by Internet Marketing on September 2, 2010
Let’s talk about niche selection. This is very important to ensuring the profitability of your membership website.
Number 1 – Discover Niches with Fanatics
If you want your membership business to be profitable, you have to find a marketing with fanatics in it. Simply put, a fanatic is someone who’s willing to spend time and more importantly money on a topic they are interested in. Now that we know what we’re looking for, let’s talk about how to find them…
- One simple idea that’s easily forgotten is to scan the magazine racks when you’re out and about. It’s becoming increasingly difficult to run a print magazine. So if you see one on the shelves you know they are making money, which means that there are enough people interested in what they’re saying to make it profitable. That doesn’t mean definitely that it will make a good membership business, but it’s a good starting point.
- Watch and listen for fanatics in your daily life. Pay attention to conversations, social events, TV, restaurants, public places to see what people are talking about. If people are talking about something, they probably want to know more about it. And this means there may be a market for information about it.
- Don’t forget about clubs and organizations. If there are enough people to to build a club, there are certainly enough people to start a membership site on the same topic. By the same token, if enough people are interested to hold a convention on a certain topic, you can definitely find enough people to build a membership business around that same topic.
- And of course there are all the things you have an interest in, too! There’s a good chance that others are interested in these things, as well. And, as an added bonus, it’s much more fun to build a business around things you’re interested in.
- Another fantastic way to discover what people are interest in is Google Trends. This service shows you the current most popular search terms. The reason people are searching Google for info on these topics is because they are interested. And the fact that it’s made it into Google Trends tells you LOTS of people are interested. Hot topics that people are excited about make great niches for your membership website.
Next – Figure out if there’s money in it
Once you found a potential niche or topic to center your membership site around, you need to figure out if you can actually make any money in it. The quickest way to find out is to determine if others are profiting in your potential niche.
Here’s a punch list for figuring out if anyone’s making money in your niche:
- Find out if there are blogs or forums related to it. Just search Google for “YourNiche blog” & “YourNiche forum” and see what comes up. This means there is a large group of people already assembled for you to market to.
- See if other people are creating and selling product in this niche by searching in Google Shopping, ebay and Amazon. What you’re trying to figure out is if anyone is making money in this niche, and if people are selling products it means they are making money.
- Watch Google Adwords for a period of time and look for ads the run again and again. Adwords ads are expensive, so people only run them repeatedly if they are profitable. And to be profitable, they have to be selling products and making money.
Finally – Figure out your barrier to entry
Once you’ve found a niche and figured out that there is money to be made in, you need to determine if you can break into this niche. Here’s how to make this determination:
- Look at the product types in this niche. You want to find a niche where information products are being sold as the norm. The easiest membership website to create and maintain are information membership sites.
- Competition. How many other people are trying to sell to this market? You want to start in a market that’s not completely saturated with competitors.
- Unless the market is just so big that it doesn’t matter how many competitors there are, you want to limit the competition. So evaluate the size vs. the competition.
- How quickly do people in this market make buying decisions and are the ready to buy? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.
In Summary
OK, now that you’ve figured out what niche you’re going to go into. Determined there is money to be made and that the competition is not too strong to break into it. You’re ready to start your membership business. If you’ve followed along with these steps you’re success in practically guaranteed. The only thing left to cover is exactly how to run your membership business…
by Internet Marketing on August 31, 2010
Let’s talk about niche selection. This is very important to ensuring the profitability of your membership website.
First – Look for Fanatics
The number 1 thing you have to do is find fanatics if you want a profitable membership website. Simply put, a fanatic is someone who’s willing to spend time and more importantly money on a topic they are interested in. OK, so we know what a fanatic is, but how do we find them?
- One simple idea that’s easily forgotten is to scan the magazine racks when you’re out and about. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. That doesn’t mean definitely that it will make a good membership business, but it’s a good starting point.
- You’ve got lots of opportunities every day to see what people are interested in. Just pay attention to what people talk about on the radio, at social gatherings, at the store or restaurants and anywhere in public. If people are talking about something, they probably want to know more about it. And this means there may be a market for information about it.
- Conventions, clubs, and organizations. Once again, if there are enough people interested in a topic to create a club or organization, then there are enough people to build a membership business around it. By the same token, if enough people are interested to hold a convention on a certain topic, you can definitely find enough people to build a membership business around that same topic.
- And of course there are all the things you have an interest in, too! There’s a good chance that others are interested in these things, as well. And, as an added bonus, it’s much more fun to build a business around things you’re interested in.
- Another fantastic way to discover what people are interest in is Google Trends. Google Trends tells you the most popular current search terms. These are the things people are actively searching for in Google. They’re searching because they want information. These are the niches you want to be in – lots of people actively searching means lots of opportunity.
Second – Analyze the “commerciality”
After selecting a possible niche to build your membership site around, the next step is to find out if it’s a profitable niche to be in. One way to figure this out is to see if other are making money in it.
Here’s how to determine if you can make money in your chosen niche
- Find out if there are blogs or forums related to it. Just search Google for “YourNiche blog” & “YourNiche forum” and see what comes up. This tells you there are people who are actively interested in your niche.
- Search Amazon, Google shopping and eBay to see if people are creating and selling products in the niche. If other people are creating and selling products in this niche, it means there is money to be made.
- Look at Google Adwords for the same ads are running over time. If people are running the same ad over time it means they are making money in the niche. They would not continue to spend money on the ads if there were not making a return from them.
Finally – Figure out your barrier to entry
OK, so you found a hot topic and you know other people are making money on it. Will you be able to get involved and do the same? How do you gauge the ease of entry?
- Product types. What kind of products are being sold in the niche? You’re looking for a niche that sells info products. The easiest membership website to create and maintain are information membership sites.
- Competition. How many other people are trying to sell to this market? You want to start in a market that’s not completely saturated with competitors.
- Compare the size of the market versus the number of competitors. Some competition is a good sign – just make sure the market is big enough for you to join in.
- How quickly do people in this market make buying decisions and are the ready to buy? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.
Putting it all together
So far, we’ve talked about exactly what it takes to pick a great niche: One with a hungry crowd of fanatics, who are ready to spend money on information about their topic. And you’ve determined your barrier to entry is small enough to give it a go. If you’ve done your homework, your business will be a success because you already know your market is a profitable one with room for you. Learning how to run a membership website is a topic for another article…
by Internet Marketing on August 30, 2010
In order to make sure your membership business is profitable, you have to select the right market. Here’s how.
Step 1 – Find a Fanatical Market
If you want your membership business to be profitable, you have to find a marketing with fanatics in it. Fanatic is defined as someone with an irrational enthusiasm. These are the people you’re looking for because they are so enthusiastic they’re willing to spend money on their topic of fanaticism. OK, so we know what a fanatic is, but how do we find them?
- Look at magazine racks. This is an often overlooked, yet extremely simple way to find niches that people are interested in. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. If they can make money in a print version, you can probably make money with a membership website.
- Watch and listen for fanatics in your daily life. Pay attention to conversations, social events, TV, restaurants, public places to see what people are talking about. People generally talk about things they are interested in. Which means you can start a membership business providing information on it.
- Conventions, clubs, and organizations. Once again, if there are enough people interested in a topic to create a club or organization, then there are enough people to build a membership business around it. Likewise, if there are enough people to hold a convention, there are definitely enough people to fill your membership website.
- Think about the things that you are interested in. Chances are that if you like a certain topic or hobby, other people do, too. And, as an added bonus, it’s much more fun to build a business around things you’re interested in.
- One simple and easy way to find out what’s hot is Google Trends. Google Trends tells you the most popular current search terms. These are the things people are actively searching for in Google. They’re searching because they want information. Hot topics that people are excited about make great niches for your membership website.
Step 2 – Determine the financial feasibility
Once you found a potential niche or topic to center your membership site around, you need to figure out if you can actually make any money in it. One way to figure this out is to see if other are making money in it.
OK, how do we figure that out?
- Find out if there are blogs or forums related to it. Just search Google for “YourNiche blog” & “YourNiche forum” and see what comes up. This lets you know there is a market (a group of people actively interested in the niche.)
- Check Amazon, eBay and Google Shopping to find out if others are making and selling products in your niche. It’s a good sign if there are because it tells you people are making money here.
- Monitor Google Adwords to determine if people are running the same ads for weeks in a row. If they are, this means they’re making money on these ads – otherwise, they’d stop running them. Which means there is money to be made in your niche.
Last, but not least… How hard will it be to break into this niche?
OK, so you found a hot topic and you know other people are making money on it. Will you be able to get involved and do the same? Here are some things to look at to figure this out:
- Product types. What kind of products are being sold in the niche? You’re looking for a niche that sells info products. The easiest membership website to create and maintain are information membership sites.
- Competition. How many other people are trying to sell to this market? You want to start in a market that’s not completely saturated with competitors.
- Unless the market is just so big that it doesn’t matter how many competitors there are, you want to limit the competition. So evaluate the size vs. the competition.
- How quickly do people in this market make buying decisions and are the ready to buy? Every market is different. Sometimes people are looking for information and are ready to pay for it right now. And sometimes it takes weeks, months or even years for them to make the decision to purchase.
In Summary
At this point you’ve figured out what niche you’re going into. You found your fanatics, you know they spend money and you’re confident there’s room in the market for you. Now that you’ve prepared properly, you’re success is 99% guaranteed. How to actually run your membership website is the only thing left to talk about…
by Internet Marketing on August 28, 2010
In order to make sure your membership business is profitable, you have to select the right market. Here’s how.
First – Look for Fanatics
The number 1 thing you have to do is find fanatics if you want a profitable membership website. What’s a fanatic? It’s someone who is so excited about a certain topic that they will spend their time and money on information about it. OK, so we know what a fanatic is, but how do we find them?
- Here’s something you may not have considered – magazines! We’re so internet-based these days, it’s easy to forget about them. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. That doesn’t mean definitely that it will make a good membership business, but it’s a good starting point.
- Pay attention throughout the day in your regular activities. See what people are talking about on the radio, TV, at parties, in public, etc. If people are talking about something, they probably want to know more about it. And that may also mean they’re willing to pay money to learn more about it.
- Again, looking in the physical world for clues you can tell there are lots of people interested in something if there are clubs and organizations around the topic. By the same token, if enough people are interested to hold a convention on a certain topic, you can definitely find enough people to build a membership business around that same topic.
- And of course there are all the things you have an interest in, too! If you’re interested in something, it’s highly likely others are, too. Making money is fun and it’s even more fun if you can do it in a niche you’re excited about.
- One simple and easy way to find out what’s hot is Google Trends. This service shows you the current most popular search terms. These topics are the hottest topics because lots and lots of people want information about them. These are the niches you want to be in – lots of people actively searching means lots of opportunity.
Second – Analyze the “commerciality”
Once you found a potential niche or topic to center your membership site around, you need to figure out if you can actually make any money in it. The quickest way to find out is to determine if others are profiting in your potential niche.
OK, how do we figure that out?
- Are there blogs or forums in this niche? Take the name of your niche and search for “niche name blog” & “niche name forum” in Google to see if there is an active group of people talking about and interested in the niche. This lets you know there is a market (a group of people actively interested in the niche.)
- See if other people are creating and selling product in this niche by searching in Google Shopping, ebay and Amazon. What you’re trying to figure out is if anyone is making money in this niche, and if people are selling products it means they are making money.
- Watch Google Adwords for a period of time and look for ads the run again and again. Adwords ads are expensive, so people only run them repeatedly if they are profitable. And to be profitable, they have to be selling products and making money.
Finally – Figure out your barrier to entry
After figuring out a good niche and determining that other people are making money in it, the last thing to do is decide if you will be able to enter the market. Here’s how to make this determination:
- Figure out what kinds of products people are interested in. If it’s mostly physical products, coaching and live seminars, then it will be harder to break into this niche. That’s because it’s much easier to build a membership business around information vs. any other kind of product.
- The next thing to look at is the competition. You don’t want to try to break into a saturated marketing, so figure out how many people are already selling in this niche.
- Size vs. Competition. Some competition is good. It means that this is a profitable market. And as long as the size of the market is large enough to support the competition, you’re fine.
- How quickly do people in this market make buying decisions and are the ready to buy? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.
Summing it all up
OK, now that you’ve figured out what niche you’re going to go into. Determined there is money to be made and that the competition is not too strong to break into it. You’re ready to start your membership business. If you’ve followed along with these steps you’re success in practically guaranteed. The only thing left to cover is exactly how to run your membership business…
by Internet Marketing on August 26, 2010
Let’s talk about niche selection. This is very important to ensuring the profitability of your membership website.
Number 1 – Discover Niches with Fanatics
The first step in developing a profitable membership business is to find a market with fanatics in it. Simply put, a fanatic is someone who’s willing to spend time and more importantly money on a topic they are interested in. Here’s how to find fanatics:
- Look at magazine racks. This is an often overlooked, yet extremely simple way to find niches that people are interested in. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. This is a very good indication that it’s a good niche for you to go into.
- You’ve got lots of opportunities every day to see what people are interested in. Just pay attention to what people talk about on the radio, at social gatherings, at the store or restaurants and anywhere in public. People generally talk about things they are interested in. And that may also mean they’re willing to pay money to learn more about it.
- Don’t forget about clubs and organizations. If there are enough people to to build a club, there are certainly enough people to start a membership site on the same topic. By the same token, if enough people are interested to hold a convention on a certain topic, you can definitely find enough people to build a membership business around that same topic.
- Think about the things that you are interested in. Chances are that if you like a certain topic or hobby, other people do, too. And, as an added bonus, it’s much more fun to build a business around things you’re interested in.
- Google Trends. This is a great way to figure out what people are interested in. This service shows you the current most popular search terms. The reason people are searching Google for info on these topics is because they are interested. And the fact that it’s made it into Google Trends tells you LOTS of people are interested. These are the niches you want to be in – lots of people actively searching means lots of opportunity.
Second – Analyze the “commerciality”
Once you found a potential niche or topic to center your membership site around, you need to figure out if you can actually make any money in it. An easy way to determine this is to figure out if anyone else is making money in this niche.
Here’s a punch list for figuring out if anyone’s making money in your niche:
- Find out if there are blogs or forums related to it. Just search Google for “YourNiche blog” & “YourNiche forum” and see what comes up. This means there is a large group of people already assembled for you to market to.
- Check Amazon, eBay and Google Shopping to find out if others are making and selling products in your niche. What you’re trying to figure out is if anyone is making money in this niche, and if people are selling products it means they are making money.
- Monitor Google Adwords to determine if people are running the same ads for weeks in a row. If they are, this means they’re making money on these ads – otherwise, they’d stop running them. Which means there is money to be made in your niche.
Last, but not least… How hard will it be to break into this niche?
OK, so you found a hot topic and you know other people are making money on it. Will you be able to get involved and do the same? Here’s how to make this determination:
- Look at the product types in this niche. You want to find a niche where information products are being sold as the norm. That’s because it’s much easier to build a membership business around information vs. any other kind of product.
- The last thing you want is a marketing filled with tons of competitors. A few means it’s a profitable niche, but too many means you won’t be able to take a piece of it.
- Unless the market is just so big that it doesn’t matter how many competitors there are, you want to limit the competition. So evaluate the size vs. the competition.
- How quickly do people in this market make buying decisions and are the ready to buy? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.
Summing it all up
OK, now that you’ve figured out what niche you’re going to go into. Determined there is money to be made and that the competition is not too strong to break into it. You’re ready to start your membership business. If you’ve done your homework, your business will be a success because you already know your market is a profitable one with room for you. Learning how to run a membership website is a topic for another article…
