A survey reveals that almost 90% of startups fail. One of the reasons attributed is failure to do proper niche research beforehand. But many of these entrepreneurs simply do not know how to do this. They Invest all the money they saved in their lifetime into the business and hope that to succeed. Alas! without proper research, their chances of success are only minuscule 10%. After the failure of the business, startup owners go bankrupt and some owners go to the extent of killing themselves. It's unfortunate that a small tweak in their mindset to do proper research before choosing a market will change the whole scenario.
This course aims to increase your chances of success in your startup by teaching you how to conduct proper online niche market research. It's an interesting activity and at the end of the research, you'll have a lucrative market to target that will succeed if served properly. You'll be taught theory and practical lessons related to niche market research which might change your startup strategy completely.
Master Niche Research by a step by step system.
This course will take you through a step by step approach to find a profitable niche market. All you have to do is to follow along those steps. Please don't skip any step as this will break the chain.
At the initial stages, I'll cover all the theory lessons necessary to understand the basics. Then we'll jump into practical lessons where we'll do hands-on work to use various tools online to find a profitable niche.
Content and Overview
Introduction - Niches Lead to Riches, Find a profitable Niche Business Idea
This Course Teaches How to Conduct Niche Marketing Research.
Almost every marketer and entrepreneur will accept the fact that choosing a niche market by conducting a niche research is the most difficult thing in the process of starting up an online business. And yet it’s probably the most overlooked step in that process. If it’s not done properly, your chances of success is as probable as winning a poker game, 1 in every 100. So, let’s take it up as a challenge crack that code of finding a profitable niche.
Ladies and Gentlemen, welcome you to the course “Niches lead to Riches-A Definitive course to find a profitable niche Business Idea”. I am Sivakumar Kannan. I am a digital marketing professional. I have created this course to help aspiring entrepreneurs to find a profitable niche market so their chances of becoming successful in business become bright.
As you may know, almost 80% of the business startups fail in the very first year of their startup. This number grows to an alarming 95% by the end of 5 years. Why is it so? In my opinion, most of these business owners don't do their homework before they get started.
They put in all their life savings into that business and over and above that they go out and borrow money from their friends and relatives and invest in business. But they don't realize the key mistakes they do at that stage. They enter into a business without doing the homework of conducting a proper niche market research.
Because of this, they enter into a business segment to compete with large business sharks. Moreover their offers are usually undifferentiated. They don't know clearly who their target customers are and what their needs are. They want to sell their products to everyone under the sun. In the other extreme, in many cases, business owners have no idea if they have a large enough customer base to form a viable business or if their business will be profitable.
Eventually there is no wonder they fail and lose their investment. I know failed business owners who have taken the extreme step of killing themselves and their families. It’s highly unfortunate that a small tweak in their mindset to do proper niche market research before starting a business will avoid all this pain.
On the other side of the spectrum, there are successful online business owners and entrepreneurs who not only found a profitable niche but also found ways to automate their business in in such a way their business becomes a virtual cash spitting machine for a life time. So they have plenty of time to spend on the pool side, sipping drinks with their family members in pristine beach resorts all over the world. We call them smart people.
Without further ado, let me come back to the point. In this course I’ll teach you how to do that basic niche market research to increase your chances of success in the online business. I call it basic because that’s what it is. It’s the most fundamental thing to do before starting up of a business.
Niche research to a business is like a foundation to a building. If you select a right niche and start your business based on that, the problems you face after that can always be worked around in some way or the other. Eventually, everything will fall into place. But if you choose a wrong niche, everything beyond that point will become difficult. Eventually it’ll make you to throw in the towel.
In this course, I am using a fail proof system for selecting a right niche. This not only reduces the business failure rate drastically but also helps to know who you are, what your passions and strengths are and then what the market wants and build a business around all this. Eventually, you will build a business around your life purpose. And you know what, this will truly make your life interesting. At last, you can wake up jumping out of your bed every day with lots of excitement and enthusiasm and you may not want to go to bed at night. You can get the full juice out of your life. So with that note, let’s get started with the course.
What is a Niche Market
A Niche market is a subset of a large market having products with special features and benefits, special price and special quality.
Niche marketers can aim to survive among large companies because of their specialization within the niche. To say it differently Niche marketers aim to be a big fish in a small pond rather than a small fish in a big pond. You may find a these markets in both Business to Business and Business to Consumer segments.
But one rule is you must define your niche market as narrowly as possible and at the same time ensure large volume of customers or large transaction value is possible within the niche (Mercedes Benz is a classic example of a niche market where smaller quantity of high valued cars are sold).
But many business owners feel, why should I restrict myself to a small market? In my opinion, that kind of thinking is not correct because in business, smaller is bigger. Otherwise you’ll spread yourself too thin. You are expected to be an authority within the niche. So specializing to provide better products and services can help prove your authority compared to large competitors who do business in several markets with several products. Nobody can provide all things to all people. If somebody does it, they are generalists and not specialists.
Particularly when you are just entering into a business, you are expected to go big or go niche. Going big is not everybody’s game. We all know that. So going niche is the way to go. Also, finding a niche alone is not enough. Within the niche you are expected to do unique things or do better things. I mean better than others so you can stay in business.
In this video, learn the meaning of Niche market, a few examples of companies operating within a niche from the market and the meaning of a niche marketing strategy with an example.
Why finding a Niche Market
In this video, let's see why finding a niche market is so crucial to business success. I have given 2 different examples for demonstrating this.
At the end of the lecture, you can clearly see, why entrepreneurs in the niche markets, who are specialists, have an edge over those who are generalists.
Types of Businesses
In this Video, you'll see the four types of businesses that are out there for you to choose from.
Your Niche may be from any of them or a combination of these four.
Each type of business has its own merits and demerits. I have shown them in detail so that it's easier for you to see the difference and make a wise decision while choosing a Niche.
7 Steps to find a profitable Niche Market
It's always better to have a clear process to find a solution to any problem.
Finding a profitable Niche is not an exception.
I have given 7 steps you'll need to complete before you'll have a profitable Niche Business Idea.
This lecture lists out those steps. In the upcoming videos, we'll dive deeper into each of those steps.
Finding your strengths and passions.
In this Video, I talk about finding your strengths and passions and why it's important.
In my view, an entrepreneur should always find his passions and strengths and identify a niche based on them. This will play an extremely important role in the business success during execution stage.
Hints to find your strengths and passions.
In this lecture, I have given hints to find your strengths and passions. Think about them.
Also, I have given a list of questions to find answers for. Introspect these questions in a quiet place.
At the end of this lecture, you will have found a few of your passions and strengths to start focussing on.
Knowing your fears and pains.
In this video, you'll learn why finding your fears and pains can help to form a niche business.
I have given a few examples from my personal life and how to take advantage of some of your life experiences.
Some hints to find your fears and problems.
In this video, you'll learn how to find your fears and pains.
I have given some hints to find them.
At the end of the lecture, you'll have identified a few fears and pains faced in your life.
We may use them at a later point in time, to see if they can be used to form a niche business.
So far we have covered the
1. Definition of a niche market with some examples,
2. Why we need to find a niche before starting a business,
3. Types of businesses that are out there to choose from.
4. 7 Step process for finding a niche
5. How to find your strengths and passions with some hints to find them.
6. How to find your fears and problems with some hints to find them.
Are you already working in a quiet place to find your passions and strengths. Have you found them?. If yes congratulations. If not, please stop the course here and work on them. It's a very important step in the process of finding a profitable niche business idea.
This Quiz will test the understanding level of students on the fundamentals of Niche markets and finding their passions, strengths and pains.
Know what the market wants
So far, you have learned how to find your passions and strengths. So you found what you really want to do in life. But finding what you want is not enough. Finding what the market wants is equally important. More specifically, finding what the market is desperate about is the key here. Our aim is to find areas of common ground between what you want and what the market wants and target that as a niche.
In this lecture, you'll learn how to find what the market wants in a step by step way by conducting research on forums, ecommerce websites, conducting surveys, etc
Define and Visualize customers
Knowing your customers like who they are, what they want and where are they present etc are very important for targeting your campaign.
In this video, you'll clearly visualize your customers. At the end of the lecture, you'll have clear idea of customers in the Niches identified.
Is the market size big enough
The Niche market size should be big enough in numbers.
If it is of small numbers, then it should be wealthy enough to spend large amount for each of your products.
Like a Mercedes Benz cars example where the market size might be small but the buyers can afford to spend large amount for each transaction.
Let's see how to find the market size in this video.
Is the market desperate to find solution and showing buying intent or is it just a hobby?
Any niche market where people are experiencing strong emotions are desperate niches.
In this lecture, let's see how to find Niches that are considered to be desperate ones.
At the end of this lecture, you'll have found out if your niche is also a desperate one in which people are showing buying Intent.
Is the keyword search volume large enough?
In this Video, let's see how to find the search volume of your Niche Keywords.
Search volume indicates, people are actively searching for the niche keywords online.
To ensure this is essential as this is an indication of demand for for your niche.
At the end of this lecture, you'll have found if your niche keywords are searched with larger volume.
Is the market demand stable or showing uptrend?
You don't want to choose a keyword that is already a loser.
In this video, let's use a great tool to find how your niche market keywords are trending.
Catching a trend is key as growth is already built into it.
At the end of this video, you'll have found some keywords within your niches that are showing uptrend/ stable trend.
Is the market underserved or neglected?
Some markets are neglected by marketers. See if yours is one of them.
How do you find those markets?
Let's see some examples in this video.
At the end of this video, you'll have formed an idea as to how to think to find neglected markets.
Does the niche have large number of products?
Larger the number, better it is as you may switch products as one of them lose the market.
See if your identified niches have large number of products.
Also compare products available in two different websites with the same keyword. This may give opportunities to introduce new products.
Is the niche evergreen?
Evergreen markets will never lose their popularity.
There are certain markets that fall into this category.
See If your niches fall into these markets.
In this video, you'll see examples of evergreen markets and validating your niche for this criteria.
Are people making money from it regularly? In short, is there competition
Competition is healthy.
Look for Niches with weak to moderately competitive.
Let's see how to do that and use online tools to see if there are keywords that can be ranked within the niche.
Can you offer a better service/product than the competition
In this lecture, you'll find ways to provide offers better than your competition.
You'll see if it's possible for you to do that in the chosen niches.
Fundamental business principles like customer relations etc plays a key part here.
Is the niche chosen legal and ethical?
Ensure that your niche is ethical and compliant to the law.
In this video, you'll see some general points or areas you need to take special care about before identifying a niche.
Final 3 filter questions
In this video, you'll filter out your niches for the following questions.
11. Are the target customers easy to find? Like in social websites, forums, blogs and the like.
12. Is your solution an expense or an investment to your customers?
13. Are there affiliate products in the niche area to start with in the initial stages to test the market
After knowing your passions, strengths and pains, we saw how to find what the market wants desperately.
Then how to define and visualize your customers
We started looking at various filter questions.
Is the market size big enough?
Is the market desperate and showing buying intent?
Is the keyword search volume big enough?
Is the keyword search trend favorable?
Is the market underserved / neglected?
Does the niche have large number of products?
Is the niche chosen evergreen?
Are people making money?
Can you better your competition’s offers?
Is the niche ethical and legal?
Are customers easy to find?
Are the products expense or an investment? and
Are there affiliate products?
After all the filtering process, hope you have a few niches on hand to work on.
If you have not found a viable niche idea, go back find a few more passions and strengths.
Refer to the written materials included to get some ideas. Use all the tips you gained in the previous videos to find some more areas to work on. If you have already found a viable niche, please proceed to the quiz before jumping on to the next video. Good luck!
This Quiz will test the understanding level of students on based on the lectures completed in this section.
Price Demand Matrix is a decision making tool that shows how to choose Product Ideas.
At the end of this video, you'll have much better clarity as to which of your product Ideas will work and which ones will not in the business set up.
Understanding Niches' problems and current solutions
In this video, you'll learn how to conduct online research to find and deply understand Niches problems and current solutions.
The Idea here is to find the gaps in the present solutions and provide a solution that fill in the gaps.
I have shown how to leverage social media to conduct this research.
Identify or create solutions to niches' problems
This video shows how to create solutions that are better than your competitiors.
It gives an example of a problem and a solution for better clarity.
Test if the Market will Pay
This video shows how to test if the market will pay, even before the offer is created.
With this video, you'll have found a profitable Niche.
Bonus sections given below provides details about conducting keyword research online using keyword research tools like google keyword planner among others.
Learn how to use some of the powerful but free keyword tools to generate more keywords in your Industry.
I am a finance professional with 20 years of experience in corporate finance department of leading multinational companies. Digital marketing is my passion. I am into it for the past 5 years and want to teach what I learned to the world. I found Udemy to be a perfect place to share my knowledge. I create professional video lessons on digital marketing that will engage and add value to my audience. I also do consulting and coaching in this field.