3 Ways to Choose a Profitable Market

On my survey last week, there were quite a few questions that had to do with getting started and choosing a niche market.

Here is a short snippet from one of these questions that is a common problem for other readers…

“Basically since I have to identify a good market with cash to spend, and it’s not likely I will enjoy that market and have any knowledge in it, how do I go about creating great content (or the process of hiring good writers for it)?”

This is another great question. I cut down the original question to just this section so I could focus on one core subject here.

You are correct that you will want to produce some great content…and not just the same me-too content produced by everyone else in your market. That’s a good observation on its own.

And you want to identify a hungry market where people have money to spend.

It doesn’t matter how passionate you are about a subject if no one is buying anything!

But let’s make sure we get things in order first.

I would always tell you to make a list of your interests and your expertise before looking at what people are spending money on.

Expertise means any desperate problems you’ve personally solved. These could be hobbies you’ve had, jobs you’ve done, or any achievements in life.

Some of the most profitable Youtube channels are people who just play video games for example (we’re talking millions of dollars there)!

If you weren’t expected to go to college, but you got a great score on your SATs, what caused it? Someone has that problem and wants it solved.

You may need to talk with a friend, family member, or coach to help you pull out your talents and experiences.

We’re often so humble about our own achievements that it’s easy to miss what makes you special. Those skills come naturally to you, so you don’t think they’re all that different!

I’d look here first, because it can give you an advantage in establishing authority for any content and products you produce. You have a ‘story’ to tell.

Once you’ve looked through everything you’ve listed, then you do your research to see if others are successfully selling products. Check Amazon. Look at Clickbank’s marketplace. Search Bing and Google. If you see lists, get on them and see what’s promoted.

You want to see other people successfully selling products in the market. That’s how you know there is money in the market. Are there magazines on the topic? Then people are buying something…

Let’s say you’re still coming up blank.

That’s where we start looking even deeper into what you could be interested in.

The reality is that it doesn’t take long to know more than the average person on a subject. Grab 3 to 5 of the best selling books on a topic, and you can have a pretty good foundation.

You don’t have experience at that point, but you can use your knowledge as a springboard to start talking to some experts. Put up a basic website like a blog. Put together some starting basics designed for beginners in your own words based on what you’ve learned. Quote other experts.

And then do an interview with an expert in the subject for your first low cost product. Make the interview a little unique by suggesting a different angle to the topic.

What if you don’t have any interests that match up with products people are buying?

OK, that’s a little hard for me to believe. Remember, I’ve been doing this for a long time and I’ve spoken to a lot of clients. I always dig something out of them eventually. See my note above about having someone else brainstorm with you.

But you do have another option. Partner up with an expert.

They can be the expert and you do the online marketing. This actually gives you an advantage because it’s easier to brag on someone else (as you talk about their expertise).

And it also divides duties as they work on the content and you do the promotion.

I don’t have time to go into all the details of setting this up in an email, but it’s important they are both trustworthy and reliable.

Why am I suggesting you find something you have expertise in or at least interests you enough to study it regularly…or at least have a partner with expertise?

I know a lot of gurus like to talk about hiring writers for all their content, and I’d love to tell you to do that. It would make my readers happier.

And I have a lot of clients who hire writers to produce emails, blog posts, courses, and even entire books. So we regularly outsource content production.

But all of these clients could have written the content themselves. And all of them personally check the content for accuracy at times.

They hire ghostwriters to produce more content in less time at a greater value, not because they couldn’t do it themselves.

The only exceptions are the ones who partner with an expert who is also responsible for all the content (this means the expert double-checks content from outsourced writers).

Another option is to become an affiliate who promotes other experts.

You will still produce some content such as emails and blog posts, but you can then base your content off of promoting the expert’s products or services.

In fact, Dr. Glenn Livingston and I recorded an audio which I then produced in a written guide called “Starting From Scratch.”

It’s all about getting started and promoting affiliate products in the beginning.

It’s one of the bonus gifts you get immediately when you try out the Monthly Mentor Club.

http://www.MonthlyMentorClub.com

The free bonus gives you a step-by-step answer to the common question, “If you had to start over entirely knowing what you know now, and given how things have evolved online, what would you do?

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.