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The process required to identify the correct niche for our information product, audiobook, e-book, training course or any product or service we want to create and sell is often neglected by the upcoming entrepreneurs. However it is really important to approach your target audience in a way that your product makes them feel that it was created just for them.
Let’s begin then, shall we?
- Health & Fitness
- Dating & Relationships
- Money & Business
These are the niches that have to do with the fundamentals of life:
This is where its at…
People Want Knowledge About The Fundamental Niches
It’s not a coincidence, it’s not something like a cosmic accident or whatever that people buy information products on those topics. People buy information products ebooks, audiobooks, training programs, coaching & advice on those fundamental niches most of all because that’s how we evolved. Those are the needs we have in the modern-day. Here you can learn 4 proven steps to finding a profitable niche by Chris Ducker.
Nonetheless some information products, like 10% — 20% probably, sell in other topics, special interests, hobbies or other. When it comes to publishing your own information products, you will find it best to start with one of these mega niches and narrow it down.
Of course the way that you narrow it down is by looking for a sub-set within your fundamental niche of people who are really motivated and have a unique need that you know how to solve or you can put information together to help them solve.
The Big Mega Niches & The Pareto Principle
By narrowing down you also get a better return on investment. You’ve probably heard of the Pareto principle (else called the 80-20 rule). If you have not, you can find more details about it on Wikipedia. What this principles says is that 80% of the results in any system are coming from 20% of the inputs or the work.
So for example if you look inside of a company, you will find that 80% of the results are being created by 20% of the people. If you look inside a department of a company, like the sales department, you’ll find that 80% of the sales are probably being made by 20% of the sales people.
What Pareto found was that in any system that he looked at, he kept finding similar rations. He went out to the garden and found that 80% of the tomatoes were created by 20% of the plants. This is the way it is in the reality we live in. Some things are much much more productive.
One of the reasons that we want to narrow down our niche is because we only want to focus on the part that’s the most productive. When you are starting with a fundamental niche, you are getting all the results out of it. However when you are focused on the 20% of the niche that’s going to give you the 80% of the results, you actually do better because not only are you active much more efficiently but also when you are talking to those 20%, they feel like you are talking right to them because the communication is much more focused and much more narrowed.
Why Coaching People Is Valuable When Choosing A Fundamental Niche
Quick-Tip: Find and read the book called “Co-Active Coaching” which will give you great tips on how to coach people and give them access to their own resources.
Coaching people is valuable because when you are talking to people, which I’m going to recommend that you do, when you talk to prospective customers you have to help them get in touch with what their…
…are and get really specific so that you can figure-out where they have the biggest needs to narrow-down to just those.
“Co-Active Coaching” book (review on Goodreads.com) will not only help you do that but will also help you coach people, which you should also be doing as you build your business choosing a fundamental niche. It is always recommended to do coaching when you are building an information business, kind like a job on the side, because you can get paid very well for doing personal coaching and it doesn’t require a lot of experience.
Personal coaching is not about giving people information, it’s actually about helping them access their own resources. What you’ll find if you get into coaching is that you can ask someone for example the question:
What’s your biggest challenge is right now?
…and they will tell you what it is this. Then you can say:
What have you tried that worked?
…and they’ll give you information about what they’ve tried and worked. Then you will say:
- “What have you tried that didn’t work?”
- “What do you think the next step is that you need to take?”
- “If you took this step, will it really put you on track towards success?”
Most people actually have the answers. They’ve done the research already, they just can’t get themselves to do it or they don’t remember what they did that worked. They don’t have access to their own resources and accountability, they don’t have access to someone keeping them on track. Coaching is great for that, you get to get paid to do all this research and when you learn a few simple coaching tools you can do very very well.
There are many many people out there that have created successful online businesses starting from doing 1-on-1 coaching over the telephone for 100$/hour – 200$/hour. Here is how to pick a niche and turn that into an info product by Stephan Spencer.
When Choosing A Fundamental Niche, Remember To Appeal To Beginners
Remember that most people are not educated about all the aspects of your topic. When in doubt about your content, remember to always appeal to beginners and start with the basics. Niches that are based only on experienced customers should only be pursued if you have confidence that there are a lot of prospects available, who want to buy.
Most successful marketers keep a big part of their product series, focused on the newbies for that reason. On the inexperienced folks that just getting started. A common rule of thumb is that probably 60% — 70% of your customers will have little or zero previous experience about your fundamental niche. A lot of times the…
- people who are knowledgable about a topic
…when they launch their guru business, they start with advanced material forgetting how advanced they are and how many people out there are inexperienced.
When you are giving the basics, you do things like:
- giving vocabulary terms
- explaining every one of your ideas in detail
- showing exactly how to get started
- putting many more action steps in
Even in marketing, when asking questions and doing surveys in the beginning, we are asking much more basic questions that regular people can understand.
When you overlay those ideas of:
- using the fundamental niche test
- looking for customers who are looking for you
- narrowing-down your niche
- focusing on people who have problems and looking for solutions
- diving into the big 2 mega niches
- choosing a fundamental niche within one of those
- appealing to beginners
…you are required to know that all these ideas run parallel to each other, like multiple layers on top of each other. As you layer one on top of another on top of another you dramatically increase your probability of success. If you leave any of them out, if you don’t really honestly challenge yourself to use them all, you lower your chances of success.
Of course there are exceptions to every situation. You might have a program that it’s only teaching advanced people because you have discovered that there is no really advanced training for this particular area. If you find that this works then its great but if you just getting started, you might want to use these different layers to really improve your success probability.
To sum-up, WIN beforehand! If you don’t get your fundamental niche right it’s very hard to make-up later with good marketing, so keep fine-tuning your niche until you identify a niche that’s very likely to work. Only then should you go out and actually test it by doing things like starting a blog, building a landing page or spending money on advertising and producing content.