CHAPTER 1
LESSON 1
DECIDE ON YOUR NICHE
1.0 INTRODUCTION
2.0 OBJECTIVES
3.0 MAIN CONTENT
3.1 What is a niche market?
3.2 How to decide your niche: step by step
3.2.1 Identify your audience
3.2.2 Conduct a niche keyword research
3.2.3 Competition analysis
3.2.4 Research trends in the industry
3.2.5 Make a decision
4.0 CONCLUSION
5.0 SUMMARY
6.0 ASSIGNMENT
1.0 INTRODUCTION
After your decision to do business online or take your existing brick and mortar business and set it up on the Internet as well, the next decision you need to make at the same time is: what niche are you going to do your online business in.
2.0 OBJECTIVES
- Discuss the meaning of the market niche.
- Encourage the individual student to use free online tools to conduct research on different niche markets in online business.
- Help each participant decide on the particular market niche in which they want to do their business online.
3.0 MAIN CONTENT
3.1 What is a niche market?
A niche market is a small segment of the market that you plan to focus on in the course of selling your products, services, and doing business in general. In addition, it can be subdivided into sub-niches.
Therefore, the first thing to do when setting out to establish your business online is to decide ab initio the particular aspect of the market from which your business will operate.
I can also say that niche marketing is the art and science of defining your market segment (niche), small but profitable, and then targeting all your products and services towards that particular segment.
Let me use this example: Weight loss => Weight loss for women => Weight loss for women under 20 years => Weight loss for diabetic women under 20 years, etc.
Another thing about doing business online is noteworthy here.
When doing business online, you need to define as early as possible the type of products you want to market. Are you planning to trade (sell) virtual or physical products?
Take for example the weight loss products listed above, there are virtual or informational products as well as physical products that can be sold in that market.
For most newcomers to online business, it’s a good idea to start with virtual products for obvious reasons …
Virtual products have higher profit margins, are sold more frequently than physical products, and are relatively easier to set up and market than physical products.
One of the main reasons for this quick and easy sale is the principle called INSTANT GRATIFICATION.
Your buyers will be very excited to get the product they just paid for, instantly through an instant download, which is only possible with information products.
This lessens SHOPPER REMORSE, the anxiety commonly associated with online shoppers as they shop from a stranger most of the time and, any delay in delivering the product to their hands can make them think twice and possibly , they even regret it and can request it. a refund as a result of mistrust emanating from the delay.
That said, in general, the principle is the same (although sharper in the information product market) regardless of what market you are doing business in.
3.2 How to decide your niche: step by step
To decide the niche in which you want to do your business online, you must follow the following steps:
3.2.1 Identify your audience
This is very important for two reasons: products come and go, but the audience remains forever; This approach will also connect you with the market that has a burning desire and the ability to buy.
Starting from the next paragraph, you must be connected to the Internet to practice.
For the different types of niches and sub-niches you can access, check out this website – look at the categories and click the + sign in front of each category to see the subcategories: ClickBank
Each category and subcategory forms its own niche and sub-niche, respectively, as mentioned above.
3.2.2 Conduct a niche keyword research
The Google AdWords Keyword Tool is the notable free leader in keyword research. It’s beginner-friendly and you can start using it right away if you have a Google email account.
You must have a Google email to create an account or log in to use the tool (see the upper right corner).
As you get pro, you need a paid version, but the free version is quite useful to start with. If you’re unfamiliar with it, check the top right of the site for instructions (“Before You Begin”) on how to use it: Google AdWords Keyword Tool
3.2.3 Competition analysis
While typing keywords in the Google Keyword Tool search box, click Get ideas. From the result, check the Competence (low recommended for beginners), Local monthly search (1000+ is fine), and the Approximate CPC (how much and how many people are willing to pay for the keyword).
See the red pen markings below.
The keyword I calculated in the search box is “Network Marketing”.
This is a reflection of your competitors’ market assessment. Few people will be willing to pay for keywords in a market with no money to profit from. The more they pay for keywords, the better the market for business.
Also, when you choose a low competition keyword you want to target, type it in Google search and see how many pages are returned, which represent the websites that are targeting the keyword.
Also check the number of pages in the first 10 links that have that keyword in their website name. I will say more about this later in another lesson.
Check for ads on the right side of each page that are targeting your keyword.
Also click on the first few links to see if there are any ads on those sites (right side). If there are none, then the keyword has no value. Otherwise, advertisers will pay to drive traffic to their sites using the keyword.
3.2.4 Research trends in the industry
Also use Google Trends Explore to see interest over time in the market you want to enter: Google Trends Explore
In the above, make a note of the country, period, categories, and search subject (highlighted in yellow). These can vary according to your niche and goal, but it’s generally good to use the last 5-year period when planning to enter a new market. All of these can vary as you gain experience.
There are also country-specific Google Trends. Search Google Trends Explore + for your country or the country you want specific information about, for example “Google Trends Explore + Nigeria”.
For an example, find and visit the site quoted above, where it is written worldwide, click the small triangle, find and click your country, after a while it will return the country-specific result.
Scroll down the page and you will see some surprises.
There is no use entering a declining market.
Markets in decline are markets that other people doing the same business that you intend to do, are already starting.
The lesson to be learned here is that your business, even if it is profitable at first, will not last long. Using Sweden as in the previous search, the market for the search term “make money online” has been trending in that country for the last 5 years.
Remember, the trend is an investor’s best friend: Robert Kiyosaki.
3.2.5 Make a decision
The previous step is educational enough to allow you to decide the market niche in which you want to do business. Further delays and investigations will result in confusion, information overload, and paralysis analysis.
4.0 CONCLUSION
Nowadays, it is becoming easier and easier to start or set up any type of online business and run it profitably. This is because there are free and effective online tools that will help you conduct a kind of feasibility study and market study no matter where you are in the world.
This way, you can know up front if your planned business has a good chance of success.
5.0 SUMMARY
Like any other business, the easiest way to start your business online is by focusing on a particular niche from the start. The lessons learned on how to successfully operate in that niche can easily be applied to others over time.
6.0 ASSIGNMENT:
Just do it now!
Start practicing what you just learned right away.
Suffice it to say, you don’t need to waste a lot of time on these steps, as you can review them over and over again and refine with time and experience.
The most important thing for you is to start making money as soon as possible, after a while you will earn enough money to be able to even outsource some of these tasks to experts.
Take action now!