How To Pick A Profitable Market Niche

by | May 28, 2020 | Uncategorized | 21,877 comments

How to pick a Profitable Market Niche

In this post, we will be talking about how to pick a profitable market niche. Previously, I gave you the 4 criteria or principles for starting a successful and profitable online business. And I said:

  • 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
  • There must be a demand or market for what you want to sell
  • And four, you must master digital marketing

If you missed that blog post, I’ll leave a link to it below. After I wrote that post, someone sent an email that said she satisfies the 4 criteria – but she’s still having trouble learning how to pick a profitable market niche – because her market is over-saturated. And she asked me “what to do in that case?” And my answer is – do exactly what I’m doing – create a new market niche.

That’s also what cartoonist Scott Adams did. Scott Adams is the creator of the Gilbert comic strip. And according to Scott Adams, everyone has at least a few areas where they’d place in the top 25% – but with some effort. In Adam’s case, he can draw better than most people – but he wouldn’t describe himself as an artist. And he considers himself to be just as funny as the average stand-up comedian who never becomes famous – which is still funnier than most people. But how many people do you know who are good at both – drawing and writing jokes? Not too many. It’s the combination of the two that makes Scott Adams really stand out.

So if you cannot be profitable in a market niche by being better – then become profitable by becoming different. If you combine your skills, you can set yourself apart from the others. In doing so, you reduce – or even eliminate – the level of competition.

And that’s what I’ve done by creating my own playing field. One that involves digital entrepreneurship, personal finance and investing. If I did not combine all of these skills together, could I have competed just by trying to be the greatest digital marketer on the planet? Probably not. When you think of the best digital marketers on the planet, you think of names such Ryan Deiss and Russell Brunson.

Do you think I could have become the world’s leading authority on personal finance? Again, probably not. Not if I have to compete against people such as Dave Ramsey and Chris Hogan.

And could I have been the greatest investor on the planet? Of course not. How could I compete against Warren Buffet?

With that said, I’m sure I know more about personal finance and investing than Ryan Deiss or Russell Brunson. I also know more about digital marketing than Dave Ramsey or Warren Buffet.

So by creating a new market niche consisting of digital entrepreneurship, personal finance and investing – I’ve created an environment where I can be The Apex Predator, the top of the food chain beast of prey. On this terrain, I am THE T-REX.

And by putting an emphasis on digital entrepreneurship – and how to make enough money to create the lifestyle of your dreams – while you still continue to save and invest to achieve wealth. I separate myself from the personal finance gurus such as Dave Ramsey and Chris Hogan – who teach how to become financially independent by living the life of a miser – or Ebenezer Scrooge.

To sum it all up, if you want to be a good player and wish to learn how to pick a profitable market niche, play someone else’s game. If you want to be a great player, create your own game – where the playing field complements your strengths – and exposes the weaknesses of your competitors.

Before wrapping up this blog post, I have something I want to share with you. Throughout my life, I’ve practiced different contact and semi-contact sports. Including boxing, kick-boxing, Brazilian jiu-jitsu and judo.

When I used to box, I had a trainer named Punchy. Punchy would always go hard on me. If we had to do sprints, for whatever reason, he’d make me do some extra sprints – more sprint than everyone else. If I was in the ring sparring with someone, Punchy would force me to keep sparring even though he could see that I was tired. One day, when he had me hitting the boxing mitts, I absent-mindedly, dropped my right hand and Punchy hit me so hard with his left that my head rattled.

Perhaps you also had a trainer or coach in sports. A trainer or coach who inspired you to learn and to do your best. If so, then I bet you remember that he or she challenged you to a much greater extent than your other trainers and coaches. At the time, that extra challenge might have seemed unfair, cruel or even spiteful. But when you look back on the experience, you realize that it wasn’t cruel or spiteful. Instead, it was your trainer or coach’s way of showing you – that he or she had more confidence – than you even had – in your own ability to learn and succeed.

Well life outside of sports also has some great trainers and coaches. And many of them will seem unfair, cruel and even outright brutal. Those trainers and coaches include sorrow, disappointment, loneliness, betrayal and frustration. These are all painful experiences. But they challenge us and compel us to learn and to grow – and reach a new level. They also help to reveal our true character. And in the process, they build our character to become even stronger.

So through whatever painful experience you may be going through, just know a loving, caring trainer or coach named LIFE, God, Destiny, The Universe (or whatever name you want to use) is working hard – to bring out the best in you. Today you may find it impossible to appreciate the challenges and painful experiences – but the day will surely come – when you will.
If you have any of your own technique or strategies – or even questions – about how to pick a profitable market niche, please post them in the comments section.

If you want to read Part One of this blog post, then click here to check out “How To Pick A Market Niche – The 4 Criteria Or Principles For Picking A Market Niche“

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