| Whether you are into affiliate marketing or | | | | In internet marketing, we use joint ventures to |
| information product marketing, you need to | | | | describe a partnership where you sell your |
| choose the right market or niche to enter and | | | | product to your partner's list (or customer |
| dominate. You should have one primary niche just | | | | database) and vice-versa. This is essentially how |
| like you would have a "core business" in offline | | | | most internet marketers make their millions online |
| businesses. | | | | - selling multiple products at the back-end after |
| It is extremely important to target the right niche | | | | building relationship with their list over time. |
| in order for you to really dominate and emerge | | | | Bottom line is go for a niche where there is an |
| as market leader in that niche - a pre-cursor for | | | | optimal level of market competition and |
| making million dollar sales. | | | | opportunities and one where you could |
| Choosing the right niche is more than just picking | | | | differentiate yourself well. |
| an area of interest or expert knowledge. You | | | | Market Motivation |
| need to assess the market potential using what I | | | | This is what most people already know. Always |
| call Market COMB method which stands for | | | | select a niche where you have some kind of |
| Market Competition, Opportunities, Motivation and | | | | expert domain knowledge or a deep passion for. |
| Buying Power. | | | | All success coaches preach the need to have |
| Market Competition | | | | passion in what you do in order to succeed in life. |
| First of all determine how competitive is the | | | | However what happens when you do not seem |
| market. You can easily size up the amount of | | | | to have particularly strong knowledge or interest |
| competition by looking at:o No. of pay-per-click | | | | over anything. Well, start by looking at your |
| ads at Google for your market keywordso | | | | hobbies. What do you like to do outside of work? |
| Google's free keyword tool that tells you the level | | | | If this fails, look at your work itself? Can you sell |
| of competition as well as the level of demand for | | | | some aspect of your work knowledge? Is there a |
| a set of related keywords for the preceding | | | | demand for it where people will pay for? How |
| montho The no. of book titles available in that | | | | about selling that same knowledge but applying it |
| niche at or Now more competition may not be a | | | | outside your industry? Think creatively and |
| bad thing as it brings about market opportunities | | | | laterally. |
| which is the next dimension to analyze. However | | | | Market Buying Power |
| what it means is that it becomes vitally important | | | | A good example of this dimension is the job |
| that you differentiate yourself successfully from | | | | market. It is potentially one of the biggest market |
| the rest of your competition. | | | | in terms of demand but your target audience, ie. |
| Have a look at your competitors' offerings while | | | | job seekers, will probably be the least inclined to |
| at Google and see how you could do that. Or | | | | buy from you even if they are convinced by |
| consider focusing on a sub-niche within that | | | | your sales copy. |
| market which may turn out to be a wiser move | | | | Nowadays it may also be foolish to conclude that |
| as you start to dominate in a smaller niche but | | | | a younger target market will not have the kind of |
| leading to greater profits. You do not want to be | | | | disposable income to buy from you online. Just |
| all things to people. | | | | look at the astounding sales of iPods. |
| Can you offer a different solution? Or a new way | | | | Conclusion |
| to solve an old problem? Or simply re-packaging a | | | | Before you jump right into product creation and |
| solution to sound new? | | | | sales letter copywriting, make sure you use |
| Market Opportunities | | | | Market COMB method to ascertain the |
| When the niche you enter has a lot of | | | | attractiveness of the niche you are entering. |
| competitors, first of all it signals that there is | | | | Remember you need to dominate with the right |
| ready demand to support the overall sales. More | | | | skill sets and competitive advantage before you |
| importantly it means there are many more | | | | can profit big time from the internet. |
| competitors you could form joint ventures with. | | | | |