliate link url shortening & Tracking?(I know this has nothing to do with your new lesson but hope it’s ok with you to ask in the forum)I like the ones that include the word recommends(it’s also a little different from the basic tiny url..lol)but I’m not able to copy or paste any scripts within the webisite since it’s affiliate)Thanks in advance!
Eric,
I think that this lesson is critical to everyone’s success. It takes some time and effort to get a product and website online. If you decide to market and sell the wrong product, you won’t make any sales. Consequently, this could turn you off from doing any business online.
There are a large number of niches where you might find some interest. However, I agree totally with Eric, you need to survey potential customers and see what information or product that they are willing to purchase.
Eric, this is another great lesson with valuable information.
Thank You,
Tom Curran
http://www.vipmarketingsecrets.com/
I don’t mind you asking at all 🙂 I actually wrote about it way back in April of 2006…
yeah Eirc thanks for your tips, I am looking for some survey scripts or sites that can really do a survey… your tips are very helpful
thanks for that.
Proson –
Discover How Easy For You To Share Google’s 8 Billion Revenue Pie with Just Clicks Away and in Less Than 10 Minutes with these Adsense optimization placements hot niches wordpress themes!
http://www.7dollarsclub.com/
“Whenever you solve people’s problem, you will make money”.
Find the problems that are faced by the people in this market and provide them with a solution.
Any market that helps people make money, save money or improve their life in some way will be profitable.
3 steps criteria for determining a market’s profitability:
1. Are there successful products being sold?
2. Are affiliates making money?
3. Are there additional products to sell?
To Your Success
Bryan Hee
WOW! Eric, your response on my last comment, let me worry about my niche.
As I told you, I know is risky.
Now lesson 21 provides an excellent example of twisting (the invention staff), I’ll stay in research as much as I can to come to a decent conclusion, and probably I’ll take the risk, or I’ll change a little the subject, or I’ll go with 2 niches.
Kind of – I am putting myself in a corner. In a way I cannot afford to lose my milestones in my plan, this means I cannot afford to have a zero gravity niche, but in the same time I want to try the niche what is at the border of the 2 disciplines. Now I am back to the research you suggested in 21. I’ll keep you posted. Maybe Yahoo answers and the new Google tool will guide me to a better conclusion.
By the way, the cloaking answer is awesome as well.
Eric,
Great lesson! Altruism in action… love it.
Perhaps you’ll address this topic later, but in the creation of my own ebook, I’d love to know if there is a FREE ebook cover creator.
Frankly, I’m trying to get started by the bootstrap method, then funnel almost all of the initial income directly back into the business.
Again, thanks so much.
John
I agree with those comments! Another factor would be retaining those hard earned commissions as well.
Boy-o-BOY, ERIC!! BEST advice EVER – and absolutely the best thing all newbies should do is make sure to have a marketable product. I bet I’m not the only person who has wasted an incredible amount of time trying to sell the wrong products. You hit the nail on the head, Eric. Good ideas on ensuring we don’t go down the wrong path with product selection… (again)!
Thanks so much,
Karen
Eric,
I watched the entire video with rapt attention. All I can say is I was overawed by the quality of the content and the powerful way it was presented. A job very well done.
Eric,
Without question, I feel that this lesson contains some of the most valuable and critical information that I have ever received.
The information in this lesson excels over that which I obtained in a $5000.00 internet business building seminar that I attended recently. This information also exceeds the teachings of a “guru” for which I paid handsomely, a couple of years ago.
I want you to know that you are providing light and inspiration in a long, expensive and grueling effort that I have been making in my attempt to become an internet business owner and publisher.
I cannot begin to thank you enough for the wonderful service that you are providing to me and to this community,
John Parker
Great lesson! In a past business I have run into thinking I knew what my public needed and wanted. I invested a lot of money and found that design wise I was way a head of what was wanted. I lost out! Lesson learned…I don’t know everything.
Your survey tech is great! It focuses on the customer.
Eric:
A real mind opening for marketing ideas from a different perspective. A great lesson!
Thank you,
Sergio
Eric,
I just wanted to share with Erics Tips members an incredible list I found titled: Competitive, Niche, and Idea Research Resources
1. Trends
Google Trends
TrendWatching
Google Insights
Quantcast
2. Directories
Directories are where search engines where born, and can give you great insight into categories and niches both by seeing who is there and visiting them.
Open Directory Project
Yahoo Directory
3. Mega Ideas Generator
Google Suggest
Lycos Movers and Shakers
Alexa Top 500 Movers and Shakers
WikiSuccess
Barnes and Nobles BestSellers
43 Things
Squidoo Top Lenses
Magazine.com
Ebay Pulse
Shopping.com Top Searches
Yahoo Recreational Hobbies
Google Groups
Yahoo Groups
Google Blogsearch
BlogCatalog
Google Catalogs
Yahoo Buzz Index
Technorati Top Searches
Thesauraus, Dictionary, and Encyclopedia
4. Affiliate Programs
Not only can you research lucrative affiliate programs you can promote, and get ideas for products to fill a niche, but all the affiliate networks will show you what their hottest offers for you to promote. This also tells you what niches are hot, or you can use those to suggest products to create yourself.
ClickBank Marketplace
PayDotCom
The 2nd Tier
Commission Junction
Hydra Media
Max Bounty
AzoogleAds
Joe Bucks
MoreNiche
FreeIQ
Affiliate Directory
5 Star Affiliate Program
5. Free Keyword Tools
Google Adwords Keyword Tool
WordTracker FREE Keyword Tool
Webmaster Toolkit Keyword Research Tool
SEO 20/20
Digital Point
Nichebot Classic
DomainCountry Keyword Tool
NicheTaxi
WordPot
Freeaddlink
6. Answers, “How To” and Self Help
Great for for niche research, you can contribute and leave your link for traffic generation.
eHow
WikiHow
AnswerBag
How Stuff Works
So You Wanna?
About.com
Yedda
Yahoo Answers
Tips and Answers
This is a good gem to look out for. Use this to create custom reports and offer to your list and add value to your subscribers, or as opt-in incentives:
Find All About
Here is some great “How To” materials that will also generate loads of useful ideas:
VideoJug
Early To Rise Health, Wealth, & Success Ezine
“MyGoals” pre-made and customized goal-attainment
7. Article Directories
Great source for information and ideas, as well as traffic genetation.
EzineArticles
iSnare
Associated Content
SearchWarp
Article Dashboard
GoArticles
ArticleBase
ArticleDepot
ArticleCity
8. Public Domain
Wikipedia list of public domain directories
Gutenberg
Online Books Page
Creative Commons
Google US Government Search
Public Domain Books Online
ibiblio
Health Research Books
Bibliomania
Electronic Text Center
9. Interesting Facts
Amusing Facts
Strange Facts
10. Forums
Forums can be some of the best resources for specific end-user answers, and allow you to ask specific questions.
WarriorForum
Big Board
Digital Point
Sitepoint
A Best Web
I could not see the Video completely, it stops in 1 minute.
Thank
Harib
Thanks Tom, appreciate it!
“Whenever you solve people’s problems, you will make money”.
That’s a good quote 🙂
Cool 🙂 Happy researching!
There are some free ebook cover creators. The ones I have used have not been too good, but I’ll make note of it and see if I can find a good one. I’ll also show how I make all my own ebook covers.
Thank you very much Karen 🙂 I’m glad to hear it.
I worked hard to make this a good lesson, so thank you very much!
”
I’m humbled and grateful 🙂 This is validation of why I am doing this.
Dude that’s a huge list! 😮
Part of the reason I generally try not to make lists quite this big in my lessons is because I’m trying to streamline the process and avoid the “information overload” syndrome. It’s easy for newbies to get sidetracked if they start going down too many roads.
But this is a good list so I’ll leave it for those who feel they need to do additional research after taking the steps I’ve recommended 😉
Thanks Gary!
PS– In case anyone notices… I threw a couple of my own affiliate links into Gary’s post since he included a few resources that I actively already promote. (just so you know he posted them all straight up with no aff links)
I recommend closing ALL programs. Clear your internet files. Then reopen a browser and try again. (The reason for this is perhaps your computer was low on memory). If the problm persists, I recommend trying a different browser, such as Firefox, which is a free download at http://www.mozilla.com
I have been reseaching and been directed to Site build It as a one stop shop for promoting building and hosting a website. (about $300)
Are we going down this road?
Should I add them to My favorites?
The Lessons can’t come quickly enough I need to get out of the 9-5 sorry I mean wednesday to monday 3pm-to finish!!!?
please help me iwant money how i can earn it tell me, send money earning free sites……
Yeah Eric…I was concerned the list might be a little to long before I posted it… but I was thinking you would either delete it or move it to a different area if you thought best. It’s a goldmine of information and I wanted to share it with others. It may be useful for people somewhere down the line. 🙂
PS: Sorry everyone for taking up so much space!
So true I completed a survey for a product recently where I usually just create then see if they will buy.
IT gave me such great information and then real power to craft the sales message correctly.
Great vid cheers
Rich
Hey Eric,
This is a great video. You put a lot into it and it shows.
Research is the hardest part and the one we tend to avoid. You take it to the next level and I believe everyone that takes action on what you have said will reap huge benefits.
I posted my comment rather late on lesson 20 and it has gone without a response (2nd to last a few minutes ago). I’d really appreciate your response when you get the chance.
God bless and keep up the great work
Ray
There’s even an easier way — use a one line code
in your .htaccess file.
Now your url would be http://mydomain.com/xxx, so
lets say a link to Eric’s lessons could be:
http://mydomain.com/Mr.E — when clicked the code
you put in the file would redirect them to Eric’s
home page or the first lessons page.
Grandpa Bill
“GREAT LIST!!!”
I’ve copied it into a word doc. and now it’s sitting
on my desktop for an easy reference file.
Thanks,
Grandpa Bill
Hi Eric,
Would you recommend people to use in-frame html to cloak their affiliate link instead of redirecting them to another website?
Edward
I will not be using Site Build it in the lessons. From what I’ve seen, they are a good program, but it is not my recommended choice for anyone who is serious about building their own business. You are correct, they are a one stop shop. That can be great for newbies, but as you progress in your business you will most likely want more flexibility instead of having to rely on the services of one company for all areas of your website. Again, nothing against SBI, and from what I know Ken is a great person. It’s just not how I would choose to build my business.
Thanks Ray, I’ll try to take a look at your comment on #20
No problem at all. But now that you mention it, I decided to go through and reformat the list to make it take up less space. I think it has a cleaner look now 😉
Hi Eric,
I know that we are learning to creat from scratch, and I want to do that and need to do that. But, I have enough invested that I really need a list. What do you know about Affilate Payload ? I have received ads from every marketer I get email from except you.You told us to quit buying so I haven’t bought it.
Our website is about ready to open. I had gotten so frustrated that I went with an SOE back in April. This is why I am so hungry for your lessons. You are One person I trust!!
The price for this program has already gone up as of yesterday.
In your debt,
Betty
Hi Eric
The pulse quickens superb info and a thanks to Gary for the list!!! I do agree with the statement you made Eric about newbies being easily distracted;a view of my favourites is a testament to it!Though the techniques you’re asking to employ are of a great help to concentrate on the task in hand.
Paul (UK)
Hi Eric,
It’s look that we getting to work hard now & really interesting. Brilliant infos, people will never get these infos even if they paid for the courses.
Remember the day you send a mail & thats impressed as we need to get back to you on that particular mail for your best reply.
Ths, regards
Hi Eric, Just properly went through the whole lesson. It could really take some time to load here in Malaysia. 😛
It’s been a great lesson with lots of useful tools for us all to use and proceed on in choosing our niche. Did lots of bookmarking and took some notes down and mapping up the process on my side to pick my new niche.
Thanks Eric, looking forward for your next lesson.
Also thanks Gary Pettit for listing down all the links. Going to go through it slowly.
Your Free Digital Resource Center
http://www.dbookworm.com
Eric
This lesson is probably the most comprehensive thing I have ever come across about market research. The fact that it is free is amazing.
Duncan Brodie
I like laughingbird.com products. They are good quality but not free.
Thanks Gary for the awesome list of resources!!!
Also, many thanks to Eric for an outstanding lesson at a critical juncture in this course.
Wayne
Hi Eric
I think I went to far………
I have my domain,host. Your first 2 recomends.
Then I used the next recommend to put them together. I understand about 20% of this but when the tutorials are talking about phpSQLs and Apache and ftp’s I get totally lost.
On the other hand I did get you one time only offer again for 30 ebooks this time i took you up on it.
If any one can explain getting a template on my site that’ll be cool.
Regards
Mark
oh I forgot
http://www.onlinemarkseting.com
why has’nt that gone blue?????
oh it goes in the website optional
Eric, thanks for all the lessons. I have listened to lesson 21 more than twice. One thing that puzzles me still is the idea of picking a product and then doing the research to determine if it is a viable product and niche to pursue. My concern is of the possibility of picking a product niche and then abandoning it after research shows it is dead in the water and then repeating that process over and over.
While doing research I came across a product called Micro Niche Finder. This programs methodology seems to be the reverse. The program generates key word phrases and lists the number of searches and number of competing web sites. With this information in hand one can ostensibly determine the possibility of getting a high ranking in a search engine and the relative competition to be faced. Therefore predicting the profitability of the niche before beginning to develop a product or article.
With this information in hand a web site, affiliate promotion, or article can be written to monetize this micro niche.
I have three questions. Have you looked at this program? If so do you think it has merit for a newby to internet marketing? Finally, do you think there is merit in looking for profitable niches and then building a product to fill that niche?
Again, thanks for the great lessons you have offered. They are finally giving me the road map to more forward.
You may have guessed from my comments that I am having great difficulty deciding on a niche to pursue.
Dave
I am not familiar with that tool, but actually that is similar to the keyword research process I describe in Lesson #20. You can do most of that with Google’s free keyword tool.
Some people choose niches based purely on their potential for profitability, regardless of the topic of the niche itself. For that method, it’s fine to start with keywords and just use a tool to see what’s hot.
But I recommend starting with something you’re interested in, rather than merely something that a keyword tool says is a good niche. That’s why in lesson #19 I talked about brainstorming and coming up with your initial ideas (preferably several possible topics).
The reason I prefer this more personalized approach is because you need to keep in mind that a niche is more than a market waiting to be exploited. It’s a group of real people who need help with something. Your chances of long term success are greater if you truly care about those people and want to solve their problem.
And another thing to keep in mind regarding keyword research… remember that just because something gets a lot of searches and seems to be a good niche in the eye of the keyword tool, that doesn’t mean people are going to PAY for the information. To help determine that, you need to do some additional research, such as what I did in this lesson (#21).
Dear Eric ,
I have read the lesson #21 more that 10 time but still not able to choose a niche market. I don’t know how to define a good niche. I been searching in ” Forex trading ” “Slimming and aging “.Please advice . Thank you
Hi Eric,
I know you gonna laugh when you hear this. I was on the verge of quiting, when I saw your email with the Subject >DONT QUIT<. So I sat for 45 min (Jesus!) and saw through all. I must admit this is the best stuff I have seen. you have refocused me. Thank you so much for that. Warm regards Charles.