In Part Eight we move onto the eighth of your 9 steps to niche marketing success and cover niche marketing mistakes to avoid:
- Too many at once
- Relying on just keywords
- Passion or profit?
- For your eyes only
Any business venture has the chance of success or failure when it first starts. But when it comes to a niche marketing business, we’re going to try to steer you in the right direction from the very start, so you don’t have to deal with fixing some of the most common mistakes.
Here are the four most common mistakes made by niche marketers and the advice you need to avoid them altogether in your business.
Being enthusiastic about getting involved in niche marketing is great! After all, it takes enthusiasm to get a business off the ground and commitment to keep it afloat. Without real energy behind it, any niche business is more likely to fail.
However, getting overly excited about your niche marketing prospects leads us to our first mistake to avoid.
Once you get your first niche business up and running, it can be tempting to jump head first into another market.
And while it’s fine to expand your product line within a niche or expand into a related niche, it can be detrimental to your efforts to dive into too many markets at once.
But why is this such a bad thing?
Well, you’re just going to spread yourself too thin. You won’t be able to give any of your niches the attention they each deserve resulting in a lack of effort put behind things such as product development and promotional activities.
Plus, you’ll leave room for competitors to swoop in and fill your market better. And you definitely don’t want that.
To avoid this niche marketing mistake, carefully plan out your niche endeavors before committing to them. This will help prevent you from jumping into any one market haphazardly without having done the proper research.
And should you decide to add an additional product or move into a related niche market, give yourself time to think it over.
It never hurts to plan out your long term business growth. And while you shouldn’t sit around on your laurels forever, taking a moment to plan out and then work towards your goals over time is always worth it.
Another common mistake people make when approaching a niche marketing business for the first time is to rely on one tactic alone to research and identify appropriate niche markets.
Keywords and keyword phrases are a great marketing tool as they help you target your content to appeal to what people in your target market are searching for right at this very moment.
However, while keywords are invaluable (and we use keyword research as one of our core research tools) they do tend to only show short term activity. I’ve found in researching across thousands of niche markets that it’s equally important to consider the wider picture of trends and factors that will influence keyword use in the future.
That’s why the research stage of building your niche business has to encompass more than just keyword tools. Wider research is needed in order to figure out the long term results of a particular market.
For now, just take note that keywords are often not enough and that to succeed in many markets long term you will need to broaden your research efforts.
One of the most lethal mistakes you can make is to enter a niche that is full of customers that totally love their interest, their passion but simply don’t have any money to spend!
When attempting to build your niche business, it’s very important that you determine that there is in fact a market for your product. What many people new to niche marketing fail to realize is that it is not enough to merely have a group of people interested in your products.
You have to generate interest amongst people that can both afford and want to buy your products.
It’s important to thoroughly analyze your target markets. Otherwise, you could end up with a product that maybe makes a few sales but doesn’t ever really take off.
This can leave you feeling as though niche marketing doesn’t work.
To avoid this mishap, do your research and cover every angle. If there’s a hole in your plan, you better rethink it. It’s a lot easier to change things around during the planning stages than it is once your product is up and ready for purchase.
The last big mistake I’m going to cover in this section has to do with a situation where you are infatuated with your product but no one else is.
You’ve done the research and you’re totally confident in your niche product. In fact, you love your product. You think it’s the best thing ever. But once you open for business and people start seeing your product, they’re less than amazed by it. In fact, they don’t like it at all.
Even worse, you may find it difficult to even get people to sign up for your free offer because no one is interested.
This can be frustrating and disheartening. Some people may become so discouraged that they give up on niche marketing because of it.
One way to avoid this mistake is to be sure you know your target market. And by know, I mean know. You have to know their needs and wants and their willingness to spend money on a product like yours. Failing to find out these factors can leave you with a product that only you believe in and no profits to show for it.
As you might have guessed, the common theme with every mistake covered in this Step has had to do with research. In fact, all of these mistakes are research-based. So, one solid way for you to avoid all of these mistakes and get on the path toward a successful niche marketing career would be to do your research!
Now on to Part Nine of your Niche Marketing Course!
In Part Nine we’ll move onto making sure you are taking action towards your niche marketing business.