Niche Success Blueprint – 7 Tips For Success.
Are you getting ready to launch a new product (or service)? Have you gone through all of the steps that will help you to be a big success? Possibly, you are not aware of those steps, or you are not sure if you are or not. That’s why we’re here to help, giving you these success tips in this short training so that you can have a successful niche blueprint which if well executed will ensure the probability of the highest profit on your efforts.
Light (Initial) Brainstorming on your Niche Market.
We talk mostly about research (more on that below) in this blog. Even though that is the first step, it helps to get a bit of brainstorming done first. Likely, if you’re reading this, you have already done that.
The idea behind brainstorming is to let your mind go anywhere and everywhere with ideas (within reason). You’ll want to jot down the ideas, especially if they come to you in a quick manner. You may even want to watch some TV or read online magazines, papers, etc. to stimulate the idea flow. Hook up with friends at a coffee shop and check out what the buzz is. This will also help to get you ready for the first step: researching those trends.
Success Tip 1: Research What is Trending
You have probably heard this before, but it is advisable to do your research prior to the launch of your product. Many times we are so excited to get going that we tell ourselves that we will do the research later. Some of those times, we don’t get around to doing the research at all.
Why is that?
Well, research is not the easiest thing in the world. Fortunately, it is not as difficult as it needs to be, and we are here to help you with these tips. The idea is to find a market for your product. It is also important to know whether your product will sell, even before you create it.
In this case, we are looking at niches and attempting to find the niche where people are spending money on products similar or related to your idea. This helps you to check out the competition, as well, while you’re at it.
You know what else? Research doesn’t have to cost you a lot of money. There are some free options, as well.
Let’s get started by looking at what is trending. You can research it from a region (i.e. local) or globally. You will want to ensure that you are taking notes as you research so that you can refer to the information later and have it all in one place.
You could take paper notes, write on stickies, or use a couple of online resources (which makes it easier to access from other devices). These resources include Trello, Google Drive, and DropBox, to name a few.
Some sites that you can use to perform your search are:
- Search in Google*
- Google’s ‘Google Trends
- User-contributed sites like ‘Newsvine
- TrendWatching (not free).
In your Google search, you may find some specific websites that track trending for you, related to different niches and locations. We listed a couple, above, but there are more than what is listed, especially when considering the different niches and locations.
Success Tip 2: Find Out How People Spend Money
The next step involves finding out how people spend their money. It has two objectives:
• Determine if there is a market out there and what that market is (especially before deciding on the product you’ll create.
• Help finalize the sub-niche, based on that research.
One place to do your research is Amazon. Many times, you can see what is trending, by just looking at the home page of amazon.com. However, more importantly, you want to search for products with keywords related to your niche (identified in Tip 1). In this way, you can get an idea of what products already exist. You can also drill down deeper and search for additional products related to what you find.
You want to keep the objectives in mind, as you search on Amazon. Remember, you want to ensure that the sub-niche can support more products (your product!) and that people are spending money on related products and have an interest. Sometimes you can tell by looking at the engagement on related products and seeing how many reviews. In fact, that may even give you an idea of how to offer a better product if you see one that has very poor reviews on Amazon.
Success Tip 3: Checking Out the Competition in Your Niche
Now that you have identified a potential niche (Tip 1) and researched consumer spending, along with identifying a sub-niche (Tip 2), you’re ready for Tip 3. This is the time to check out the competition, and we’ll do that by evaluating keywords.
Why? By identifying how keywords are used (and more importantly, purchased), you can tell how much effort the competition is putting into advertising on Google. With that number, you will see what you’re up against, based on that spending.
For this part of your research, you’ll want to use Google’s “Keyword Planner.” But, before we check out the spending, let’s look at the volume of searches. Enter the proposed niche in the search to see how many times people have searched for that term/keyword in the last month. If the volume is between 10,000 and 50,000, then that is a good search volume. Mark this down so that you can refer to this number later.
Now, for the financial part. Check to see how much it costs for pay-per-click (PPC) when plugging any of the proposed keywords (or keyword phrases) into GoogleAdwords.
This is where you want to look for a range. For example, if there is not a high enough cost per click, then that is an indicator that there are not as many people searching for that word. If the cost per click is too high, then possibly there is more competition that you are prepared to deal with, at this time. An acceptable range is $2.00-$3.00 per click.
Success Tip 4: Finalizing Your Decision
Remember how we took a look at Google Trends, in our initial research (Tip 1)? Let’s revisit the trends, with our keyword list that we filtered down (or added to) in Step 3.
Google Trends has a useful interface. After simply entering your keywords or keyword phrases (separated by commas), you can see a search volume as well as a map showing those searches. Google does the work for you! All you need to do is look at the data that’s presented to you.
Beware of the cases where there is a keyword or phrase that has a high volume of search, but low PPC bids (from Tip 3). What that means is that there is a low click-through rate. People are searching, but no one is clicking. And, the other thing is that it has lower conversion rates, and that isn’t helpful for your success.
Some other sites where you can do some niche research is the following (can also be used in Step 2):
• eBay’s Shopping.com Popular Pages
• Google Groups (checking to see what chatter is going on where)
• Craig’s List
• Digg (most shared stories)
• Clickbank Marketplace (research digital products)
• Magazines.com or Amazon.com (again)
You can check sites like magazines.com and amazon.com and search by category. Look for your niche and sub-niche(s). It helps to see how many magazines (or books) are related to your niche to help determine how popular it is (or isn’t). Take it a step further by checking out the magazine or book site and seeing who else is advertising.
Success Tip 5 : Opt-in Page and List Building
It is essential that you have a list interested in your niche where you can announce your product launch. This helps in a couple of different ways. One of the most obvious is that it provides a list of potential buyers in clients. However, it also helps you warm up your audience to the idea of buying your product. It helps you establish your credibility, as well as your authority on the topic.
Another lesser-discussed is the topic of where that very same list can help build momentum. When leads (who are not yet on your list) start hearing the buzz about your product, they are more likely to purchase. This is done in the form of adding themselves to your list. They do this because they don’t want to be left out and they want to keep up with what is going on around them.
You will want to set up your opt-in page as a landing page. You can use something like Lead Pages or GetResponse to create that page (paid options). You can also create your landing page, from scratch, on your website. Be sure to offer your subscribers something, while adding them to your list. You can offer a lead magnet or a whitepaper, or you could just let them know that what they get is notification of an early bird sale on your product. Be sure to let them know that they are added to the list, to maintain credibility and trust.
Before we close out the topic of an Opt-In Landing Page, we need to do two more things. Set up the landing page in Google Analytics and also run an ad in Google Adwords for the product. Make sure to point the ad to the Landing Page. By doing this, you can 1) advertise your landing page and get subscribers and future clients, and 2) gauge the interest level and see what you can expect when you advertise the actual product.
Success Tip 6 : Finalizing The Niche Product.
In the first section, we mentioned how you want to do the research before you create the product. We do sneak that little tip in there about landing pages, which helps to finalize your decision about the product selection. By creating your list, you are also creating a community where you can solicit feedback from your subscribers. This feedback helps to navigate the options that you want to include in your product (or even aspects of the product itself).
In this tip, we want to ensure we have pulled all of the research together properly. For example, what is your traffic showing, when you set up your PPC for your landing page? Any insight there? How does it compare to the research that you did on the competition?
How do your traffic stats compare between your main site and your landing page? How does it compare to your quantity of opt-ins/subscribers? If there is a big difference, you may want to change the copy a bit on your landing page. You may want to do A/B testing and see which copy draws people in to subscribe. If the numbers of subscribers are low, it may be that there is not enough of a market for your product, and you may want to re-think launching it.
The reason that you want to test different copy (i.e. A/B testing) is to find out if it is your sales pitch (copy) or if it is the product. Is it a case where there is not really a buying audience (market) for the product idea? Or, do you need some help with writing copy that converts?
Some other exercises that you can add are surveying your subscribers and creating free webinars (or even paid webinars). This is the last step in gauging interest before that final launch.
Success Tip 7 : Launch Your Niche Product.
Now that you have done all of your research and even obtained feedback about your product from real people who are interested in your product, it is time. Time for what? Time to launch your product! You have done the needed research, and you are ready to test it out and start the profit flow.