If you’ve been in business any length of time you’ve heard about niche marketing and it’s an extremely effective and highly profitable form a marketing. However just like every form of marketing, most people fail, it’s not because niche marketing doesn’t work. It’s because most people haven’t done the proper research, haven’t put into action the things they’ve learned and they are likely jumping from one project to the next without smelling the roses and making the first one a success. Big Tip, if you own more than five domain names, but do not have even one profitable website, you’re probably making one of these three commonly made mistakes.
Jumping In Too Fast and Picking the First Niche
Before jumping into the first niche you think about its imperative to first do some research. You need to know who your audience is, their age, sex, marital status, child status, annual income and anything else important to know so that you can create or find good products and / or services which to promote to them. If you’ve jumped in without doing the appropriate research, it will seem to take longer to earn a profit. You need to know who your audience is, wither the niche can be monetized (not everyone can) and who the competition is before you even buy a domain name.
Research the audience; study the competition; create or find products. In that order. Don’t skip these steps or you’ll be jumping in too fast and may waste a lot of money, time, and effort on an idea that can’t work.
Big tip – try to find the pain points of your target niche and offer them solutions that solve these problems, you’ll find it a lot easier to make sales and profits.
Being Addicted to Learning About Your Niche
How many courses have you purchased, or how many books have you bought about how to make money in niche marketing? Probably quite a few. Learning is a good thing, but it’s important that you actually implement what you learn before learning something new. If you’re spending all your time reading and learning and not doing, you will never see success. You might be very smart, true, but you aren’t moving your business forward, only doing some of the things you have learned will ensure this.
Learn, implement, practice, evaluate. Remember these steps each time you see a course you want to take. Are you really going to take the time to do all four on the list? If not, don’t bother wasting your money.
Starting Too Many Unprofitable Websites
This brings us back to the issue of owning many domain names, getting the shell of a potential profitable website up, and then moving on to the next shiny object. Pick an audience, and a niche, do your research and stick to it before trying a new one. If you don’t have a darn good reason to buy another domain name, and it’s not related in any way to the niche or audience you currently market to, stop right now. Don’t do it.
Make a profit from whatever it is you’re doing right now and get that business running smoothly. After that it’s fine to start a new niche with the same or even an entirely new audience. Only buy domain names when you’re ready to get started in a particular niche.
If you want to be a successful niche marketer it’s very important to take it easy, do your research, learn then implement, and avoid starting more niches before making the first one profitable and automated enough (through outsourcing and other means) to keep it going while you devote time to the next venture. Keep up to date on whatever niche you get involved in, read industry news, and stay ahead of the competition.
Big Tip – With websites it’s important to use A/B Split testing whenever you can and only ever add content that appeals to your niche.