How to Pick a Market Niche – The 4 Criteria or Principles

by | May 28, 2020 | Uncategorized | 17,027 comments

How To Pick A Market Niche

You wish to learn how to pick a market niche? So what are the 4 criteria or principles you’ll need to consider when selecting a niche (if you want to be successful with your online business)?

The first criterion: What are you passionate about?

What are your interests or hobbies? What are you so passionate about – that you’d do it for free? For me that was learning how to speak foreign languages. So for my first online business, I started a business that creates learning-Spanish products – at the time it was CDs – But we later moved on to downloadable digital products.

The second criterion: Are you an expert in the area?

Now for the second principle or the second question: Ask yourself: Is this an area where I am an expert? If the answer is “no” – then you need to ask yourself is this an area where I can acquire the knowledge to become an expert? In my case when I started my first online business, I asked myself can I become an expert on the topic of learning-Spanish. And my answer was: Maybe – maybe not.

I knew that I could never develop the same authentic accent and pronunciation as a native Spanish speaker. I also knew that all languages have their own nuances that only native speakers are aware of. So what I did was find several native Spanish-speaking instructors on Craig’s list and I hired them to help me develop my courses. I also hired native Spanish-speaking voice actors to be the speakers in my courses. So even if you don’t have the expertise or think you can never acquire the expertise, you can team up with someone or hire someone “to borrow” their expertise – but only if you have the passion.

The Third Criterion: Is there a market for the product or service you wish to offer?

Now for the third question. Ask yourself: Is there a market for this? You might be very passionate about: “The art of under-water kung-fu while wearing polka-dotted pajamas” And you might even be an expert on the topic. But if there aren’t enough people interested in “under-water kung-fu while wearing polka-dotted pajamas” you’ll never make any money at it.

The Fourth Criterion: Mastery of Digital Marketing

And the now for the fourth and final principle: Although I mention this principle last, it’s actually the most important.
Let’s say you’re passionate about your niche and you’re an expert at it. And there’s a huge demand online for what you want to offer, if you do not know how to sell online, you will not be successful.

In fact, someone else who has very little interest and very little expertise in your topic – but who happens to be a very skilled digital marketer – may enter your niche. And he or she may hire someone who is passionate and knowledgeable about your topic. And with the digital marketer’s marketing skills, this may be enough to put you out of business.

So those are the 4 criteria or principles on how to pick a market niche and starting a successful online business.

  • You must be passionate about the topic or niche you’re considering
  • You must be an expert or able to acquire the knowledge to become an expert – or at least be able to team up with someone who is an expert on the topic
  • There must be a demand or market for what you want to sell
  • And four, you must master digital marketing

Before ending this blog post, I want to share with you a technique that has helped me immensely in my business. And it has also helped me in life. Whenever I experience a disappointment or things don’t go the way I expected – instead of allowing myself to become frustrated, discouraged or sad, I challenge myself to find something positive from that experience – something so beneficial – that it completely offsets the disappointment.

A few years ago, I was in a personal relationship – with a woman here in Medellin, Colombia. And she really hurt me and disappointed me. And there’s a powerful force in disappointment. It’s so powerful that it can force you into a state of depression. But you can also take that same energy and use it to motivate you to reach a new level of achievement. And that’s what I did.

I rechanneled the energy from that disappointment and used it to learn a new skillset. How? I bought several online courses on both copywriting and email marketing. And the acquisition and mastery of this new skillset has helped me tremendously in my business.

Although one door closed in my life – the new skill set opened up many other doors in my life. And I challenge you, to do the same – any time you face disappointment, defeat, betrayal – or things just don’t go the way you expected – ask yourself “How Can I Turn This Disappointment Into An Opportunity? An opportunity so great it’ll completely offset the disappointment?” And once you have the answer – TAKE ACTION!

If you’d like to read Part Two of this blog post, then click here to check out “How To Pick A Profitable Market Niche – What To Do If Your Market Is Oversaturated?”

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