Specializing in Niche Markets has never been as crucial as it is today. Long gone are the days when you can target general, broad markets and grow a profitable self-sustaining business.
To make money in today’s Internet Marketing environment, one must specialize in well defined niche areas, and research their target prospects.
Let’s examine a few misconceptions when it comes to niche marketing.
Misconception #1: You do not have to be an expert in the Niche field you choose!
I don’t believe that at all. While you may outsource some of the expertise your clients will be able to secure through your organization, it’s extremely important to be well versed on your niche field in order to communicate intelligently with your prospects and clients.
Because the Internet can be so impersonal, people can easily appear as an expert and not know anything about that particular niche topic. While they may appear knowledgeable, it will be difficult to maintain that ruse on a long-term basis. Don’t try to be someone you are not. Don’t offer products or services that you are not sure of for you will surely tarnish your reputation and hurt your business. It’s very hard to bounce back from misrepresenting what you have chosen to sell. Be the expert, maintain the highest ethical standards and you’ll create a profitable growing business.
Misconception #2: Choose one niche market and stick with it.
Not true! Once you establish yourself in one niche and develop a profitable system, choose another one and develop it into another profitable offering. Depending upon the situation, you may want to market them separately, even through separate websites. This is a common practice in the online world.
Niche marketing is a numbers game. Once you find a profitable niche put it on auto-pilot through a solid marketing system and choose another niche market to get into.
Misconception #3: The best way to make money in the niche game is to promote niche products as an affiliate.
Wrong again! Sure, becoming an affiliate and promoting niche products can be very profitable, but if you are doing this, you’re not maximizing your income.
You need to promote your own landing or squeeze pages where you collect the e-mail address of visitors in order to build your list. Then send them something for free, like an eBook or white paper that will direct them to a niche product you are promoting. You should also send out several additional e-mails or autoresponders over a period of time with informative information pertaining to that particular niche market to build your visitor’s trust. Since your subscriber now trusts you, you can recommend products in that niche again and again, knowing your recommendation holds a lot of weight.
Those are three popular misconceptions when it comes to niche marketing. Follow the tips above, and you will be more likely to succeed in your chosen niche. Remember, it is important to find a profitable niche, set it up on a marketing system, before you move on to the next niche.
Not all niche markets will be a slam dunk, so don’t get discouraged.
Even if only one out of ten become really profitable, sit down and smile, you’ve found a good niche.
Jeannine Grich, CVA, MVA, EthicsChecked™, provides marketing and social media support, training and consulting to busy entrepreneurs. For information about finding a VA, download her FREE 10-Step Guide to Finding the Right VA, or to learn why Social Media should be an important part of your marketing plan with her FREE Report, Social Media Marketing Benefits, visit: https://accbizsvc.com, or contact her at Jeannine@accbizsvc.com