26 Mar How To Find And Narrow Down Your Market Niche Using Surveys
I believe there’s no reason you can’t make money and do good at the same time. Being a good performance marketer is all about providing people with value. You’re looking to match a product or a service with people who need it.
Looking at the market as a whole, you should be able to understand two things – it’s gigantic and diverse. But marketing is all about efficiency, and performance marketing even more so.
You have to make the most money by investing the least amount of resources or efforts. That means you can’t go out and offer your product or service to anyone. You need to target people who are most likely to buy it.
Determining and understanding your target niche allows you to scale your performance marketing business, grow your list exponentially, and get better quality leads. The more you know about the people you’re targeting, the better you are at crafting your message. In the end, they’ll be more likely to resonate with what you have to offer.
Today, I’m going to dive into some of the critical concepts revolving the topic of nurturing your leads so that you can find your niche and narrow it down. After that, I’m going to share a little secret that will help you use information about your niche to control traffic and build your list further.
Use Surveys and Quizzes to Nurture Your Leads
There’s something I’d like to make clear right from the start, regardless of the niche you end up choosing. Whatever you’re setting out to do with your performance marketing business, it has to be something you love doing. If you’re not passionate about what you do, then chances are, people are not going to care about what you have to say.
In some of our previous episode, I talked about different ways of driving traffic and building your list. Assuming you were able to use this info to gather leads, the next step is to indoctrinate or nurture them.
“Create what’s called “Ask Campaigns” or surveys and quizzes,… You’re going to be able to ask these people things about what they like, what they don’t like, and they’re going to drive your market for you.” – Eric Beer
Surveys are a powerful tool that can help you gather all sorts of valuable insights about your audience. In this scenario, they’ll help you uncover specific characteristics about your niche, which will, in turn, allow you to adapt your message and your strategy.
Making surveys can be challenging, especially if you’re not tech-savvy. I’m currently in the final stages of developing my awesome platform that helps entrepreneurs with zero tech skills harness the power of surveys to convert cold leads into customers. SurveyDetective is launching in April of 2020.
🕵️♂️ Click here to request early access!
Top Ways to Figure out If You’re in the Right Niche
To determine if the niche you’re picking is the right place for you, you’re going to have to do some research.
A cool way to explain the difference in saturation across marketplaces is through the use of the Red or Blue Ocean metaphor. The ocean water is red in places where there’s a lot of competition, and you’re going to have a rough time trying to fish over there. That’s why you need to look for the blue parts of the ocean, where the competition is low, and you can access your audience more comfortably.
So how do you find your blue? The first thing you want to do is get feedback from your audience. Use surveys to collect data about your avatar and figure out if the niche you’re targeting is large enough and has enough means to offer. If that isn’t the case, just move on to the next thing.
“At the end of the day, you need to figure out… What is your niche, and who is your avatar. Who are you talking to?” – Eric Beer
Second, you need to analyze the competition that is already operating in the market space you want to target. Now, it’s obvious you want to avoid red ocean spaces. But a common misconception people have is they think they should look for places that have no competition whatsoever.
Here’s why this is such a huge mistake. If there is no one positioning themselves inside of a particular niche, there’s probably an excellent reason for it – it’s not profitable. Low competition is a quality check; information that there is something there, but there’s also room for you to position your offer.
You shouldn’t try to reinvent the wheel in order to succeed. Simply model the things that work and add something new.
“Taking something that works and introducing it to somebody that hasn’t heard of it yet – that’s the key to anything.” – Eric Beer
Learn to Control Traffic by Building a Framework (Traffic Secrets)
One last thing I’d want to touch base on is how to use all the information you got up to this point and leverage traffic from places that create it. Having a sizeable following on social media is good for business, but it’s a lousy business model. You’re essentially giving away control over your future to a third party.
What happens if they decide to change their algorithm so that it dramatically reduces your traffic? Or they add new rules and regulations that force you to shut your channel down? I’ve seen it happen over and over, all across the web, and it’s simply not a secure way to run your business.
In order to provide your operation with security, you need to take control of traffic. How you do that is one of the topics covered in Russell Brunson’s new book called Traffic Secrets.
It starts shipping this May, but I spent 50k to be a part of Russell’s inner circle, which gave me early access to it. And I can assure you that this is by far the greatest book about traffic I have ever read.
If you’d like to get your copy along with my $23,079 in bonuses – click on the link below!
📗 Get Russell Brunson’s New Traffic Secrets Book
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Take something that you like. Like, make sure that you enjoy talking about this. Make sure you enjoy being a part of it. Really think about, what are you passionate about? We'll figure out how to make money around this. You got to figure out first, what do you like?
I spent the last 17 years building my eight-figure performance business without using any of my own money, working with some of the most brilliant direct response marketers in the world today. Now I'm looking for entrepreneurs to join my affiliate army, built on ethics, transparency, and good old hard work. Join me to change the perception of how people view the greatest business in the world affiliate marketing, and follow along, as I learn, apply and share performance marketing strategies, working with some of the brightest people on the planet. My name is Eric Beer, and welcome to the Performance Marketer Podcast.
Everybody here has different businesses, different kinds of things they're looking to... To get involved in, right? But some of you guys want to do the buying of media, others of you want to start your own businesses with, you know, being the leader of a certain category, a category king, bringing something else up, new... And that's all great and dandy. Bottom line is the first thing you guys need to do, no matter what your business is, is you need to find something in the marketplace that's very similar to what you're looking to do and make sure that it's working. Because the first way that we're going to be successful is by you guys. literally taking something that works, introducing it to somebody that hasn't heard of it yet. Okay? That's the key to anything. The main goal here is for you guys to first look at it where I'm going to get you guys to walk away where we are going to generate leads in your database. The goal is for you guys to get between 25,000 to 50,000 leads that when you walk out of here, you guys are going to be able to be able to generate 25 to 50,000 leads within the first 90 days when you're done with my program. Ultimately, right now we're going to get you up to 25 to 50,000 leads in your database that you own, that you control, that you have the ability to market to, you guys have the ability to communicate with, and you start to indoctrinate, and go through that process. I'm going to show you the tactics on how we're going to do that. And we're going to do that with... I'm going to show you ways you could do it organically, where you don't pay anything for the media. I'm going to show you guys how to do it where you're going to earn your media. And there's multiple ways for you guys to do that. Right. So the traffic is going to be coming from organic JVs and paid ads. So there's really three ways that you guys are going to learn. We're going to be creating a giveaway, where you're going to be giving something to somebody so you can be driving traffic to a page, we're going to be generating a lead, and then you're going to be then giving away something. You'll run like a sweepstakes, or giveaway where it could be like one in many where you do like some high value program. Or you can do something where it's a perceived value of your product. And it's more info related. We'll get into more of that as we get into the details of how you're going to build your program. Because everybody's gonna be different. Because the first thing by us doing this is that once we start to generate the leads, and then on the giveaways, you're going to be monetizing those leads with affiliate offers, and we'll show you other ways to monetize it. But ultimately, right off the bat, you're going to, you're going to work to cover your costs or be profitable, with affiliate offers on the back end, in addition to a few of the things that we're going to show you. The First comes first and then we're going to have to show you guys one, you're going to generate leads, you're going to do these three different traffic sources. You're going to do with giveaways, you're going to monetize it with affiliate offers, and then you're going to do is You're going to in doctrine eight, or nurture these leads, where you're going to start to create a relationship with them. And you're going to do this in a way, where as you start to indoctrinate and communicate with these people, you're going to start to create what's called ask campaigns or surveys and quizzes, where you're going to create these ask campaigns. And that's where you're going to be able to do product research, you're going to be able to ask these people things about what they like, what they don't like, and they're going to drive your market for you. One thing that's really important, when you're doing that is you're going to have to be the face of your business. I think that's really important for you guys to grow the way I would show you how to do this. You need to be your face. Everybody wants to follow somebody, they want to have a connection, and you're gonna have to be that connection. The most important thing first off is you need to be passionate about what you do. How much do you want, how hard you work. The only way you're going to work hard is if you actually like that. What you're doing, okay, you need to be happy, you need to enjoy what you're doing, you got a passion. If you find something that you like, then you are going to do much better at this, you're going to be happier in your life. And you're then ultimately going to love talking about it. So the number one thing that we're gonna have to start doing, and I'm going to show you guys how to do this, is we're going to start to find our niche, find our market, what niche and market are we going to plan. So we're going to get into ways that I'm going to show you how to do research on if that niche that you're picking is the right place to be. There's a few questions that you're gonna ask yourself when you're actually picking your niche. The idea is that if you guys are familiar with like the red ocean and the blue ocean that guys talk about where there's the red ocean, which is the sharks are swimming in the water and, and there's blood and just everybody's there and competitive. Right? And then the idea is that you Have this niche that you fall apart into the blue water, and that there's not that much competition. So now you can fish all day long. And then you ultimately have just not as much competition because they don't own the space that's doing that thing. That's a piece of the bigger product, the bigger market, the bigger whatever you have to carry. Because if you go too niche without being proven, then you could get into a situation where the reason why it's not out there is because it doesn't work. So it's really important when you start doing this, and this is why we start generating leads and start doing your product research, that you're going to talk to your customers, you're going to build your niche off of your feedback from your customers that you're going to start to generate leads on and you're gonna start to communicate with them, and they're going to give you feedback, you're gonna have to figure out your niche. And the way that you're going to have to do that is you have to ask yourself, okay, like, do you want to focus on food or sports, football, soccer? Things like that, right? So they're all gonna be different. But at the end of the day, you need to figure out now, what is your niche and who is your avatar, who you talking to? That is the most important thing, when you are going through the process of building your business. Okay, so that's going to be coming first, right? And we're going to go through this whole process, you're going to ask yourself some questions. Do these people have some disposable income to spend? Do they have money, right? Is the audience size there? Are there enough people for you to promote to that's going to allow you to run your business, you're going to want to know is this a growing market, you're going to have to figure out, you don't want to get involved with like a business like Christmas, it's one time a year. So it's great when it happens, but the other 11 months out of the year, you're not in business. So the idea is you want to pick something that is continuous, not seasonal. You want to you want to have something that has growth that you can continue to just build upon. You're going to have to ask yourself these questions. I'm going to show ways that you can do research on the internet to figure out if you're in the right niche to figure out if you can find the right people. There's a lot of different ways that you can do this. And what's going to be important about how you grow this business is we're going to do what's already working, you're just going to make it your own, you're going to model something that works. Even a model where people are buying, you want to find what are your avatars, what are your people buying, what are they purchasing today, and then what you want to do is then you want to create another opportunity for them to buy in different. We're going to show you a lot of different ways for you to do your market research. You're going to literally be looking on the internet and finding what's working, what offers are getting promoted. Where are they spending their money, there's ways for you to figure out if there are offers working, landing pages working, if there's different products that are selling. There's a lot of ways for you to figure this out. stuff out. And we're going to show you how to do all this stuff. I want you guys to start thinking about your niche and your market and figure out where you're going to play in this in this world. Pick something that you like, like, make sure that you enjoy talking about this. Make sure you enjoy being a part of it. Really think about what are you passionate about? Well figure out how to make money around this. You got to figure out first What do you like, it's important that you guys figure out how to pick something that you're interested in that you love. So what I need to do for you guys is I need to keep this super, super simple. Because what I want is I want you guys to have a win at the end of this. I want you guys at the end of this to be in a position where you have the ability to be able to drive traffic, you understand that part, you understand how to build up your database, then you understand how to nurture your database, and then you understand how to then monetize that database. And all of those things together is what you're going to do today. To build your business, and we're going to go through that process today is going to be about you guys with your niche in your market, whatever it is that you choose whatever it is that you're interested in, then you have to niche down. When you're niching down. Like I said, you guys are going to have to pick something that is tiny, small, right? Very, very targeted, because you want to be able to then dial in on the people that you're going to be promoting to, if I was doing my business right now, and I use affiliate marketing as a whole, right, everybody does affiliate marketing. There's so many people out there that are teaching people how to make money with affiliate marketing. So for me, I need to niche down, I need to figure out how do I differentiate from those people. That's what I'm doing right now. I'm working with you guys. You guys are going to be my niche. Now. I'm going to make you guys want. I'm going to be building out a program here that you guys are going to follow that's going to be simplified. And then it's going to be all based on how you guys respond to this. But if you guys come back and like I can't do it You know, it's not working for me, I need to understand why. And then I need to make a decision on my side, if that's something that I believe is true or not. And, you know, one person can tell you something, but you need a good size of a test. To get that idea. I'm going to teach you tactics on how you can share your message with the world. I'm going to show you all of these things and how you can get to that place. And I'm going to show you how to do it by generating revenue using affiliate offers, so that you don't have to spend your money, you're going to build your database, and then you're going to start to research and communicate and nurture these leads, build yourself up, and then start selling them product at the end of the day. What's important is finding something out there that's relevant to what you want to do, that there's a business. You want to see business out there. You want people to be doing things that you're interested in doing. You don't want to be the only one. The way that you figure out your blue, your blue ocean is by working with your avatars, with your people outside of that, you can Can't do it. You can't, there's no way to do it. There's an offer that is in the network that you guys can run, you can run traffic to the VoIP voice, mpg research and their businesses. What they do is they get people to go through a process where they can win prizes and stuff. And then they go through these different surveys and answer questions about products and services and all that good jazz. I'll give an example on what they did. It was interesting. When they get people to come through the process, they get them to put in their Netflix username and password. And then what they're able to do with the permission of the user is identify what TV shows what movies they're watching. And then what they do is they sell that research to Hulu, and HBO and Showtime. And that gives them some edge and some research on what they should be investing in, in the new shows that should be coming out based on what the most popular shows are on Netflix. That's the way that you would do some market research. Once you're in your niche. And you have let's say your you see your family thousand people that are engaging with you. And they're their buyers, you can find other advertisers that are in your niche that may complement what you do. So if you had 50,000 people in your list, and you had X amount of people that were buying, and you can show some data that are the average, overall of the 50,000, you sold this much product, then they'll put a value on each user in your database. So someone's gonna buy your business, they wouldn't be buying anything but your database. Having a database is a presence, you have reach, you have the ability to communicate with thousands of people by the push of a button, you're going to do it in a lot of different ways. You can do it through email, you're going to get onto a Facebook page, you're going to get into a Facebook group of people that are a little bit more. The idea is that you're monetizing, sending this user up a ladder to continue to be around you and spend more money with you. And there's a lot of ways that you can do that. But the key is the value is you have a database. We're going To build you guys database going to show you how to generate these cold leads, you need cold leads in, and then you're going to turn your cold leads into warm leads, and then into buyers. And they're going to do that by them telling you what they want to buy. And you're going to build your program around this entire process. No matter what you do, I don't care. You could pick whatever you want. If you think it's cool, but no one's buying it. It's not that cool, right? It's like when people sell products, I have a bunch of buddies that sell product and they they'll sell on Amazon and they'll do the Shopify stores. Guys used to go out and they would they would look and try to find something on like Alibaba or AliExpress a products that they like that they thought were cool to sell. So they go pick something and when they pick something, they go and promote it and it wouldn't work. And you have thousands in their in their in their closet over here that they can't get rid of. So people are begging to follow you. There are people out there that want to pay you money. You just have to offer them the right product. There are people that are selling the affiliate space. And some people might be getting customers because there's nothing else out there right now, if I can come along, and I can create a good product that is proven, and I can create some wealthy students like you guys, then all of a sudden, there's a different option. And if that person is not happy with that current product, they might want to come over and check me out. It's the same thing for you guys. But I'm trying to be the face of my my product is I'm trying to connect with you guys. I'm trying to create a relationship with you, trying to show you that I actually care about you, which I do. But the reason why I'm doing all of this is because I want to impact your life. I want to make a difference. Don't misunderstand, because I want to make money just like anybody else's. But there's ways to make money and still do good. The reason why I'm going to be doing it this way. And there's I could teach you guys probably another five to 10 ways that you can do things on the internet to make money and you'll start to learn more and more about It, the biggest problem that I have is that we are capable of doing many, many things. And at times, we fall victim to spreading ourselves too thin and doing a bunch of stuff and what has worked the best for me. And where I've been the most successful is when I've dialed in and focused on something. And I just think that based on this program here, you won't lose, you can't lose, you're going to come away with something. Because once you build your database up, then you're not relying on Facebook anymore. What you want to do is you want to use those guys to get people to opt in to one of your programs, so that you now have them in your database so that you now can communicate with them. And then the way that you communicate with them could be in different ways. It could be through telephone call, it could be a text message. It could be a push notification, it could be a retargeted ad, but then retargeted you're paying again for that ad when you're done. If the text message or the email or the Facebook Messenger bot, right, and yeah, you are tied to facebook, facebook Messenger bot, but people are responding to that right now. So that's something that you want. People think that they invest in building up their page for Facebook, or building their followers on Instagram, you're not secure, your business is not secure. If they chose to just shut down your account, what do you do? You can go complain all you want, but anybody on this on this group that has had any experience with Facebook, or Instagram or any of those platforms, they'll turn you off. They don't care, and you might not be able to get them back. And that's, that's scary. Russell's muscles watching his Traffic Secrets book. I have a copy of that already. We're doing the whole challenge here. But you know, I created a membership area where as I read the book, I was taking my notes down I want to give people like the cliff notes version of Okay, what does it say? How do you do it how to drive traffic? Because the most important thing that you guys are going to want to know is how do you get people to your page. I'll do that one. thing in his book that he dives into is about, you know, trends and things and where he's going. You know, when he was setting out to create a book about traffic, the hardest thing to do is, is to create a book that things are changing every day, right? He's not launching his book till May. So he could go and write, which he did a few months ago about how to buy media on Facebook. And by the time it launches in May, the entire platform could be different. So like, how do you create something that can be evergreen, and what you do is you put a framework on it. And what you do is you understand what these platforms want. And now you just levers and you just use them to get people into your world. So that's what we're going to do. We're going to use Facebook, we're going to use Instagram, we're going to use YouTube. We're going to use all these different platforms to leverage their traffic and get those people to respond into your your giveaways and you're going to start to nurture those leads. I'm gonna lay this out, way more simpler. I'm going to put it in in a way that you can follow it. But I wanted to go through this today just kind of go through the concepts of what you're going to be doing for the next few few weeks you want to do is you want to create your niche. You have a mom, if a hockey Mom, you have a hockey mom with two kids, you have a hockey mom with two kids single that lives in Georgia. And that's that's niche. That's that's you're dialed in right there. But how many people like that exist, you have to make sure that you're putting yourself in a position to succeed. You could have the best product in the world, but there's nowhere to buy it then in your app, or maybe you have an audience, but those people just don't have any money to spend. What you're going to do is once you figure that out, you answer the questions that we're going to put for you and then they're going to, they're going to line up, then you're going to start selling here, inside your core inside your core niche, and then you branch out. So ultimately then you can start to sell to mothers that are single, mothers that have the two kids that have hockey, and all of a sudden, then you can start selling different things to these people based off of who are they? What are they about? And then you can expand your products off of your research that you're going to be doing. Guys are making on this one model one district making 20-30 million a year. It's a beautiful thing, guys. And what's special about it is you don't need millions of dollars to start this, okay? You just need to follow this process this structure, this plan, and you'll go about it the right way. So we want to pick our niche or market. Okay, please don't email me and ask me what your... What I think that your market should do. Because I have no idea what you like. I don't know what you're passionate about. And I need you to make sure whatever it is that you pick, you actually like doing. So think about that. Okay? You need to be passionate. You need to have love if you want to be successful. If you guys have any questions, let me know. Questions are key for me. And I'm here for you. Don't misunderstand when I say that there's no questions. You could ask as many questions you want. But what I don't want is you guys asking me to do it for you. Because this part is for you to decide on where you want to play. When you make this decision, even if you're not sure, just pick something. And let's go through this exercise because the idea is you want to learn, understand how this process works. There's one company that they go out to the market and they ask these polarizing questions to generate about 2 million signups. And now they have this list of 2 million signups they start to sell that list to advertisers to mail. If your list responds and you treat them the right way, you can continue to make money off of them month after month after month. The company's Newsmax and they sell CPM email. CPM email. That means cost per thousand. But if you're paying $10 a 1000 you take your your 2 million and divide it by 1000. And then you come up with 2000 and then you multiply that to thousand times $10 that means that you got to spend $20,000 to mail to that list. They're making 20 grand, no matter what, on that 2 million names that they bought. I hope this was helpful. If you guys have questions, reach out to me. I appreciate you guys being here and working through with us. You know, we're building this thing with you guys. So you guys are a big part of this. Your feedback is huge. So let me know if you need any help.
Would you like to learn how I built my business using other people's money? If so, go join my 21-day challenge at performancemarketersecrets.com. I look forward to meeting you and welcome you into my family. And remember, results don't lie, but the people who don't have any tier. Thanks for listening.