5 Questions to Find Your Niche & its Profitability!
Video version: https://youtu.be/2lnIKuj7uxo Audio version: https://soundcloud.com/will-demarro/find-your-niche-with-these-5-questions
Are you lost when it comes to starting an info business and just don’t know where to start? Seriously, let’s start by finding your niche.
In order to build an info business that you will be happy with you do need to know what your story is, your passion, your interests, your expertise or experience and what you are willing to learn to make it all happen. I call it your SPIEL (as in your story).
Today we are going to ask 5 questions that will help you find your niche and also determine its profitability …using your SPIEL.
1. Ask yourself “What is my SPIEL?”
Grab 5 sheets of paper or open 5 word docs and put S then P then I then E then L on each one.
Here is what each letter stands for.
S– Story. What’s your story? List your achievements.
Take time and write your story it does not have to be very long.
P– Passion. What are you passionate about? Write it down. I mean what would you do if you were given $500k today? (sorry but no sitting on the beach answer ;-))
I– Interest. What interests you? Travel? Cooking? Baking? Teaching others?
Make a list.
E– Expertise/Experience. What experience do you have? What are you an expert in? What are the most important lessons you’ve learned in life?
Can you teach it?
Make a list.
I have a very good friend who worked for the local council in their Traffic Department. He has a masters in Traffic Management and with his work ecxperence of a few years working with the Council he started his own Consulting business and is doing quite well.
L– Learn. What are you willing to learn? What would you like to learn to become an expert in? …so that you can teach others?
In my younger years I played semi pro volley ball and was prepared to share what I had learned with others. I was willing to learn how to be a Coach and get the relevant qualifications to make this happen. I hope this makes sense.
Seriously take your time to do this and be honest with yourself. Find your SPIEL first. Let your niche come out of what you are good at or have experience in and not just a fancy wish or the lure of cash.
Also take a deep look at what comes tops in your spiel and rank things accordingly. It is probably easier to simply find what is selling and sell it but what about selling something you really believe in and that people really need help in? You won’t check out when the going gets tough. This is why it is better to follow your spiel in my honest opinion.
Take note of the following questions and answer them to help you complete this exercise.
What obstacles have you overcome in your life?
What would you like to do if money was not an obstacle? (does not include sitting on a beach somewhere ;-))
What do you do after work (if you are in fulltime or part time work)
What do you do at work?
What are you learning to do?
What are you really good at?
What would you like to be good at?
2. Is anyone else interested in my SPIEL?
Take a few of the word phrases that best describe your SPIEL and do some Keyword research to see if anyone else is interested in what you have to offer.
If you have a story about how you set up your blog then check to see if anyone else is interested by entering “setting up your blog” in your favourite search engine.
You want to find out what phrases people are using to express their problems as it relates to setting up a blog.
This is what I got…
Check out the “People also ask”. This shows people are interested as they are even asking questions. Do you have the answers?
Can you put together an info product guide to help people who want to set up a blog? Basically… can you teach them to do it successfully?
You can take each of these questions people also asked and do further keyword research to see what other questions people are asking.
Now check the other results. Click on the links to read the articles, blogs, sales pages etc. See what people are doing in your subject area.
Make a note of the sites that interest you.
3. What Problems are people struggling with?
Visit sites like Quora, Yahoo Answers, popular niche blogs, YouTube and see what questions or comments people are leaving. Of course remember the questions asked at 2.
Do you have an email list? If you do then do a survey to find out what their problems are.
The answers are what people need help with and will therefore pay money for if you were to provide a solution in the form of an info product guide, manual or software.
Does your SPIEL cover these problems?
Write down the questions that are frequently asked
4. Is my SPIEL profitable?
Of course bear in mind the most important question here is if anyone is interested enough to buy an info product on “setting up a blog” for instance and not just asking questions on a blog or Forum.
We can start by checking to see if anyone is spending money on advertising in this area.
4.1 Are there any adverts?
Here is what I got when I did a search…
You can see the word Ad under the first line of the light blue clickable link. Copy the website and check to see what they are offering (I try no to click on the clickable links otherwise the marketer pays for that research click).
4.2 Is anyone making a purchase?
To answer this question we want to go to buying platforms like Clickbank or JVZoo or Amazon or Ebay and/or WarriorPlus and enter our keyword phrase in the search engine there to see if any marketer is selling products on this subject AND if people are buying.
At ClickBank.com (a big affiliate network) I entered my keyword phrase to see if anything is being sold here and if it is selling well. My phrase was “making money with blogs” but you can start with “blogging” or any keyword for that matter and refine your keywords as you go along.
You would have to do some more research to find out how much people are prepared to pay for your SPIEL.
Simply click on the sales page links to see what other marketers are selling their products for.
Basically if you were to put a “How to make money with a blog” type of product on the market. You would have to find out what format they want this guide in, example PDF or Video or audio or a combination of all.
Note products and their formats and prices and websites
At Warrior Plus
Click on the links to see the sales pages.
At Amazon I got the following…clearly blogging info products are being sold here.
Time to get serious and build a website around your SPIEL. Seriously, until you start DOING things to get your business off the ground not much will happen at all.
Put your SPIEL to the test by creating a product accordingly and making it available for sale to your target audience. See what happens.
By the way you can test your SPIEL with a for sale product or one you give away for free on your blog and then ask your list further questions as to what they really need help with in setting up their blog. I hope this makes sense.
I hope you found this information useful.
If you prefer the video version you can watch it by clicking here>> https://youtu.be/2lnIKuj7uxo