TAS 774: 3 Steps To Identify Profitable NICHES and AVOID BAD Ones

What does it take to build a solid foundation for an ecommerce business in 2020? Is there a way to investigate and validate a niche market before you get too invested? On this episode of The Amazing Seller, you’ll hear from Scott as he reveals his three steps to identify profitable niches. You’ll want to pay close attention as Scott goes through several examples of how he’s used these steps in his businesses and how sellers like you can do the same. Have pen and paper ready; you’ll need it for this informative episode!  Does the market exist?  It might sound like a basic question, but you need to investigate if the market you are interested in exists. Just because you can dream up a great product, it doesn’t mean that people are out there who will buy it! Once you’ve identified that the market exists, you need to niche down in that market. Too often, Scott talks with ecommerce business leaders who fail to niche down their market while trying to maintain broad appeal - it doesn’t work! To learn more from Scott about identifying and validating a market for your ecommerce business, make sure to listen to this episode!  Making a profit  Does the market you are investigating support more than one product? Are there other ways to make an income in your niche market, or is it solely focused on a specific product? As you build your ecommerce business, you need to look for multiple ways to bring in profit to keep your business running. As Scott is fond of saying, you shouldn’t place all of your eggs in one basket! To hear more about diversifying your revenue stream and putting your business in the best position to succeed, tune into this helpful episode of The Amazing Seller.  Where is the traffic?  Have you ever seen a ton of billboards along the side of low traffic roads? No! Advertizers are not stupid; they go where there is traffic - the same is true for ecommerce businesses. If you want to build an ecommerce business that will last, you need to build a business in a niche market with a ton of traffic. If you’ve been around the TAS community for very long, you know that Scott is passionate about helping sellers like you understand the value of harnessing the power of traffic. You don’t have to figure it all out on your own, Scott has put together a program to help sellers like you understand your niche market and use traffic to your advantage. Learn more by visiting the link to the Brand Creator’s website located in the resources section at the end of this post. OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:03] Scott’s introduction to this episode of the podcast! [1:45] Why it’s a bad idea to build your brand around a single product.  [5:30] Does the market exist?  [9:00] Does the market support multiple ways to generate income?  [14:30] Is there traffic in your target market?  [16:00] Scott recaps all three steps.  [20:30] Closing thoughts from Scott.  RESOURCES MENTIONED IN THIS EPISODE www.brandcreators.com Uber Suggest Google Ad Sense Quiet Light Brokerage