Finding Your Niche Market by Solving Other People's Problems
5. Second Sponsor Ad Section
6. Feature Article:
The Marketing Mix
7. Tools of the Trade
8. Third Spondor Ad Section
9. Guest Article:
3 Dangerous Online Work-At-Home Myths And How To Avoid Falling For Them
10. Classified Ads
11. Subscription Management
12. Contact Information / Advertising
13. Legal Notice
3. WEB SITE AND PRODUCT REVIEW
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Finding Your Niche Market by Solving Other People's Problems
"It is seldom inheritance or advanced degrees or even intelligence that builds fortunes... there are seven characteristics held in common by most millionaires... one of the seven is: being adept at identifying target market opportunities." Stanley/Danko
Once you have a good idea of what you're passionate about, it's time to start looking for markets that are related in some way.
If your passion is playing the guitar or practicing yoga or traveling or learning languages, I'm sure there's a market online that could benefit from your passion.
This article will show you how to find it.
After we've found the market, we're going to research it and find out what some of their biggest unsolved problems are.
What's this about problems?
Two of the biggest drivers of marketing (what makes people buy) are pleasure and pain.
People are either interested in things that bring them pleasure or things that stop their pain. If you come up with a solution for a particular problem, you're not only stopping the pain, you're providing pleasure as well.
If you have a headache, don't you look for a solution to that problem? If your headache goes away, don't you find it easier to do things that bring you pleasure?
Every market has its problems and every market needs those problems solved. In today's world and economy, people are looking for faster and more efficient ways to solve their problems and they're ready to pay handsomely for it.
If you can show them how to solve their problems and enjoy the benefits of living without their problems, you have just become their angel in disguise.
How can you find your niche market who's just waiting for you to help them?
Start by doing research on your wider target market.
* Go to Google and do a search on your general field of interest first.
* If you're interested in baking cookies, for example, do a search on baking cookies and then drill down by digging into specifics.
* Check out informational sites and product sites.
* Find e-zines (online magazines) related to your interest and read them thoroughly.
* Then, look for websites already selling something within your market. What kind of approach do they take? Do they appear like professionals or amateurs?
Keep your mind open to all the possibilities. You're not trying to find a product to sell yet, you're still narrowing in on your niche market by finding like-minded communities of people online.
By finding your ideal niche market, you're going to save yourself from wasting countless hours and dollars on a business idea that may never succeed.
Just picking a field of interest is not enough - that's way too wide and won't provide you with positive, lasting results that lead to success. You need to be very specific and you need to start looking for a problem that people are actively trying to solve.
To help you narrow in on your niche try this exercise:
** My niche market is people who are (action) + (your area of interest)
For example:
- My niche market is people who are (learning how to bake) (cookies) or
- My niche market is people who are (trying to build) (a gazebo) or
- My niche market is people who are (wanting to learn) (spanish) or
- My niche market is people who are (attempting to sell) (saunas)
By narrowing your wider market into a niche market you gain so many advantages;
* You've narrowed down the competition - you're not competing against everyone in your field of interest
* Smaller markets are easier to dominate
* Niche markets are often close groups of people who share information with each other and can more easily spread worth of mouth to their friends who share the same interests
* It's cheaper to advertise to smaller, less competitive markets even if it means less traffic - at least you know you won't be wasting your dollars on people who aren't interested in your specific area
* People searching for your solution are savvy and will usually search for specific solutions and ignore wide search terms (they're drilling and digging to)
* It's easier to gain the loyalty of customers if you provide them with "the good stuff" - they will keep coming back for more of your solutions because you satisfied their needs and increased their level of trust.
Believe it or not, you've just learned some very important information about internet marketing that most other people don't know. Thousands upon thousands of people have ignored these principles and have wasted countless hours and dollars trying either to sell to the masses or trying to find a product before they've found a market.
If you're one of those people, don't despair (I've done it too) and it's not the end of the world.
If you already have a product, do some more research on your niche market (it'll be easier to find now) and listen to what people are saying in discussion boards, chat rooms, news sites and e-zines. They will enlighten you as to what problems they've been having and you can find a way to put a spin on what you have that will appeal to their needs.
For all the rest, once you've found your niche market and a common problem among that market - you've hit gold. You can now find a product or develop one of your own that solves all or at least one of their major problems and you're ahead of the game without losing your shirt.
Once you've come up with a solution for your niche market, there's a phenomenal, fast, inexpensive way to test the market to see if it will bring you riches or rags.
But you'll have to wait for my next article to read about that or visit my website for more information.
Wishing you happiness and good fortune,
Guy Reichard, BA Psych, MBA Strategy/Entrepreneurship
Internet Marketing Specialist
Guy Reichard is an internet marketing specialist who combines coaching, enlightenment & marketing into every project he tackles. Providing clients with motivational support to help his them reach their personal and business goals. You can learn more about him and his services at his websites. http://www.eXante.ca and http://www.EnlightenedInternetMarketing.com.
Your Marketing plan has to be built around your product. But before distribution can begin, market research needs to be performed. Analysing the Market place and researching what competitors are doing will bring perspective to your Marketing strategy and vision.
It will also provide key indicators on pricing and potential. Something to consider is your product's life cycle which is important in determining when the market will reject your product.
Once a product is launched into the market, a stable growth in sales is common at first. This will eventually stabilise as the product gets older, and as more competitors enter the market it eventually will start declining to the point of elimination.
It is difficult to tell where a specific product is within the lifecycle or how long each phase will last. This is dependent on many factors within the market and how they are dealt with. Many companies have adopted strategies to combat a shortened product life by releasing improved versions.
Price
When entering the Market for the first time, pricing is something that can either 'make you or break you'. Small businesses tend to think that they need to offer really cheap prices to stand a chance of survival. Thats not the case. It all depends on what you do, what you can do and what you are willing to do.
We all know about demand and supply, an abundent supply forces prices to drop because demand decreases. We see it in the UK today, many companies offer the same service in the same area but still seem to make it. How? Its called Value Added Services.
Taking a standard product that is available on the Market and adding something that is unique and beneficial to consumers ensures that your product has a chance. It also allows you more flexibility on Pricing.
Economic Price is kept as low as possible. A strategy most associated with Supermarkets who tend to make a very low margin on goods like tin food.
Skim This strategy is adopted by companies that have a unique product or competitive advantage and can therefore charge a high price. The strategy does not last for too long because a high price tends to open the door to competitors. This eventually results in increased supply which inevitably lowers the market price.
Penetrate This involves setting the price as low as possible in order to gain a substantial share in the market. Once this has been achieved price can be increased. A strategy prominent amoungst Telecoms companies in the UK.
Premium Similar to Skim pricing, this strategy is popular amoung companies that offer a unique product or service. The difference between the two is that Premium pricing is usually associated with a product that satisfies a niche market.
Bundle Pricing A popular strategy where products are combined to form one package.
Value Pricing Where factors in the market force companies to lower prices to retain sales.
Psychological Pricing Uses emotive perception rather than rational to persuade the consumer...?1.99 instead of ?2.00.
Position Many small businesses associate position with location only. It is much more than where your business is physically situated or where your distribution areas encompass. It is about creating a unique identity for your business, a Brand which will act as a platform from which to launch your products.
In other words, position applies to your place in the Market. Does you company name reflect what you are about, will consumers be able to instantly recognise you?
Promotion / Distribution Who are your customers. If you don't know who they are and what they want, you will not be able to promote effectively. Target, target, target. Most of your information will come from Market Research and analyses.
Things like Average age, yearly spend, customer groups, buying habits are all important facts that help make promotion effective and easy. Once you identify your perfect customer, you need to figure out the best way to reach them. Remember...Getting your Marketing message heard!
Choosing a communication channel is of utmost importance. The wrong one being chosen will result in the wrong audience being reached.
Check out our Advertising section for more information. Your Marketing plan will act as your mission statement, what you intend to do in order to reach your objective or Vision.
Sudesh Pillay: Marketing Information for Startups. Sudesh Pillay specializes in Small Business Marketing. Most of his time is spent helping UK Startups with their Marketing Strategies and Communication goals.
Below are some of the tools I personally use and recommend. These tools have passed my test, which isn't easy. If you would like to recommend a tool you use daily with great results, please send a note to the editor.
3 Dangerous Online Work-At-Home Myths And How To Avoid Falling For Them
Starting up an online work-at-home business is the dream of many people all over the world. The benefits of working at home with the Internet are many, and it's no wonder people are coming online in droves looking for business opportunities to fulfill their dreams.
But the world of online work-at-home is filled with myths.
Dangerous myths.
Here are three of the most dangerous online work-at-home myths. Take these to heart and you'll avoid falling into some of the common traps that snare new online entrepreneurs.
Myth #1: You can make money online without doing very much work
There are so many get-rich-quick schemes floating around the Internet that by now you'd think we'd all be wise to them. My favorite is the one about the teenager who made over $70,000 on eBay in a couple of months just by sending out email. Ha! How many of us got hooked into that one? Or something similar? Quite a few, I'd dare say...
The fact of the matter is you need to be prepared to do some serious work if you want to make money online. That may not be what you want to hear, especially if you don't have much extra time because of your day job and taking care of your family.
But there are many ways to streamline a work at home business. Even if you have only a couple of hours a day or a few hours on the weekend you can still get the most out of the time you put in.
One of the easiest and cheapest ways to make your online work at home efforts more efficient is simply to educate yourself about direct marketing. The Internet is, after all, direct marketer's paradise. To join in with the others in paradise, you need to learn what they've learned.
There's a ton of good direct marketing advice available for f_ree out there, advice which will help you learn how to get the most out of your limited time and budget.
And if you have a little money to invest you're in even better shape! Buy one good book on direct marketing at least once a month.
And sign up for every small business marketing ezine you can get your hands on. Then set aside some time each day to read. You need to get good before you can get rich. So concentrate on getting good as quickly as you possibly can.
Myth #2: You can make money online without selling anything
Joining programs and then doing nothing will not bring in any money, I'm sorry to say, no matter what some of the MLM'ers may have led you to believe. You need to sell, sell, sell in order to get cash flowing.
This holds true even when it's the program itself that you're selling in order to recruit people for your MLM downline. You need to make a heckuva lot of calls and send a heckuva lot of emails and direct mail, because most people in your downline aren't going to take action without really being pushed. The only way you can light a fire under them is to use proven selling tactics.
So learn all you can about selling. Learn all you can about copywriting. Jump into selling with every fiber of your being! Find good products and sell, sell, sell.
The greatest advantage of the Internet is its potential for reaching out to a huge amount of customers. You **can** sell on the Internet without becoming an annoying and illegal email marketer! The Web offers many low-key, low-cost ways of getting quality customers to your website.
Myth #3: You can make money online without having your own Website
Having only an email account is not enough to make money online, especially with all the new spam filtering software that people or their service providers are loading into their email programs -- software that filters out up to 50% of legitimate marketing email messages. You need something more.
And while many affiliate programs offer you your "own" website (which is just one of their's with your name or affiliate number somewhere) in exchange for marketing their products for them, let's face it, it's just not the same as having your own!
Having your own website builds credibility with customers. It says, "Look at me. I'm ON the WEB. I know what I'm doing!"
Having your own website also allows you flexibility, since you can change its look and add or remove things when you need to. You can even change horses in the middle of the stream and switch to a whole different type of marketing or even to a different product.
Most importantly, having your own website keeps your profile out in front, rather than the merchant's. The center of your online work-at-home business is YOU and the purpose of your website is so that people will buy from YOU.
Doing affiliate marketing, which is one of the easiest ways to get started making money online from home, works much better if you drive prospective customers to a landing page on your own site rather than directly to the parent company's sales page. You keep control this way.
After all, you want YOUR name and business to still be remembered after your customers start going directly to the merchant (think of what happened with Amazon.com; how many people go to Amazon through affiliate links on Websites anymore?). Or what if the merchant goes belly-up?
You Have What It Takes To Make It!
In my 3 years online, I've seen many people fall for some version of one of these myths. And yes, these myths may seem obvious, but the fact of the matter is that it's easy to overlook them when all the stories about easy money are staring you in the face.
So don't fall for one of the 3 big myths, or you'll end up as yet another of the many disappointed and embittered ex-online businesspeople out there. Work hard, educate yourself about direct marketing, selling, and copywriting, and get your own working Website up right away. It will pay off big-time. I guarantee it!
Direct marketing, copywriting, and online home business coach Bruce Carlson would like to help YOU get your online home business up and running successfully. Sign up for Bruce's F R E E tips at http://www.dynamic-copywriting.com/news.
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