How do you know if your niche as a digital coach will be profitable or not? In this podcast, I share 10 different questions that you need to ask yourself.
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10 Questions You Need To Ask Yourself
1 – Do you love the topic?
2 – Are you able to find a unique positioning for yourself?
3 – Are you solving a specific problem?
4 – Are you absolutely clear about your micro target market?
5 – Is your topic trending or not?
6 – Are people willing to pay you for your expertise?
7 – Is your messaging clear?
8 – Have you developed a formula that’s simple and gets results?
9 – Do you have advanced level training programs?
10 – Are you building communities or just selling products?
I hope this podcast has given you deeper insights into helping you find your niche as a digital coach. If you did, please share your comments below.
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26 replies to "10 Ways To Know Whether Your Niche Will Be Profitable Or Not"
Hi Sidz. Love to listen your voice and this podcast also. ????????
My true 10 learnings..
1. Our heart should be in our Niche.
2. One stop shops has no place in the present market.
3. It is not about our experience it is about our help to the community.
4. Target your micro market based on the age and place.
5. Swim in the direction of the wave it will be easy.
6. People will pay when we give value to them.
7. People should know us for one particular thing.
8. Simple & result orientated 6 steps formula to be applied.
9. High ticket programs gives us growth.
10. Don’t just sell products or services sell subscriptions.
And last not the least our Niche is our happiness.
The last 1 minute music is also awesome.
#ILHdeeplearner, #ILHFAMILY, #digitalNiGo
Great Takeaways!
#ilhdeeplearner
Awesome Piyush!
Takeaways :
1) Love the topic. Are you an expert in the niche. Do you aspire to become one ?
2) Find your role-model.
3) Unique position. This is MY space.
4) Are you solving a specific problem.
5) Are you absolutely clear about your micro target audience.
6) Do you see an upward trend in this
7) Do market research
8) Is your messaging clear or not. People know you for 1 thing
9) Build formula to get results
10) Do you have time/expertise to serve the high ticket client
11) Are you building a community – Subscription model – Level 3
Hi Siddharth, this is the topic where I stuck, u show me a path to conclude my niche clarity and thanks for your support and time.
My 10 take ways;
1. Ask yourself 2 questions
A. Are you really love the topic.
B. Aspire yourself become a good expert at your topic
2. In today’s world if u are starting business right now to find unique position for yourself,Go deep into your micro niche(narrow) topic.
3. For example, helping business owners to improve conversions using e-mails is a specific problem solving.
4. Absolutely target micro(specific) market or group members which relate to ur topic.
5. As per analysis, digital marketing is trending topic upto 2030 as such cloud kitchen, online classes are trending.
6. Research about your competitors of same niche and go spectrum it as follows;
Start with A. Low ticket assume 5000
Next B. Mid ticket 12000
Lastly C. High ticket 20000.
7. People can identify easily for your specific niche (topic).
8. To develop simple formula and get results follow these steps;
A. 3 part content deliver
B. 3 day program
C. 30 day challenge
D. 90 day goal.
9. Advanced training like high ticket programs conducted by competitors observe it and take the elements from it and design on your own program.
10. Selling products with subscriptions through webinars help to build community.
Thanking you for giving me a opportunity to share my learnings………
#ilhdeeplearner
#ilhfamily
Awesome Ayyappa!Great Insights!
Great!!!!
Light bulb moment for me
1. Must love our topic /niche
2. We must know our position where we are in the Niche
3. Niche should be capable to solve your problems
4. Should have deep knowledge on our micro niche
5. Your topic should be trendy of the present situation
6. Must make your details for that people should pay
7. your message should clear and convincing
8. We must prepared a simple and understandable systems
9. Should ready an advanced training programs for the development
10. Not only sell the products but also build a team and community that works for ever.
Awesome Ravindran!Great Insights!
Takeaways:
1. Do you really love your chosen niche? Are you really good at it or you aspire to be good at it. You can also grow in your niche by finding your role models.
2. Are you able to uniquely position yourself in the market? Do not be a one-stop-shop. Go narrow with your niche.
3. Are you solving a specific problem.?
4. Are you absolutely clear about your micro-target market? Have a clear customer avatar. Keep ads specific to your respective target markets.
5. Is your topic trending or not? Do you see it growing?
6. Are people willing to pay you for your expertise? Do market research and get people on a low-ticket front end.
7. Is your messaging clear? Can you easily be identified?
8. Have you developed a formula that is simple and gets results? Six steps process can be used which is broken down into 3 days 30 days and 90 days.
9. Do you have advanced learning programs? Profitability comes when you have projected a high ticket back end in your whole game plan. You are the reflection of your own customers.
10. Are you building communities or just selling? To begin with, it is fine to have a lifetime model but eventually, turn it into a subscription-based model and to have that Deliver.
#ilhfamily
#ilhdeeplearner
Great Takeaways,Sahil!
Sir, I joined ILH a couple of months ago. I could choose a niche, but I was confused and lacking the confidence in moving forward.
But, yesterday I started again the freedom business model’s first video.. I want to have a journey again from the beginning.
Because, after coming to your community I could learn a lot.
So, now I got another niche that is in line with these question’s answers.
I am feeling positive to continue my journey to the next videos.
Each time I watch it, I felt a better perspective.
From this podcast what I learned is:
1 – Do you love the topic?
The niche theme must be something that close to our heart, emotion, and life’s story. Then this will be unique and we can stand out from the crowd to provide a unique solution to a problem.
2 – Are you able to find a unique positioning for yourself?
Going after someone as a copycat is not the right perspective to look at the digital coaching model. Just like Earl Nightingale said in his strangest secret, these days “men are not thinking”. So in order to have that unique position in the market, we need to have a deep thinking about ourself which can lead us to better self-realization.
3 – Are you solving a specific problem?
Having an eye always opened to see the problem around us is an important skill. Because, if we can’t see the problem, how can we even think about the need for a solution. Majority of people around us is a solution receiver, not in the solution making stand. So, hence we are in the digital coaching business, we should be clear about what specific problem we are sharing.
4 – Are you absolutely clear about your micro-target market?
Knowing who is who and what is what matters most. Because, if we don’t know whom we are serving to this will bring confusion in the journey both ourselves and to the market.
5 – Is your topic trending or not?
Relevancy matters in everything. Just like you foresaw about the digital coaching industry even in the early 2010s, we have to think in advance what will come in the near future based on proper research. Because if we just look at the present, by the time we launch the course it will be not much trendy.
6 – Are people willing to pay you for your expertise?
People will pay only when they are convinced about the value that you provide, the problem that you solve, and the benefit that you pass on. So we should be really clear on the 3rd and 4th points to get an easier answer for this.
7 – Is your messaging clear?
Just like how much you know your customers, it’s very important to make sure that, your positioning in the heart of the customers is crystal clear. When they hear your name, they should be able to say who you are and what do you stand for. Clarity on the messaging about the brand and solutions have to be super clear.
8 – Have you developed a formula that’s simple and gets results?
This is something that I face difficulty with right now. Creating a formula to bring a solution. Hence I just restarted my journey from the beginning, I hope I will get more clarity when I reach the module.
9 – Do you have advanced-level training programs?
This is important for scaling up the profitability and paving the way to serve the customers better. Without a canvas, the painting will be impossible.
10 – Are you building communities or just selling products?
I loved this. Building community is important because no one wants to be treated like a radio listener. We are living in an era that lacks social interaction comparing to the previous generations. So, when the community provides a social sharing learning platform this brings an ambience of interaction.
#ILHdeeplearner, #ILHfamily
Great Insights! More power to you!
Thank you Sir for your reply.
This gave a personalized touch. It’s precious.
Together we will grow, Titus 🙂 Keep Inspiring!
My Learnings From This Podcast Are –
1. Do you love the topic that you have chosen because if you don’t love the topic then you are going to get bored ????after sometimes. When it comes to topic there are 2 angles you can look at 1. Are you really good ???????? at the topic ???? that you have picked. 2. Do you really aspire to become great in that topic.
2. Are you able to find a unique positioning for yourself in the marketplace. Don’t be like a one stop shop for others. One stop ✋ shop don’t have a place in today’s world ????. Are you able to go deep into your niche.
3. Are you solving a specific problem. What problem ???? do you want to solve. Are you solving a very very specific problem ????. The narrower you go down into the problem ???????? that you want to solve the more attractive you will be in the marketplace ????.
4. Are you absolutely clear ???? about your micro target market. You need to be very clear about your target market if you are starting off right now????. Target your micro target market based on age, place and your niche.
5. Is your topic trending or not. You need to ask yourself this question. Is the topic that you have chosen do you see any trend over there ????, do you see ???? it is moving upwards or do you see it is moving downwards ????. Because if there is no trend or the trend is moving downward then you are swimming against the current ????.
6. Are people willing to pay ???? you for your expertise. So when it comes ???? to your topic you got to do this research to find out what is the spectrum out there ????. What’s the cheapest in the marketplace, what’s the biggest in the marketplace and you got to decide where do you want to position yourself.
7. Is your message ✉ clear. Can people easily identify ???? you for that particular topic or are you trying to confuse ???? yourself with multiple designation that does not work ????.
8. Have you developed a formula ???? that’s simple and gets results. So when you are able to break down the curriculum and your formula ???? is broken down into a journey of 3 day, 30 day and 90 day then the students journey ???? will also become so much more clear.
9. Do you have advanced level training program ???????? . If you are too busy in the front end of the funnel you will not have time to build and scale ???? and nurture a backend of the funnel .
10. Are you building communities or just selling products ????. If you are not building communities it’s going to end sometime. If you are just a product seller or selling programs there is no subscription element in the entire game you will not be profitable.
#ilhfamily
#ilhdeeplearner
Awesome!Great Insights!
My biggest takeaways …
1. Love the topic/ Niche from the core of your heart.
2. Always positioned yourself uniquely in market. Be a specialist.
3. Your Niche should be a problem solver.
4. Research for your micro- target market. Not everyone is your customer.
5. Topic or problem should be trending in market. Follow trends.
6. People should ready to pay you for your service or ready to buy from you.
7. Give a clear message to market or people whom you are targeting.
8. Develop a formula which is simplified and from which your students get result faster.
9. Always create High-ticket Program to scale up your business. Also invest in them also… because ” YOU ARE REFLECTION OF YOUR OWN CUSTOMERS”.
10. Build a community and deliver so much value in it so that people will pay you on subscription basis..
#ilhfamily
#ilhdeeplearner
Great Takeaways,Shweta!
Choosing a Niche can be easy or tough
Biggest Elephant in the room is not being able to find the Niche
People not being able to Finalize their Niche in spite of many iterations.
10 Questions if I honestly and authentically answer I will be able to find my niche. The answer is within me.
1) Do I love the topic I have chosen. If you don’t love the topic you will get bored soon. Ways to choose a topic Option
a. Are you really good at the topic
b. If you aspire to become great in that topic. I will automatically do research, you can become the markets guide. I will automatically gain expertise.
Sidz started as an affiliate marketer. He has aspired to become similar to his role models. Version 1.0 was more to do with Affiliate marketing
Version 2.0 is geared towards digital coaching and how to incorporate affiliate marketing inside of it. The game has evolved and Sidz was able to write a book because of being in the game and how the game has evolved.
2) Are you able to find unique positioning for yourself in the marketplaces. There could be lot of business coaches, career coaches, health coaches and niche down further. One stop shop don’t have a place in today’s day and age. I have to go Narrow. Then you can go wide down the line as you build your community. Example: Email Marketing specialist, Funnel expert or ClickFunnels Master
3) Are you solving a specific problem ? It is not what about I have studied or how many years of experience I have. Are you solving a very very specific problem. If you want to solve a very very specific problem on helping business owners get conversions using email . The Narrower I go , the more attractive I become in the market place otherwise I will be just one among the crowd.
4) Are you absolutely clear about your Micro market ? This opens up a whole new world. If I am targeting everybody it’s not going to work. Mental makeup of student, entrepreneur, women is different. Initially target people similar to myself. Once community started to grow it become much wider. Sidz is using 5 different ad groups targeting specific sectors. Health and development folks separately, personal development separately, business owners separately. If you are not sure whom to target look in the mirror and you can target people similar to you
5) Is my topic trending or not. You do not want to swim against the current. Once the pandemic hit starting restaurant was a bad idea . Is the topic which I have chosen does it have an upward or a downward trend ? Become a trend spotter and position yourself where you are riding the wave. When marketplace is crowded, quality emerges, people are who are building top notch products will stand out. Apple stands out. Unicorns are only a few . Marketplace will gravitate towards them. Until 2030 you will be riding the wave of digital coaching. Green Tech, Ed Tech, FinTech are the main trends.
6) Are people willing to pay me for the expertise in the marketplace. For this I need to do market research, competitor research. Website can be done for free ,100$ . Grant Cardone Gary Vee who could pay 50k$ . The difference is functionality, brand. Find the spectrum out there and decide how you want to position yourself. Sidz wants a low ticket entry for his product $100 product . If you charge lower people will not make the transition to pay you higher. Have to price it accordingly. Whole game plan get people on low ticket front end, get people to have a mid ticket price point $500 course or coaching program. Ultimately you need to build a $2000 product. Sidz is learning from people who have their entry level program at $2000, mid level at $6000 and their high ticket at $40,000 but for me to come through that stage, I need to go through this. Once you build a $1000-$2000 product it will cater to all three segments. People who are serious and see the value will gravitate towards higher value. Price it in such a way so that more people come in through the front end. Work with high ticket people and work closer with them.
7) Is my messaging clear ? Can people easily identify me for the topic . We can always evolve positioning later.
8) Have you developed a formula that is simple and can get results for your students . Start thinking in terms of the formula. Sidz.co/join , sidz.co/live to attend live session . This is more in terms of student journey as well . 3 part content delivery program 3 day program, 30 day challenge, 90 day milestone or goal . Anyone then who gets into the program is also clear about it.
9) Do you have advanced level training programs . Have I mapped that out in my launch . People only sell mostly 1 level or low ticket membership, they don’t have time to build a high ticket back end. Time to serve high ticket group a product . If you are too busy on front end of the funnel, you will not have time to build, nurture or scale the back end of your product. Profitability comes when you have a high ticket back end. You will learn how to construct high ticket product. Being in the low ticket or mid ticket product you will not be able to conceptualize the product even though I might theoretically know it., Sidz has invested close to 60 lakh rupees in the last 10 years for training programs. Sidz has taken elements from all these high ticket programs which work to create something on your own. I am a reflection of my own customers. Unless I invest my coaching, clients won’t invest in me .
10) Are you building communities or are you selling products or programs ? It’s a subscription economy we are moving into . It’s not just a few people 100’s of people renewing on yearly basis. If you are not having a subscription in your programs you will not be profitable. Initially it can be one time life time . Eventually it has to be subscription based, it will be lucrative in the long run and I should be able to deliver that kind of impact. People feel they are part of much larger family. Experience is created in such a way that people will renew.
#ilhfamily
#ilhdeeplearner
Awesome Vijay !Great Insights!
10 Ways To Know Whether Your Niche Will Be Profitable Or Not
10 Questions You Need To Ask Yourself
1. Do You Really Love The Topic
a. If You Just Started Working Because Its Trending Then You Will Get Bored Soon
b. 2 Angle You Have To Look At The Topic
i. Are You Good At That Topic
ii. Do You Really Aspire To Become Great In Particular Topic
2. Are You Able To Find A Unique Positioning For Yourself In Marketplace
a. Could Be Many People Doing Same Things But Are You Able To Go More Narrow Down And Say This Is My Game, This Is My Space – Be Unique In Your Micro Niche Space
b. Don’t Be Like One Stop Shop Because There Is Not Place To Start Now As One Stop Shop In Today’s World
3. Are You Solving A Specific Problem
a. It’s Not About What You Studied And What Experience You Have
b. How Much You Going Narrow Down To Solve Specific Problem Then You Will Attract More Market
4. Are You Absolutely Clear About Your Micro Target Market
a. As Like Micro Niche It Is Also Important To Target Micro Market
5. Is Your Topic Trending Or Not
a. Analysis The Market – Is It Going Upwards Or Is It Falling Downwards
b. Always You Have To Be Trend Spotter
c. Till 2030 Digital Coaching Will Be In Trend
d. Current Trending Technology – Education Technology, Finance Technology, Green Technology
6. Are People Willing To Pay You For Your Expertise
a. To Find Out What People Are Paying, You Have To Do Market And Competitor Research
b. Find Out Both End – Cheapest And Top Then Position Yourself Where You Wanted To
c. Start-Up With 100$ Entre Point And 500$ For Mid Ticket Segment And 2000$ Would Be Your High Ticket Segment
7. Is Your Messaging Clear
a. Can People Easily Find You For The Particular Topic By Your Message
b. Don’t Confuse With Multiple Designation And Multiple Stuff
c. People Should Know You For One Thing Only
8. Hove You Developed Formula That’s Simple And Gets Results
a. 3 Day Program – 30 Day Challenge – 90 Day Goal
9. Do You Have Advance Level Training Programs
a. You Have To Map That Out Before Launch The Program
10. Are You Building Communities Or Just Selling Products
a. If You Are Not Building Communities It Will Be Closed In Some Time
b. You Need Subscription Model For Long Term Plan
#ilhfamily #ilhdeeplearner #youcancoach #icancoach
Great Takeaways,Aniket!
Hi Sidz. My greatest learnings from this podcast are
Before we finalise our niche, we should gave concrete answers for these questions
1. Do you love the topic
We should have to choose a, topic we are passionate about. It is not necessary that we have to be an expert in that area, but we should have a liking for the topic. We should have an aspiration to become great in our niche area
2. Are you able to find a unique positioning in the niche
We need to be different and unique in our approach than the other players
3.are you solving a, unique problem
Our niche should be able to solve a problem that our target market is facing. That is very important. We should go narrowed down in our niche, so that our business will be more attractive
4. Are you absolutely clear on your micro target market
Deciding the micro target market is, as important as the niche.
5. Is our topic trending or not
We should have to first find out whether the niche that we decided is having an upward trend
6. Are people willing to pay for our expertise
Research the topic and find out for how much price similar courses are sold in the market. Find out the highest paid as well as the lowest. Decide where your course should be in between these range
7. Is your messaging clear
Messaging should convince the target market to choose, our, course
8. Follow, a six steps formula to get results quickly.
It may be a 3 days, 30 days and a 90 days program.
9. If you want to grow, provide high ticket programme that gives high value to the members
10. Instead of a one time payment model, build a subscription model.
So happy and delighted to know all these points will definitely try to implement all these
#Ilhfamily#
Awesome Lalitha! Great Insights More power to you. Keep Inspiring!