Finding a hot market is a little bit like being a detective.
The characteristics of a hot market are as follows:
- these people are irrationally passionate;
- they have disposable income;
- they have their own jargon;
- they have their own magazines;
- they may hold their own conferences and events; and
- they have their own celebrities.
In other words, you are looking for a group of people who have their own sub-culture. Finding these sub-cultures is actually quite easy. In fact once you get started, you will find niche markets everywhere. It is a little bit like what happens when you are thinking of buying a particular type of car. All of a sudden you start to see these cars all over the place. In actual fact, this happens because your brain has tuned in to take notice of these cars.
In a similar way, you have to learn to use your “market radar” and tune into the niche markets that are all around us. Some of the best ways to discover niche markets are provided in this post.
1. Check Out Magazine Racks. By their very nature, magazines cater for different niche markets. In fact, magazines can only continue to exist if there is a large group of people (a market, a herd, or a tribe) who will buy the regularly. Additionally, magazines generate revenue through advertising. Since advertisers only pay for ads if they see a return on their investment, magazines are an excellent indicator that you can use to find niche markets.
2. Visit Bookstores. Another good place to hunt for niche markets (remember, the riches are in the niches) is a large bookstore like Barnes and Noble. The next time you visit a large bookstore, take notice of the labels on the shelves and the ways in which the books are categorized. The other good thing about going to a large bookstore is that they usually have a comprehensive magazine area as well.
3. Go to www dot Magazines dot com. If getting off the couch and going to Barnes and Nobles sounds too hard then logon to Magazines dot com. The website is a great resource for finding niche markets. The magazines are broken down into categories and are even ranked by popularity.
4. Go to www dot Amazon dot com. Amazon has over 80,000 magazine titles. You can browse by subject, conduct a detailed search, and even analyze trends with their “Movers and Shakers” facility. Amazon also updates the top selling magazines daily.
5. Go to www dot Clickbank dot com. Clickbank is the number one digital product retailer in the world. You can search through their marketplace and see hundreds of existing products and get great ideas of hot markets that other people are already using online!
6. Talk to passionate people. Have you ever spoken to someone and been amazed by the passion they demonstrated for a particular topic? Genuine passion is unmistakable and it is often a great indicator of a potential niche market.
7. Listen to People’s Problems. People spend a lot of time talking about their problems. While this can sometimes get tiring, it can also be a great way to discover profitable niche markets. If someone has a problem, there is a good chance that many other people share that problem. Think of it this way, wherever there is a problem, there is an opportunity.
8. Watch TV. Television is a trend driven medium. What this means is that news and current affair programs often report on emerging trends. These general interest stories can be a great resource for identifying potential niche markets.
While these eight sources are a great place to start your search for niche markets, the real trick is to learn to keep your marketing radar scanning the marketplace 24 by 7 because you never know where or when that profitable niche market will appear and generate prosperity for you.
Another hot market to consider is a Top Tier product offered by a direct marketing company. The most successful Top Tier products tend to be in niches related to personal development (popularized over the past decade by Tony Robbins, Brian Tracy, and John Maxwell) and financial education to create wealth (popularized over the past decade by Robert Kiyosaki, Suze Orman, T. Harv Eker, and David Bach).
In Multi Level Marketing (MLM) home businesses, business owners make money by recruiting and sponsoring others to start a business using their marketing system and selling their products. The compensation model for most MLMs pay you squat, require you to sell tons of product to make any kind of real income, and the products tend to have little value on their own. Most of these products are lotions, potions, juices, and skin crèmes with purchase prices in the range from $25 to $100. Most MLM business owners make the most money by receiving a percentage of the sales that the people they recruit and sponsor into their business generate.
Business owners that promote, advertise, market, and sell Top Tier products (with prices typically ranging from $2k to $20k) will typically attract more qualified prospects that are interested in personal development, financial education, and career renewal with a focus on being a self-employed entrepreneur with a home based business. In addition, Top Tier product offerings typically have a high profit margin (in the 40-50-60% range), a GPT (Get Paid Today) compensation plan where you are paid the most from the sales you directly make (and a smaller amount from the sales your team generates), and a higher retention rate due to the better qualified prospects.
This blog, and related posts, will continue to provide a blueprint for making money online with Internet Marketing. You will find step-by-step road maps for various parts of the Internet Marketing business. You will find material that provides an entrepreneurial game plan generating a new approach to work, family, and lifestyle. You will find tools, education, training, and support. And you will find a community of like minded entrepreneurs that are using the Internet to get out of debt, build wealth, and secure their financial future forever.
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