The script of business is nothing but investing money to make more money. But it will only be made possible when you come out with the right idea and right strategy. Even if you are confident about both, without a market for it you can not achieve success. So how can we find a perfect business idea that has a profitable market?
HOW TO FIND A PROFITABLE NICHE?
The term niche is nothing but a specialized segment of the market for a particular kind of product or service. A perfect niche can be discovered when you have Talent, passion, and market. Talent is the strategy you can make to grow your business. when you have passion, instead of just working hard and feel exhausted at the end of the day, you start loving your work. If you have talent and passion for something but don’t have a market for it, it becomes useless. The three elements are linked to each other of which their combination makes a perfect niche for an individual.
So what market mean? and how can we derive a marketable niche?
WHAT MARKET MEAN?
In easy terms, the market is the people who are seeking a product or service which makes their life to get easy and have the potential to buy them. It’s not about the cost of the product or service you are offering, it’s about the people who can buy it. For example, we have japan’s oldest crockery brand Noritek ‘cup which costs around 3 lakh rupees. spending 3 lakh rupees just for a teacup sounds insane but most of the millionaires and billionaires start their day with this cup of tea. According to cnbc.com, we have around 46.8 million millionaires and 2,825 billionaires in the world. So from our perspective, everyone in the world cannot effort to buy the noritek cup but millionaires can. so after filtering the people the Noritek still has 46.8 million markets. Let’s say the normal teacup cost is around 50 rupees. To generate 3 lakh rupees you have to get around 6000 customers where Noritek can make it happen with one single customer. And that’s how the market works.
Way to make one crore
If you want to make one crore, find a product that costs 100 rupees and sell it to 1 lakh customers Or find a product that costs 1000 rupees and sell it to 10k customers. Even more, you can find a product that costs you 10k rupees and sell it to 1000 customers. So when the product cost increases, the customers you have to find will be reduced and will make you reach your destination fast.
So now we have a niche or product and have decided its pricing. But how can we find customers who actually can effort it? For that, we have two mediums they are, Digital marketing and Traditional marketing. But what to choose to market our product?
DIGITAL MARKETING VS TRADITIONAL MARKETING
Digital marketing is a trending subject where marketing is done via the internet. Traditional market on the other hand is an old method of marketing but still powerful than digital marketing. In traditional marketing, marketing is done via advertising on tv, newspaper, radio, etc. Traditional marketing has the best reach than digital platforms. It also costs pretty much higher than digital marketing. With traditional marketing, we can not reach a specific customer who can buy our product and it’s almost impossible to know how’s the campaign running. where with digital marketing, we can target a specific customer and track our campaign. It saves lots of money and reduces the cost spent to get a single customer. However, with the digital platform, we can reach only the English-speaking audience unless you design your ad campaign in different languages. In India with digital marketing, we can reach a spending power of 100 million users in 2020 and still expected to be continued to 2025. And the rest takes traditional marketing. According to your product type, you have the choose the best medium to get sales.
So we have a product and selected a medium to market it, but how can we convince people to buy our product/service? Is there a framework to do so?
THE nCATT MARKETING FUNNEL AND FRAMEWORK
wealth = n^CATT. where
- n is the niche that has low competition and high demand. your success depended upon what niche or product you choose.
- C refers to the content, where you have to create useful information that attracts people’s attention towards your niche through youtube videos, blogs, live webinars, etc.
- A is attention, the attention of the people or driving traffic to your website or blog can be done by SEO, paid ads, and references.
- T means trust, people should trust you for that you need to produce quality content for which you have to drive traffic by retargeting, marketing automation, etc.
- And the other T means transaction, once you build trust among your tribe, you can offer your product to them and make a transaction.
So we have the framework to make our audience to customers. But, how can we find our audience and build a tribe?
INTEGRATED DIGITAL MARKETING
In digital marketing, we have many modules by which we can get our sales but if you stick with a single module and expecting to get high conversions, it’s of no use. To build a strong brand that makes people remain lifetime customers, you have to use all the modules in the right way such a way that it registers your brand name in the people’s mind. For example, if you write a blog and expecting to get traffic to it, it doesn’t work at all. It needs SEO to get ranked in google, yahoo, and bing. Is that ok? absolutely not. you have to share on social media and run paid ads and share them on your email list. You have to value your customer to convert them into your customers. The content you create decides your success.
So we now know how to promote our content which strategically converts our audience to sales. But with this whole framework, is it really possible to see success? The answer is typically NO. Then how can we make this billion-dollar strategy work?
Do you know that Elon musk has more followers on Twitter than SpaceX and Tesla? The reason is that he concentrated on making himself a brand which primarily made his companies get success. By becoming yourself as a brand, without any effort, you can drive customers when you step into a new industry. most of us know the quote, the best known will always beat the best. The key to personal branding is focusing on the quality of the content or the product. Once you make a customer happy, they will share their happiness with others through which your brand will be promoted by word of mouth which is the powerful marketing ever. People want to hear about something from other people but not by the brands. By making yourself a brand, you’ll become the brand ambassador for all the companies you run like Elon musk. So how actually can you become your personal brand? For that too we have a framework called mass trust blueprint. So let’s jump on to it.
- learn: Learn a new skill or a concept through books and the internet and learn procedures and remembers the facts.
- work: Practice the learned skill. knowledge without application makes your skill useless so try to apply your learned skills in the real world.
- blog: write a blog on what you have learned and what facts you discovered while application. writing what you are doing makes the way clearer.
- consult: As you made a personal brand through blogging, start consulting others, and help them to grow their business.
- mentor: Start teaching the people who want to become like you. Teaching others what you learn makes things remember better.
- startup: So now you have full clarity about the skill you learned by mentoring others. Now it’s time. start a company and start seeing success as you will already learn about the failure outcome in the previous steps.
So before starting a business one should be a marketer and build their personal brand to make people their lifetime customers. Concentrating on the content and the product builds the brand and makes sales through word of mouth which makes a snowball effect on your brand. learning is a lifetime process once you stop learning, your strategies and skills will get outdated. And that’s how you make your business reach higher positions. comments and social media shares can be appreciated.