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Once you see the potential for making money online,
it’s natural for you to wonder what it would be like
to corner the market on something everyone needs.
Being the biggest fish in the biggest pond would be
ideal, right?
Wrong!
Competition is the spice of business life. You won’t
have to wait very long before someone else grabs a
hunk of your market, if you have a high profile.
Here’s a big secret to Internet Marketing success:
find a narrow and deep niche of buyers and earn
their love and respect.
This is not just a nice idea; it’s a hard-nosed,
practical strategy for long-term growth and stability.
Niche domination is the key to creating a stream of
revenue that resists economic downturns, recessions
and seasonal ups-and-downs.
Even if your business is seasonal (i.e. holiday
related), you can make sales year ’round, if you
“train” your customers to buy according to your
schedule.
You may be asking, “Why love and respect?” First of
all, I’m not suggesting you become a hippie or a
doormat.
You need to have an impact on people’s lives that is
bigger than the value of your products alone. If you
develop a habit of “overdelivering” to your customers,
your value to them becomes much higher.
Good customer service, practical advice, sound
resource recommendations and the like can “bond”
you with your buyers.
Allowing your personality to shine through your
presentation and follow up communication gives
people a way to connect with you, beyond the
commercial connection.
Having a sense of humor helps, too.
A narrow and deep niche simply means a specific
area of continuing interest and demand that has
enough regular buyers to earn you a profit.
Fad niches don’t have the staying power to mean
much for your permanent income. It’s okay to exploit
a fad, if you have the skills to react quickly and
implement an action plan immediately.
For the long term, seek out the products and services
that people buy and upgrade as a matter of course.
Get them as beginners and grow with them as they
need more and better products and services.
People with interests often buy up all they can find
about their interest. Information seekers are like
pack rats, gathering up everything they can find on
the subject that interests them.
Information products offer a way to sell something
new to a “saturated” market. If what you offer has
a unique perspective, a better format or a new slant
on an old subject, you might find that selling this
market is not a chore – it’s a breeze!
If you’ve identified a market for physical products
that people buy, use up and buy again, you can build
a permanent stream of revenue.
Again, even in a saturated market, your unique
approach that targets the particular needs of your
buyers can carve out a share of that market.
Take the time to identify or “profile” your buyers.
Get to know what they’re like in as many areas of
their lives as you can. The more you know about
them, the more you can meet them at their needs.
Your competition could offer them a better price,
but if you offer them a reason to love you, that
won’t matter.
There’s an additional value to earning the love and
respect of your niche market – evangelical customers.
These folks will spread the word about your product
or service to anyone who’ll listen.
You can’t buy that kind of advertising. If your
competition doesn’t have the same approach to
earning love and respect, they’ll never be able to
catch up to you!
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