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5 September 2009

How To Build A Profitable Niche Market

Let me spell it out. I am going to take a chance here and short circuit the whole learning process on building a profitable niche market. This is the "secret" to building an incredibly profitable internet business:

"If you build up a list of people that have a strong connection with you, and that eagerly look forward to your mailings, then you have a license to print money. You simply ask them what they would buy from you, then you create it or find it, and then you sell it to them."

That's it. It really is that simple. It might not be easy, but it is really, really simple. This isn't the fastest way to get rich. It requires some patience. And you actually have to do some work. But it as close to a sure thing as I know.

Don't leave yet. I'm just getting started on how to build a profitable niche market.

Once you have the big plan, then you have a focus. And focus is the thing that will take you further than you can dare dream right now. Without further ado, here are the five steps that will give you an internet business that you will turn into a cashcow:

1. Find Your Niche
2. Build A List of Prospects
3. Ask Them What They Want
4. Sell Them What They Want
5. Repeat Steps 3 and 4

It might a too simlpe but it's not. There are loads of stuff to discuss.

Now let's take a closer look at each of them.
  1. Find Your Niche: You need a niche. Some people think that the whole world is their market. That is a warning sign. It is very expensive and time consuming to reach the entire world. The more you can focus down onto a market, the easier it is to build a profitable list of prospects or clients. And usually, the tighter the niche, the more valuable it is. Suppose you are a roofer... which do you think would be more valuable, a list of people with houses, or a list of people with 30 year old houses with roofs that needed to bere placed? If you are a realtor in the 80226 zip code, which is more valuable, a list of everyone thinking about buying a house,or a list of everyone currently looking for a house in the particular zip code? Do you know YOUR niche? In my experience this is the one thing that stops people in their tracks more than anything else. But figuring it out isn't that hard - and I will show you how to do it.

  2. Build A List Of Prospects: This has become standard advice from almost everyone - you need to build a list. But this leads to so many questions. How do I build a list? What do I send to the list? How often do I send to the list? How do I actually send to a list? Should I use an autoresponder? Well, I have a few very unique ideas on lists. For example, I will advise you to start building the list immediately. Even before you have a product. You can publish newsletters and build relationship with your list. Avoid promoting products with this particular list. Learn more on how to build your subcribers list.

  3. Ask Them What the Want: Once you have a list, and after you have built a relationship with them. Then you simply ask them what they want from you. And the amazing thing is... they will tell you. And then they will even tell you how much you should charge for it. You just have to know how to ask so that you get accurate answers. Be careful with that. If you ask the wrong way, people will lie. They won't do it to deceive you. They'll do it because they think that what they're saying is “the expected thing,” or that it's “what you want to hear.”

  4. Sell Them What They Want: This is the easiest part because you already know what they want. When you launch your product, just watch and see how your conversion rate will increase every day. That is the power of selling a product that your list really wants. It makes life a lot easier.

  5. Repeat Steps 3 and 4: Once you have your list and you have nurtured your relationship with that list, then you just keep on repeating steps 3 and 4. You continually seek input from your list on what type of products they want. Then you offer those products to them.


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