February 25, 2008
The Ultimate Niche Market – Part 1
When I first became involved with internet marketing back in 2004, I was strongly advised to choose a niche market and write an ebook for it.
It seemed like the right thing to do. Target a niche market that there is no or little competition for, put up a 2 page website and sell a 60 page ebook. And that’s exactly what I did and what hundreds of other people did and still do today.
Now there’s nothing wrong with this method. I have 6 niche websites that I sell an ebook from. I either wrote the books myself or I had a ghost writer do it.
Side Note: If you are selling an ebook form a website, please don’t EVER call it an ‘ebook’. Always refer to it as a book. At the point of order you should state that it is an electronic book that you download onto your computer. Trust me, you will sell more. Go and change your website right now if this is the case.
Those sites still bring me in a small, steady stream of income. All I need to do is update the copyright date each year and perhaps upgrade the graphics on the websites. But other than that, they are pretty much left on autopilot.
However, these niche sites are all about topics I am not particularly interested in. I enjoy putting the site together, researching the niche, getting my graphics guy to do the website graphics, getting an auto-responder series set up etc, etc.
But after it’s all finished I don’t really spend nearly enough time and effort on promoting the site. And that should be where the majority of your efforts should be spent and how you will generate the most money.
Unfortunately I get bored too easily because I’m not passionate about the subject and prefer to move on to a new project.
Are You Passionate About Your Niche Subject?
Unless you have a real passion for a specific niche subject, that also has a hungry market with money to spend, then I suggest you don’t waste your time building a business around it.
Sure you can make some money. But not a great deal, and certainly not enough to justify the amount of time and effort you spend on that particular niche business.
So it is important that you not only choose a niche that meets the necessary requirements for you to market to, but also one that you would enjoy spending a lot of your time working on in the future.
The good news is there are thousands of niche markets that you could potentially build a successful business on and I’m sure you have a hobby or interest that you could research.
Research Your Market
The key to making any money online starts with some basic research. You will save yourself hours and hours of wasted time if you do your research right.
Whether you're just starting out or if you've been in business for years, you should always spend some time researching the market before deciding on building a business around it.
If you want to know more about how to research a market, there is loads of good quality, free information on the net. Just type into Google: ‘niche market research’ and you will find plenty of help.
The Real Reason I wrote This Article
I wanted to let you know that you can make a good living online with a niche topic. However, it is not easy to build a business with a niche topic and there are 2 important criteria that you need to be aware of:
1. You should be passionate about the subject and you should be willing to devote a lot of your time researching and keeping up to date with any new developments.
2. Your chosen niche is big enough and wants/needs the product or products you intend to market to them and they are willing and able to pay for it.
Obviously these are very simplified points, but if you can satisfy these 2 criteria then you have every opportunity to make a good income with your chosen niche.
The Ultimate Niche Market
Tomorrow I am going to reveal what I believe is the ultimate niche market and why I believe you should consider entering it.
It is probably the most exciting and profitable niche there is and one you too can be very successful with.
It took me just over 3 years to realize the importance and potential of this niche and now I spend most of my time developing systems around it.
You’ve probably already guesses what it is. If so please don’t pass judgement until you read my article tomorrow.
If you have no idea what this ultimate niche is, then please make sure you come back here tomorrow to find out because it might just be the most lucrative article you’ve ever read.
I’m not just saying that to sound dramatic. I really am going to show you the absolute best way to make a full time living online.
Part 2 tomorrow…
~ Peter Tremayne
Filed under Blog, Internet Marketing by Peter Tremayne
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Comments on The Ultimate Niche Market – Part 1 »
Good insight here, Peter. I have had similar difficulties, but I also tend to be interested in almost everything at first, and then bored with almost anything after a while. I have also seen the opposite problem - where people are almost TOO passionate about their niche, to the point where they cannot make good business decisions. So passion for your niche can work for you and also against you.
I look forward to Part 2.
Tom
Hi Peter,
Interesting article! I've got a guess at what the niche market will be (but I'm probably wrong LOL). Can't wait to read tomorrow's article!
Adrienne
Your
"If you are selling an ebook form a website, please don’t EVER call it an ‘ebook’. Always refer to it as a book. At the point of order you should state that it is an electronic book that you download onto your computer. Trust me, you will sell more."
Why not just tell the truth, Peter? A book is a book — it's printed and bound. An ebook is not.
A very good article.
I myself did exactly the same. I wrote 2 x 60 page e-books, put them on their own website and within six months had sold ZERO copies of either.
I'm not going to bother writing any more, waste of time.
Boredom is a major problem online, I agree. I have nothing that I am 'passionate' about so one subject is the same as another..
I've never found an e-Book interesting enough to read. Especially not one on "How to…….and make money".LOL
I can't imagine anything more painful than reading an e-Book on getting traffic. Especially as there is a 99.999% chance that, seeing as it is an IM e-Book, it is all fiction.
Tomorrow will be interesting as I cannot think of a single niche that would interest me, personally.
I was going to try niche marketing as I thought that if the buyer was passionate he would be more likely to behave illogically and buy the book.
Shouldn't get passionate about anything - not logical. LOL
Andrew: It isn't a case of not telling the truth. I agree with you, you should always tell the truth and be honest. But here's my findings:
A visitor discovers your homepage because they have been interested enough to find out more on the subject.
Quite often people may see the word 'ebook' and be put off from reading the rest of the sales page. Result - a lost sale and/or lost subscriber.
But if you write compelling copy for your website, that same visitor may actually be so impressed with your product that (after they have read the whole sales page) they are now not concerned that it is an electronic book and decide to buy it.
As long as you make it perfectly clear to them at the point of purchase what exactly they are buying, then I see no problem with this.
I have tested this on all of my niche sales pages and it is proven to be acurate.
It is called 'Marketing' my friend. Absolutely nothing dishonest or unethical.