Hey You,

Don't be lazy couch potato when it comes to this topic or else . . .

 

It’s Lewis aka Nerd #2.

Today I wanted to share with you Eben Pagan’s small business marketing strategies that have led to most, not all, but most of his businesses growing to become profitble.

In a world where the opposite is true, 80% of businesses failing in the first five years, 80% of the ones that survive failing within the next five years, and something like 19 out of 20 businesses failing in the first 10 years, this is huge.

He credits this with having the right mindsets, the right strategies, the right tactics.

And the strategy we’re talking about are the mindsets that allow you to find the niche where you have highest likelihood of success.

Niche Mindset #1

Niches aren’t “chosen” and they’re not “what you want them to be.”

Your niche is about what your customers are going through.

It’s about the obstacles and the challenges that your customers have and

the results you provide for them.

Niches are something that are discovered, not chosen. If he hears someone say they’ve “chosen” a niche, he sees an immediate problem. 

Niche Mindset #2

Niches are NEEDS

Instead of thinking of your niche as your product or your customer, think of it as the need that the customer has.

The question you want to be asking is, “What’s motivating my customer? What’s driving them? What are their fears? What are their frustrations? What are their wants? What are their aspirations?

And you want specifics here.

“Losing weight” isn’t specific. If you understand exactly what they fear, exactly what they want, exactly how much weight they want to lose, where they want to lose it, why they want to lose it, you’re gonna increase your odds of succeeding when you place something in front of them.

Your objective is to find an unmet need. Not to create a product and try to get people to buy it. It’s not to find a market. It’s not to copy what everyone else is doing.

You want to find an unmet need inside of a group of people that you can meet by creating products and services that deliver the results that they want.

This thinking gets you outside of yourself and into the mind of your customer. This leads to you asking them questions. Trying to be them because they aren’t going to buy what you’re selling. They’re gonna buy the solution to their problem.

And in almost every case whether it’s a brand new business or one that’s been up and running for some time, when you dig into who their customers are and what they need, you’re gonna find that find that your customers needs are different than you think they are.

Niche Mindset #3

Niches are discovered and developed

Niches aren’t targeted as most people believe they are.

You discover a niche by finding an unmet and need and you develop it isolating that need.

Eben started out selling a $20 ebook that gave dating advice. He then expanded this to offering other advice on narrower aspects of dating.

And over the years, people asked him how he did this and he showed them what he did to build an online information business. And he watched people he was helping going to make millions of dollars using his advice.

This helped him decide to create a training program that showed people how he built his business.  So he switched paths completed and created a training called Altitude.

This was a very high end seminar that he launched the opposite way he launched his first one. The first one started with a low-end entry level product that cost twenty bucks. Altitude was the highest end training he could come up with and cost $10, 000.

The promise was, “I’ll teach how to take your up and running business and show you what I’ve done to grow my business to the $10 million dollar mark and beyond like I’ve done.”

It was a very successful program. They had people fly in from 26 different countries to attend. During the event he asked, “How many people here have information based businesses?” and about half the room raised their hand.

He had marketed this on “How to grow any business to the $10 million mark and beyond,” not even thinking people would be interested that people would want to learn about an info-business from him.

So it struck him that he needed to get out there and create something targeted specifically at teaching how to create an information business online.

Five or six months later he launched his Guru Mastermind program which was a monthly training program that was about $500-$1,000 a month where he taught everything he learned about how to create a successful information marketing business online.

Altitude was a $1 million dollar launch. Not bad for his first launch in a crowded niche where no one had ever heard of him before. Guru Mastermind ended up being a $3 million dollar launch.

What happened?

He discovered a niche of people who wanted to learn how to grow their business and then within that niche discovered that half of the people wanted to learn about information marketing businesses.

He narrowed his niche and completed a completely new product.

While he was doing this business, he did a series of surveys and different inquiries to his customers and he asked, “What do you want to learn about information marketing? What’s your biggest challenge, your frustration, your need?”

The number one answer that came back was, “I want to learn how to manage my time and become more productive.” This was a real surprise because he wasn’t asking about time or productivity. He was asking what they wanted to learn about a successful information business and this was the most common answer that he got.

So this inspired him to create “Wake Up Productive” The feedback he got on this was that it was some of the most valuable training they’d ever received so he took this, which was originally just a bonus for Guru Mastermind, and launched it as it’s own product.

So you see here a series of niches that were discovered, then developed.

He started out teaching business. While doing this he found that people wanted to learn specifically about information marketing and launched a business that did even better than the first. While doing this,  he discovered a little sub need/niche called productivity and time management and built a company around it, that’s sold over a million dollars worth of product without doing any kind of mega launch for it.

This is why he recommends you go out and try to discover your niche. Don’t go out and try to target or choose it. Use these following questions to begin this journey . . .

The Niche Test

In this test, we’re looking for 4 yeses. If we don’t get 4, we want to keep tweaking it until you do get 4 yeses. Most people that come up with a niche idea and run it by him, get 4 no’s.

Question #1: Is my prospect experiencing pain + urgency, or irrational passion?

We want to know if they’re emotionally motivated to take action. If they aren’t you’re gonna have to convince them to buy what you’re selling, and this, is shitty.

Question #2: Is my prospect pro-actively looking for solutions?

Have these people gotten off their butt and gone out to find a solution to their fear, frustration or desire? This is important because if they’re out looking for a solution, they’re much more likely to be a buyer? It’s one of the reason that Search Engine Marketing is awesome because by definition, the prospect is going to a search engine and searching for an answer. So if it works with search marketing, that’s a good indicator that you can make it work with other types of marketing.

Question #3: Does my prospect have few or no perceived options?

This is important because if your prospect has a need and they’re searching for solutions, and they’ve got a shit load of options, then you have to play the competition game. And this game is usually played on price and you don’t want to be competing on price and if you do, you want to be the most expensive.

Next you want to dive deep into Niche Intelligence which helps you narrow down your niche so you can find the space to play in where the beer flows like wine.

You can go to these posts here and here to see exclusive step by step notes on Eben’s process for discovering and developing the perfect niche so can really see how to start making fast money online.

Talk soon,

Lewis LaLanne aka Note Taking Nerd #2

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