Episode #70 Niche Marketing 101

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Title:    Niche Marketing 101

Date:               July 1, 2015

Anthony sends a quick “Thank You” to Jim Harshaw from “Wrestling with Greatness” podcast for giving this show a great review.  Thank you and Jim would appreciate our listener support as well.

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Too many people go off and create a product, do a video, start a podcast, do a training series, and THEN go and find out if anyone really wants to buy it or not.

That process should be reversed.  You need to do all your research first.

You need to find a market that spends money, find out what they want and then give them that.

Yes, it IS “easier said than done.”

But, if you do the research, you’ll get a higher quality product and one that people want to buy.

The Research Process

Go to all of the normal media outlets like radio, TV, newspaper, magazines, and then move on to blog posts, YouTube videos, podcasts, and see what everyone is talking about.

What’s trending? What’s popular?

Is any of it relevant to you, your expertise and your products?.

For anything that pops up while you’re researching that may look good, interesting, and that you might want to use later, write it down or put it in an app like WorkFlowy (www.workflowy.com).

Once you start narrowing in on a specific niche, a specific product and a specific topic,  dig deep into it.

Is there a market?

Are there competitors for this type of product?

Are people talking about it?  Are there forums and magazines?

Are there groups that support this particular niche? Are there people selling in that niche today?

Once you determine that you have something formulated that people have a need for, then start research on who’s actively selling a similar type of product.  How can you model the success that they are having.

When you find your competitors, start researching their ad campaigns.

What kind of ads are they running?

Where are they running them?

What are they doing on Facebook and other social media?

What are they doing to promote their product/service?

Find 3-5 people who are doing something very similar to what you’re planning to pursue and look for the commonalities in what they’re doing, especially in the marketing side, especially where they’re marketing, who they’re targeting and how?

What are their price points?

How big is their product?

If it’s a book, how long is it?

If it’s a video series, how many are there?

Are they giving away a free e-book for as a front end product?

A free report?

A free plus shipping offer?

Or, are they not giving anything away at all?

Are they offering their book or video with  or 4-5-6 bonus packages?

What are their upsells?  And their downsells?

You really want to research the whole concept of their sales and marketing funnels.

Marketing Tips

Many people spend a lot of time researching just their product but have no idea how to market it or who they’re going to market it to.

For example, let’s talk about golf.   If you want to teach people how to have a better golf swing,  you need to first go out and make sure there’s a market for that type of product.

There IS a big golf community out there, but are you going to be another “buy me too” product?

What is YOUR spin, your specific focus?   And how is that different from everybody else?

Finding that sub-niche is very important because it gives your customer that specific understanding of what exactly they’re going to learn from your product.

You want to be a little “over the top” in your sales copy.

Make it interesting and exciting.  Get their attention and stand out.

Drive home that you have something unique.

This CAN be kind of a struggle.

How do you say that in a way that’s going to be different without sounding like you’re selling used cars, sounding shady?

Look at different publications, magazines, and blog sites to see who’s advertising.

Try to look through the online “back issues” and see which of those ads are advertising monthly? If they keep on reappearing, the ad is probably working for them and making them money.

If you can’t find ads in what you’re particular niche is, go to a similar niche and see what they’re doing.

A lot of time you can take marketing from one niche and apply it to another area.

Mistakes to Avoid

Once you’ve developed your marketing and sales are successful, do not make that the only product you sell that customer.

That’s a lot of time, effort, energy and money put into selling that customer one product one time.

Always be prepared to offer them an upsell and a downsell.  Always be prepared to collect their email address and immediately send them an email offering them another product.

Rabid buyers are rabid buyers.

If someone gets caught up in a subject, they get hot and want to buy everything they can get their hands on.

So, if you offer them only one thing, you are missing out on sales opportunities.

 

 

Don’t try to sell them the “same thing”, i.e. a book on the perfect swing in 9 days and then a video on the perfect swing in 15 days.

They’ve already scratched that itch.

You need to find something similar.

If you helped them improve their golf swing, now maybe you offer to improve their putting or how to get stronger and improve the power of their swing?

Related but not the exact same.

Do not offer them a product in a completely different niche just for the sake of offering more products.

Deciding What Kind Of Product To Sell

There are still online marketers giving away free 5 or 6 page reports or selling reports and people are still making money from that but Anthony just doesn’t see a lot of value in that.

Especially if it’s information that after a 10-second search online, you can find it for free.

Make sure you’re delivering something of value.  Something that is more than just a report or small e-book.

Anthony’s favored platform is a video series made up of multiple 5 to 10 minute long episodes.

The most popular videos on YouTube are 4 minutes and 44 seconds long.

it has to have something to do with our ability to watch one thing for that period of time.

Ideally, you’d want to have 10 to 15 videos to cover your material.

They could be PowerPoint slides or you in front of the camera.

Take those videos and pull the audios out.  Audios are a downsell.

A 5-10 minute audio file transcribed can be a free report or a book to give away.

Or, turn individual transcripts into email lessons.

Or, you can take all the transcriptions and edit them together into an e-book.

All of that audio together, all 10-15 episodes, is going to be about 100 pages in e-book format.

Creating this way has a lot more value .

How To Market And Deliver It To The Customer

You could market it through affiliates

Or, do Banner ads or do Pay-per-click ads.

But, what you really want to do is model whatever the top people were already doing.

Someone else spent the time and energy to find out what works for that market and those target customers.   Don’t waste your time trying to reinvent the wheel.

Closing Thoughts

Niche marketing is huge.

There are a lot of markets out there where people are just waiting to buy a product.

The bottom line is that you need to research the marketplace for customers who are looking to buy products that you can provide value to.

If you have a question for Anthony, head over to www.anthonyflatt.com and leave him a voicemail message to have a chance to have your question featured on this show.

All the Episodes are available on our website:

www.businessatthespeedofsell.com

Also available on iTunes:

https://itunes.apple.com/al/podcast/business-at-the-speed-of-sell/id990650976

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