How to Choose a Profitable Niche Market

Struggling to choose a profitable niche market for your business?

I got you. Selecting a niche market is something that a lot of entrepreneurs get stuck on. I hope that in this post I can help you get some more clarity so you can take massive action!

First, let’s start with what a niche market even is. A niche market is the subset of the market on which a specific product is focused.

It’s critical to choose a niche market because you can’t be all things to all people. They say, ‘the riches are in the niches’ and it’s true!

At Tony Robbins’ Wealth Mastery Event, Keith Cunningham gave the example of two car companies: Volvo and GM.

Volvo has dominated the niche of car safety, while GM tried to be all things to all people.

Volvo is growing, while GM is bankrupt. Yikes.

Keith asked, ‘what real estate do you own in the consumer’s mind’, meaning, when they think of you and your brand, what comes to mind?

It’s crucial that you select a niche market.

In this post, I’ll share with you four tips to help you select your niche market so you can start world domination (or at least dominate your niche!)

I also have the following blogs to help you crush your Pinterest marketing strategy:

• The Secret to Using Keywords on Pinterest
• Pinterest Marketing Strategy: My Top Pinterest Hacks that Increased my Monthly Reach to 700,000 per Month
• The Ultimate Guide to Repurposing Content on Pinterest
• How to Share Instagram Pictures and Facebook Videos on Pinterest to Explode your Traffic on Social Media
• Pinterest Marketing Strategy: Tailwind Tribes
• The Ultimate Guide to Pinterest
• 6 Reasons Why You Should Use Pinterest for your Business (and How to Get Started)
• How to Create Pinterest Images that Convert: 4 Tips to Create Great Graphics for Pinterest (with Before/After Examples!)

And of course, you should def register for my free masterclass where I’ll share my top secret strategies to getting new leads and sales on autopilot with Pinterest!

Niche Market Tip #1: Check out your analytics

My first business was in the fitness industry and I struggled to get massive traction because I wasn’t niched down enough. I was trying to be all things to all people.

One day, I checked google analytics to see what was going on (you need to install google analytics on your blog stat!) and I realized that 90% of my traffic was coming to blogs I’d written about eating keto (aka high fat low carb).

So I thought to myself…what if I made my entire blog focus about keto? What if that was my niche? Instead of trying to get traction in fitness and overall nutrition, I switched to keto and quickly became known as ‘the keto girl’.

I chose my niche market and LISTENED to what my people wanted. Which led to creating an ebook that sold out the day it launched and crashed my site and STILL SELLS over a year later even though I haven’t touched that blog or business in 9 months.

When I started this business (She’s Making an Impact), I knew I wanted to be niched so I focused on Pinterest. That led me to become an expert in less than a year, being asked to be on podcasts, speak on stages, and creating an online course that’s generated over $100,000 in 9 months. In a BRAND new business.

So if you don’t have google analytics on your blog right now, install it. If you do have it on your blog, go check out your most popular blog posts. Do they have a similar pattern? Could you narrow down your topics a bit more? What topics does your audience really resonate with?

Niche Market Tip #2: Find Your Sweet Spot

Your sweet spot is going to be a combo of: what are you good at/know a lot about? What do you ENJOY teaching? What’s the market for it?

So grab a piece of paper and a pen and write down:

1. What are you good at?
2. What do you love to teach?
3. What are some skills that you have?
4. What questions do you get asked about often?
5. Where do you see a gap in the marketplace/a need for your ideal client?

Your sweet spot is going to be a combo of what you love, what the market needs, and what you know a lot about.

Here’s an example of my business so you can see how I was able to niche down to Pinterest.

I was good at a lot of social media platforms…I have over 300,000 youtube views, 50,000 facebook followers, 20,000 IG followers, and over 20,000 on my email list. I could’ve called myself a social media expert and then dive in.

But social media experts are a dime a dozen. The riches are in the niches!! When I started this business, I did my market research to figure out what my ideal clients were struggling with, how they were using social media, and what gaps I saw.

They told me that they were sick of trying to figure out Instagram and Facebook and just wanted a way to automate lead generation.

BINGO: Pinterest.

I asked them if they’d ever considered using Pinterest for their businesses, and they were intrigued, but hadn’t. When I told them that I used Pinterest to completely automate my lead generation process and it helped me grow my email list to 20,000 for free, they immediately wanted to learn my secrets.

Do you see what I did? I picked the sweet spot. What my people needed, what I loved to teach, and what I was good at.

Niche Market Tip #3: Do Your Market Research

Speaking of market research, you need to do it. I see so many entrepreneurs skip this step and it’s arguably the MOST important step. It’s one of the very first thing I have all my private clients do.

How do you know what your ideal client even needs if you skip this? When you don’t do market research, you end up creating products you THINK they need, but they really don’t.

Don’t assume. You’ve gotta ask.

Lucky for you I did an entire post about market research so you can get started NOW.

Niche Market Tip #4: Start NOW

Clarity comes through action.

Don’t try to think your way to your niche market, just start taking action! Through taking action, you’ll figure out who you LOVE to work with, what you hate to do, and you’ll have even more clarity moving forward.

When I first started this business, I was doing EVERYTHING to help people with their Pinterest accounts, including managing accounts.

It was good money, but I quickly learned that I HATED doing it and it felt like a job for me.

I didn’t become an entrepreneur to have another job. I became an entrepreneur because I value freedom!

So what action do you need to take to get started? Do you need to contact some ideal clients for market research? Start creating content? Create your niched down freebie?

Stop thinking about it and take action.

And then as you’re taking action, you can ask yourself: do I need to niche down even MORE?

To help you get started, I wanted to give you a few examples of niche markets:

Fitness:

• New moms lose the baby weight (my very first niche that exploded! I ran a group called ‘lose the baby weight’ and it was SO good)
• Hockey players with timed nutrition
• Triathlete nutrition and training

Marketing:

• Membership sites
• Instagram stories
• Pinterest ads

Other ideas:

• An accountant who specialized in expats who are self-employed (if you know one, send them my way lol)
• Gym for moms who need childcare (and maybe self-care? like massages/nails??)
• Dog training for abused dogs (my poor Zozo needs this, we got him at a shelter and he’s been so skittish/anxious all his life)

Niche Market Mistakes to AVOID:

Before we wrap up, let’s talk about some niche market mistakes to avoid.

Trying to be everything to everyone.

You’ve gotta get specific!

I want you to attract and repel. I know that there will be people who come to my blog, read my emails, or watch my facebook lives and think, “she is SO unprofessional.”

Those aren’t my people. I want to work with my business bestie, who could see themselves sitting on the couch drinking a glass of wine in yoga pants with me.

Getting unsubscribes and unfollows is a GOOD THING.

Yup, I said it.

You WANT people to either fall in love with you or run away #kidding #notreally

You can’t be everything to everyone, so don’t try to be.

Picking a niche market is crucial to your success. To get started finding your niche market, check your analytics, find your sweet spot, talk to your ideal clients, and take ACTION.

Take massive action. Do it now! I believe in you =)

Snapchat: Rachelngom

Email: [email protected]