This article explains how to select a profitable niche for your membership business.
Step 1 – Find a Fanatical Market
If you want your membership business to be profitable, you have to find a marketing with fanatics in it. Simply put, a fanatic is someone who’s willing to spend time and more importantly money on a topic they are interested in. Now that we know what we’re looking for, let’s talk about how to find them…
- Here’s something you may not have considered – magazines! We’re so internet-based these days, it’s easy to forget about them. Because it’s becoming harder and harder to keep print periodicals profitable these days, if you see a magazine on the shelves, you know it’s making money. And that means there are lots of people interested in it. If they can make money in a print version, you can probably make money with a membership website.
- Pay attention throughout the day in your regular activities. See what people are talking about on the radio, TV, at parties, in public, etc. If people are talking about something, they probably want to know more about it. And this means there may be a market for information about it.
- Conventions, clubs, and organizations. Once again, if there are enough people interested in a topic to create a club or organization, then there are enough people to build a membership business around it. By the same token, if enough people are interested to hold a convention on a certain topic, you can definitely find enough people to build a membership business around that same topic.
- Think about the things that you are interested in. Chances are that if you like a certain topic or hobby, other people do, too. Making money is fun and it’s even more fun if you can do it in a niche you’re excited about.
- One simple and easy way to find out what’s hot is Google Trends. Google Trends tells you the most popular current search terms. These are the things people are actively searching for in Google. They’re searching because they want information. These are the niches you want to be in – lots of people actively searching means lots of opportunity.
Second – Analyze the “commerciality”
OK, so you’ve got a great idea for your niche membership business with lots of fanatics. But will they actually spend money? One way to figure this out is to see if other are making money in it.
OK, how do we figure that out?
- First go to Google and type in the name of your niche followed by “blog” and “forum”. If there are blogs and forums related to it, that’s a good sign. This lets you know there is a market (a group of people actively interested in the niche.)
- See if other people are creating and selling product in this niche by searching in Google Shopping, ebay and Amazon. If other people are creating and selling products in this niche, it means there is money to be made.
- Watch Google Adwords for a period of time and look for ads the run again and again. Adwords ads are expensive, so people only run them repeatedly if they are profitable. And to be profitable, they have to be selling products and making money.
Finally – Figure out your barrier to entry
OK, so you found a hot topic and you know other people are making money on it. Will you be able to get involved and do the same? How do you gauge the ease of entry?
- Figure out what kinds of products people are interested in. If it’s mostly physical products, coaching and live seminars, then it will be harder to break into this niche. Membership websites based on information are the easiest to start and maintain.
- Competition. How many other people are trying to sell to this market? You want to start in a market that’s not completely saturated with competitors.
- Compare the size of the market versus the number of competitors. Some competition is a good sign – just make sure the market is big enough for you to join in.
- Market readiness. Are people ready to buy? Are the receptive to marketing messages? Some niches are made up of people who require lots information and have a very long lead time, and some markets are filled with people who will spend lots of money right now.
Summing it all up
OK, now that you’ve figured out what niche you’re going to go into. Determined there is money to be made and that the competition is not too strong to break into it. You’re ready to start your membership business. If you’ve followed along with these steps you’re success in practically guaranteed. The only thing left to cover is exactly how to run your membership business…
Affiliate Marketing Secrets
Affiliate marketing is by far the fastest way to get started earning a living online. This is when you send visitors to someone else’s product sales page, they do all the hard work of developing the product, making the sale, delivering the product and supporting the customer, and you keep 50% or more of the sales
Here’s just a few benefits
- You’re able to start almost instantly without having to develop a product, set up a website and sales page, design the website, create marketing materials, or set up the ordering, billing & delivery system.
- There’s no time required on your partbecause they handle the billing, support, maintenance, etc.
- There’s no risk for you, because the product owner has already done all the research , development and testing. So you already know that the visitors you send will result in commissions for you.
There’s no denying that these benefits make affiliate marketing the best thing going!
OK, but it’s not all rosy…
You work hard to send the traffic to the product owner’s website, but once you do that you will never see those visitors again. Unfortunately, the majority of those visitors (at least 90%) will not buy on their first visit. And of the 10% or less that do buy, the product owner will be able to sell to them again, but you will not.
What’s the solution?
Simply put, you need to capture the name and email of your visitors *before* sending them to the product sales page. If you do that, you can contact them again and send them back the product website multiple times. This will increase the number of sales you make. And if you want to do it like a pro, you’ll give them some great content before sending them to the sales page.
Here are the benefits of doing affiliate marketing like this:
- You’ll be building your own list of potential customers that you can market to again and again.
- You’re generating good will by giving them high-quality content. This way, they are much more likely to make a purchase when you send them to the sales page.
Here’s what you’ll need to create affiliate tools like this:
- A lead capture page, preferably with video
- At least a few pages of great content
- A multi-part email series with at least 5 emails in it
The video squeeze page is where you’ll direct your traffic instead of directly to the product sales page. Your squeeze page adds your visitors to you autoresponder. This is how you start building your list, and at the same time begin sending them useful information. After subscribing them to your email list, it redirects them to your content mini-site.
These high-quality content pages provide value and build good will. This way your visitor is more likely to buy when they get to the product owner’s website. And even if they don’t buy on the first visit, your email series sends them back to the product sales page again and again to increase your sales.
All of this together increases your chances of making the sale by up to 500% so it’s well worth the effort of setting it up. After setting it up, you simply send visitors to your squeeze page instead of the sales page. And the rest runs on auto-pilot.
One option, if you’re not up to the challenge of setting this all up yourself, is to let someone like Affiliate Silver Bullet do it for you. With a service like that, you don’t have to do anything. They make the video, build the squeeze page, write the email series, develop the content mini-site, etc. And then just give you a finished package. On the plus side, you’ll save a ton of time and money vs. trying to build this yourself. Plus you can get started instantly. The drawback is that you won’t be the only one using these affiliate tools. But the internet is huge, so this shouldn’t really affect you.
The other route you can take is to hire people on Elance to create and implement the various aspects for you. Either way, it’s an important step that you need to take if you’re going to be serious about your affiliate marketing.