What do you think is even more lucrative than a franchise model?
Let me tell you. It’s the model where you don’t have to worry about production, distribution or fulfillment cost.
It’s the only model that will allow you to compete against the likes of Nike, Visa or McDonalds using your very own specialized knowledge in the most profitable online marketing niche.
Profitable Pricing Model
The formula for pricing opportunity based products is quite different and it’s often based on the end result and potential of the opportunity plus the buyer’s desire to achieve that results.
Let me simplify it a bit more. Where a physical book might cost you $7 per unit to have printed and shipped, creating a digital book which can be read electronically from someone’s computer, phone or tablet literally can cost you $0 in fulfillment.
Remember! With online and opportunity products, you’re able to diversify and spread your cost through a broader range o get a much higher profit potential in the process.
There is so much opportunity. You can sell:
- Live Web Events
- eBook Guides
- Audio Guides
- Video Guides
- Affiliates, etc.
In the online space, people will gladly pay you for what you know or what you’ve created that will add value to their lives or solve a problem that they are facing. This is often niched down and specialized information unique to you.
Walmart and the big box stores can’t compete with you here, they can’t do that. You’re not buying a product per se, you’re buying knowledge, investing into what the person knows. Hence the term information marketing.
Solving People’s Problems
The tricky part is to determine if what you have to offer has any potential of making money. Is there a market for what you have to offer? You will have to do some research:
Go to the following three resources and put your niche keywords into their search tool.
Clickbank is a digital marketplace build to help digital publishers sell courses in a wide array of niches. From weight loss to surviving the end of the world to southern cooking recipes, Clickbank has it all.
Udemy is an industry leader in the online education and online courses. It started just a few years ago and has gone on to put together over 20,000 online courses! It allows from anywhere in the world to become their own digital publishing house.
Use Udemy’s search tool to check whether others are offering education in your niche. Udemy even tells you how many customers are signed up for a particular course, so you can also check to see how well the courses in your niche are actually selling.
If Clickbank and Udemy provide you with no results (or mixed results), here’s how to use Google: Just search for courses in your niche. However, usually you will find that if Clickbank and Udemy do not already have the courses you’re seeking, Google rarely reverses that verdict.
The bottom line? Do not try to create new markets. Keep it simple and only pursue the niches in which others are already selling similar products. Always remember that competition means potential.
Size of Audience
This is where you start to have fun using free tools that are available on the Internet. The tools I will show you are not necessarily created for the purpose that we are using them. But they work incredibly well and they’re absolutely free!
One of the parameters you should use to evaluate a digital publishing business is a 1 million person market. If you find that the market is less than 1 million people, the scale is very limited.
Often, the smaller the market, the harder it is to drive traffic. That’s because there is usually less overall activity, and that can make it much more difficult for you to break into that space.
Sticking to a minimum 1 million person market size helps you get around this obstacle. But how do you determine the size of a market? With Facebook Advertising!
Don’t worry. You are not going to spend a dime in advertising. So why Facebook Advertising? Because it offers an excellent analytics tool called Audience Insights.
This tool gives you useful information in about 2 minutes. Simply choose the countries on which you want to focus. I recommend the:
- United States,
- New Zealand
- United Kingdom
These countries will give you the best idea about the size of your “active market.”
Next, enter keywords that describes your niche. Do not type keywords that describe your products: you want to see your niche size – not your product size.
For instance, let’s say you have some amazing tips on how to scrapbook. Do not type in keywords like “scrapbook templates.” That term is describing your product.
Instead, enter keywords like “scrapbooking.” This will give you an idea of just how many people in the world are interested in the topic of scrapbooking.
As you can see, Facebook tells us that 6,187,530 people are interested in the scrapbooking niche. Since we’re seeing more than 1 million people, it looks like this part of the research process checks out.
This tool is free, simple, and very fast – and it will save you an incredible number of headaches. Use it.