How To Find The Profitable Niche For Your Online Business In 2023 - Best Niche Mining Hack

The best guide to find the profitable niche for your business and to positioning your business in the right marketplace for higher success. 

There are two reasons that one plan to start a business, One is that you are very passionate about something so bad that you want to make it your profession, and the second is that you have an entrepreneur inside you who wants to be the next successful business person.

So if you want to start a business because of the passion you have in you for something, then the niche mining process is quite very easy for you because you know what you want to get started with. 

On the other hand, If you want to start an online business just to start an online business then niche mining is one of the first & foremost marketing steps to set the most vital foundation for your business. 

In this article, I will give you a step-by-step guide for selecting the best & the most successful niche for your online business in 2023. And I'm going to give you two different processes for two different interests of you:- Passionate and Entrepreneurial. 

But First,

What Is The Niche Mining Process In Any Business? 

Niche mining is the process of choosing the right product and the right market that focuses on serving a specific type of audience, only then any business stand out to be a successful one when they don't sell everything to everyone. 

Niche Mining is the process of researching and selecting what your business wants to sell, who you want to sell, and where you want to sell. So basically what, who, and where going to be your very first business milestone to accomplish. 

And let me tell you, most businesses failed because they took this very first step so casually that they end up serving no one, they get confused about what product to create, and where to focus their marketing efforts, which led them to waste their entire money on useless marketing hacks. 

So if you are very clear about what your business is all about and how everlasting & demanding your business products are, then it's your sign to go ahead and put your best foot forward and make it a successful business. 

 

How to find a profitable niche for your business in 2023?

There are three core markets or desires of the entire population in the world and no matter what product you sell, it will directly or indirectly benefit one of these three core desires of the customer. So first, you need to understand these three core markets and we can call them hot markets. 

These are:-

1. Health

2. Wealth

3. Relationship

These are three core markets or desires that every product is marketed through. The three desires (in no particular order) are health, wealth, and relationships. When people purchase a product or service, they’re hoping to get a certain result in one of these three areas of their lives. “If your product doesn’t fit into one of the three core desires, then your sales message at least must!”

When you see these three core markets, you will know that certain businesses are already ruling in these markets, and competing with them can really become a non-profitable decision, rather you can be more specific in each of these 3 main markets and select any sub-market so that your business can run with more profit on your hands.

Here's an example of the sub-markets:

So even if you choose any of the sub-market category for your business, the competition there is also very same as core market becasue most of the core market business owner already cover the sub-market desires of the customers.

Therefore, what you needs to do is, narrow down your search and go to the branches of sub-market and be extra specific with your brands, here's an example:-

Inside each core market there are an unlimited number of niches. 

Core market > submarket > niche 

Health > nutrition > ketogenic diet 

Health > nutrition > paleo diet 

Health > nutrition > carnivore diet 

Wealth > real estate > short-selling houses 

Wealth > real estate > flipping houses 

Wealth > real estate > flipping house on eBay 

Relationships > parenting > dealing with toddlers 

Relationships > parenting > dealing with teenagers 

Relationships > parenting > dealing with marriage after kids leave

The best way to be master of your own business is by creating your own category so that your business stands out and compel ideal customer from main core-market and sub-market like a magnet. 

For example:- 

Now Comes Market Selection and positioning 

If you have a correct market positioning, even if you have C or D level funnels and sales skills, it’s almost impossible to fail. 

Market selection secrets by Steve J Larsen :- The market is a location not a person A market is a place for buyers and sellers to meet and exchange goods and services. Your job is to first know who your dream customer is and then find out where they’re already going to exchange money for products or services (online or offline). 

Clarity on who your dream customer is and where they already go to buy is a major milestone and shortcut to creating effective marketing for your business. So the question is not “Who is your market?” Rather, the question is “Where is your market, and who is your dream customer who’s already going there?”

- Fishing in the red oceans: Every red ocean is a marketplace full of people coming together looking for solutions to a certain problem. If you are offering a new way for people to get that result, doesn’t it make sense to go fishing in these red oceans and pull these customers into your new category, your blue oceans? 

- There are three core groups of people in each marketplace, and we are only going to target one of them. 

-The first group is “the Diehard.” The Diehard is such a believer in the current product they use that the logo may as well be tattooed on their foreheads. When you’re choosing a market to serve, do not try to sell to the Diehards in that market. It’s futile and expensive. They’re so in love with the product they use that they may not know of many other options but they’d like to fight you anyway. 

- The next group is “the Satisfied.” The Satisfied uses the product they bought but isn’t love with it like a Diehard. They’ve had enough success with the product to justify keeping it around, but the pain of switching to a new product can seem bigger than any discomfort they may be experiencing with their current product. 

- The last group, and the one we focus on the most, is “the Frustrated.’ The Frustrated also use the product they bought, but they hate it. What was once an exciting purchase has now become so frustrating that they’re eager for the next product. They’re actively seeking a better product that can fit their desires. They have the shortest sales cycle and are often looking for reasons to give you money before you’ve even finished your sales script. 

- If you decide ahead of time to sell only to the Frustrate in your market, you’ll have a much more enjoyable business and customer experience. 

- Competitive or complementary: The offers you create will either compete with or complement the things that are already being offered in the marketplace. 

- Market positioning is how people fit you into what they already know. 

- Products that don’t make it are usually still great products. That’s not the problem. The problem is that business owners often have no idea who they’re selling to, where people are already buying from, and what kind of market positioning to use. Choosing a dream customer, selecting a market, and developing your market positioning will get you far more of a foundation. 

- As Joe Polish said, “There’s no relationship between being good and getting paid. However, there’s a huge relationship between being good at marketing and getting paid.”

Hence, once you understand the concept of niche mining, market selection, and positioning, your business is set to be a profitable one. 

I hope this article, equipped you with some extra handful knowledge in selecting the best and most profitable niche for your business. 

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