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Sure, there are lots of products and services in that niche. The problem is, when you go to those websites actually selling those products and services, it turns out that they’re not charging much money. This is a serious problem. You don’t want to pick a niche that has low commercial value.
Considering what you’re up against, and I’m not just talking about the competition, I’m also talking about all the costs and effort needed to put up a viable business, the return on investment might not be there. You have to understand that when you’re building a business, it takes some time to get it to produce a profit. What do you do before that point?
Unfortunately, if you are targeting a niche that has low commercial value, you’re not going to earn as much as you need to earn to make your venture worthwhile.
Many niche marketers get really pumped up about much money they can make per sale, the huge demand for their niche, as well as the fact that their niche is far from peaking. They’re all excited about their niche. This is all well and good until they realize that they simply have too much competition. It turns out that everybody and his dog have heard of this niche and they’ve already built their own websites or created their own software or mobile app. Whatever the case may be, there’s simply too much competition.
I understand what you’re thinking. You’re probably thinking, “Well, if the pie is really big, then there’s enough to go around. Everybody can come in.” That would be great if that was the truth. You have to understand that there is such a thing as network effect.
If you the first player in a niche and you have secured a fairly big chunk of the market, it makes it harder for newer people to make a dent in the industry. In fact, your initial dominant position enables you to create a network effect. You basically tell your customers and prospective customers that you have something better coming or you have related products.
This has the effect of freezing out anybody else who would even think about coming out with a competing product. You are already a tried and proven option, why would people take a chance with a newcomer? Do you see how this works?
Competition can easily kill your business. It doesn’t matter how awesome you think your product is. It doesn’t matter how much time, money and effort you spend on your business. If you have too much competition, it’s going to be an uphill climb. You had better be prepared to buy out your competition or come up with a truly breakout product so as to break away from the crowd of competitors you’re up against.
There are certain niches on the internet that have a huge demand and a significant commercial value. They also have manageable levels of competition and are far from peaking. The problem is that there are few existing businesses willing to advertise for that kind of niche. This puts you in a bind. If you cannot monetize and otherwise awesome niche, then there’s really very little money in it. Sure, there’s a high commercial value in theory, but theory is not going to put food on your table. Theory is not going to pay your rent. You have to focus on actual monetization. This is a fancy word for the process of turning online traffic into cold hard cash in your pocket.
You have to have a clear idea of how to monetize your online brand, otherwise you’re just wasting your time. All those YouTube videos you created, your tweets, your Facebook shares, your blog posts, your content, everything, was a massive waste of time. Don’t be the last one to find out. I can’t even begin to tell you how many websites out there are actual gold mines, but their owners are completely clueless about that fact. Talk about sad. Unfortunately, this happens all the time. The owners of these websites know that their sites get a lot of traffic and that they cater to a high demand, high commercial value market.
Then, they put up some AdSense ads and maybe a few affiliate links and call it a day. I’m not saying that they are making zero dollars with their online properties. Maybe they’re making four figures or even five. The problem is, their brand is capable of so much more. Why settle for four figures when you can potentially be sitting on a business that is worth six or seven figures every single year? Believe me, this happens quite a bit. I don’t know if it’s laziness or just lack of vision. What I do know is that this happens all the time. Don’t be one of those people. Select a niche than can scale with your brand. Next, make sure it happens.
Have you ever come across a website that looks like a ghost town? You check out the posts and a lot of them are high quality. You check out the dates on the posts and it seems like the owner was very active for some time and then, all of a sudden, the website no longer got updated. It’s as if they hit some sort of wall. Welcome to zombie website land.
Trust me, there are hundreds of thousands of websites scatters throughout the internet that are essentially zombies. For all practical purposes, these websites are dead. Now, don’t get me wrong, they’re not dead in the sense that you can’t access them anymore. Obviously, whoever owns them still renews the domain name for the website. That’s how you are able to find them in the first place.
But when it comes to actual content being published and engagement with visitors, there’s none of that. These websites are basically abandoned. I’m sure the owner may be making money from these websites, but I’m also sure that they’re not making as much money as they could.
This is due to the fact that they may have created a website that they have simply lost interest in. I know you may be scratching your head. If a website produces $2000, $3000 or even $10000 a month, wouldn’t the money make you care? Wouldn’t the extra income push you to be more excited about your project? Well, that’s you. Other people may not have had their heart in their project to begin with.
This is a serious problem. If you want a business that would truly live up to its fullest financial potential, you need to have a strong personal interest in the topic of your online property.
Unfortunately, a lot of online entrepreneurs simply focus on trends. They try to build businesses on trending market demands. Maybe they’ve heard that a certain topic is very popular, so they build a website around it. They couldn’t care less about it, but they know that there is money to be made.
These online publishers may be able to do well enough for some period of time, but eventually, their lack of interest in their niche is going to catch up to them. They’re not as motivated in updating. They definitely couldn’t care less about audience engagement. Sooner or later, their website hits a plateau. It stops growing. It can still make money, but it just stops growing. Eventually, it starts to decline.
Don’t put yourself in this situation. Make sure you pick a niche that you are actually excited about.
Keep the seven causes of niche marketing failure above in mind as you plan your business. Niche marketing is not a hobby, nor is it a joke. I can be a great way to make a living. Can you imagine going on extended vacations throughout the world and earn money at the same time? Can you imagine going to sleep and waking up to find out that you made a few hundred bucks overnight?
This is not a fantasy, nor is it speculation. This happens quite a bit. Welcome to the world of online passive income. Setting up online properties that run on their own and generate money can provide you with a substantial passive income. However, you have to build them right. Niche selection is a crucial part of that process.Other Details
- 1 Ebook (PDF), 21 Pages
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- 4 Ecovers (JPG, PNG)
- Year Released/Circulated: 2019
- File Size: 4,238 KB
[YES] Can be sold
[YES] Can be used for personal use
[YES] Can be packaged with other products
[YES] Can modify/change the sales letter
[YES] Can be added into paid membership websites
[YES] Can put your name on the sales letter
[YES] Can be offered as a bonus
[YES] Can be used to build a list
[YES] Can print/publish offline
[YES] Can convey and sell Personal Use Rights
[YES] Can convey and sell Resale Rights
[YES] Can convey and sell Master Resale Rights
[NO] Can modify/change the main product
[NO] Can modify/change the graphics and ecover
[NO] Can be given away for free
[NO] Can be added to free membership websites
[NO] Can convey and sell Private Label Rights