How To Test If Your Niche Will Make Money with Eben Pagan

0:02 hey it's eban right here in this video you're about to learn a key element of Niche marketing for more advice and tips to help you in business make sure to click the link you see in this video or go to eban pan.com so here's something that I call the niche test it's a three question test to ask yourself anytime you're considering a new Niche or a new product within your Niche because I actually think of products as being little sub niches themselves so we want to ask these three questions anytime that we're creating a new Niche going into a new Niche or we're creating a new product so the first question is is your prospect motivated strongly by

0:49 emotion are they emotion driven if the answer is no if they're not motivated strongly by fear or by desire or by Passion or by worry if they're not motivated emotionally well then you probably want to keep working on your Niche until you find the the sub niche of people who is motivated emotionally so uh so for example here let's say that you were teaching people how to manage their finances okay you've you've really figured that one out you've been investing you've really figured out how to nail your finances your income you you've got you know passive income you just got it nailed debt all that stuff

1:35 and you say okay so what what could I really teach people here so the first thing that you might write down is well I can teach people about um saving for retirement right so I would ask is your prospect motivated strongly by saving for retirement and my experience is that most people are not that interested in saving for retirement it's kind of a pain to most people it's not it's not really what they want to do right what what people are motivated strongly to do is to get money and spend it right not to invest in the long term okay so we would drill back down I'd say okay well what else do you know and you know what what could you really help people with and you'd say well people who want to

2:21 save for retirement are often in debt they often have 10 or $20,000 worth of credit card debt and I can help him get out of that debt in three to five years and then once they've gotten out of the debt right we can take the money that they were using to service the debt and we can put that into a plan that'll allow allow them to retire a millionaire okay well well now we're talking okay because people that are 20 or 30 or 50 or $100,000 in credit card debt they're emotionally motivated to get out of that debt that's something that weighs heavy on them and the uh the extra bonus idea that you could then take that money and invest it and make yourself a millionaire okay awesome second question is your prospect proactively seeking Solutions right

3:09 now okay so what I didn't ask is should your prospect be proactively seeking Solutions in the future or should they be seeking Solutions right now what I asked is is your prospect proactively seeking Solutions right now okay so is your prospect out looking are they motivated to the point where they've gotten up off their lazy butt and actually started going to a search engine and typing in words to do some research okay are they going out to a retail store to buy stuff to solve this problem are they asking their friends how to do it are they visiting forums and online discussion groups are they

3:54 going to meetup groups to kind of lurk and see if they can find the answer to their want or their worry if they're not already seeking a solution if they haven't crossed the Tipping Point of motivation where uh they're they're in action to fix the problem or to get what they want well then again you have to talk them into taking action so what we're seeking here what we're looking for is again a sub Niche a subcategory of prospects who are already seeking Solutions and if they're not well then you want to keep working on your Niche and you want to keep narrowing it and you want to keep focusing it uh to find people who are next does your prospect have few or no perceived

4:41 options few or no perceived options now this is a big one and the reason why we ask this question is you don't just want to start teaching on a topic that the general public knows there's lots of information about there have been books and programs and you know classes being taught on it for years or decades and there's nothing distinctive about it okay so for example if uh if someone right now is trying to figure out uh how to how to get into a relationship right they may they may be doing research right now online and saying okay you know how do I get this

5:27 relationship thing handled but there's kind of a general knowledge that there are a lot of people that teach on how to succeed and how to get into a relationship so as the prospect goes out to seek their solution they're not in their mind saying to thems I don't know where to go okay I don't know what to do I I don't really have options let me go look around and see if there's anything that I can find what they're doing is they're going online and they're saying okay let me go buy a couple of those books that I've heard about and you know let me watch watch a couple of videos and read some blogs about relationships now this one's challenging because what it requires you to do is to really listen to your prospective

6:12 customers and students it requires you to talk to them it requires you to interact with them to get feedback from them to do in-person meetings phone calls Skype to chat with them by email and online uh to send surveys to them and what I found this is one of the most um kind of magical and mysterious aspects of teaching and doing information products is that if you talk to your prospective customers and you ask them what do you want and what do you worry about and then you shut up and you listen to their answers and you listen to specifically what's going on in their lives the situations that they're in what they've tried what they're looking for what works what doesn't you'll always be able to find a

6:58 whole category of needs that are emerging that these people are looking for that they can't find solutions to um this really blew my mind as I started paying attention to this and uh and noticing it so you know if I um let's say that I really burst your bubble because you're a relationship coach and you had your hopes up right now and you were like okay well I'm going to write the ultimate book on how to have a great relationship and uh and then I said this you might say oh well there's already a bunch of relationship books oh I'm doomed it's not going to work so actually not true and in fact um there's probably a lot more opportunity than you think so what I would recommend that you do is you go start talking to your

7:45 customers and say what's the problem that you're having right now that you can't find a solution to none of the books you've read none of the videos you've watched none of the audios you've listened to you know have the answer but you'd really like to get it solved or what's your fantasy what's the desire that you have inside your relationship that you'd really really love that would it would just lead to a perfect relationship but you've never heard of it and you can't find it out there and if you look and you listen closely enough you will find a huge opportunity to create a solution one that's really unique to you okay really unique to you and by using this uh this technique of drilling down and looking for the emotional needs and some of the other techniques you're going to learn here

8:30 uh you can discover your little niche where your knowledge helps to uh help your student Prospect customers to to really get the outcome they want and then it can be your little world you know where you can create a new category even uh a niche within another Niche a category that you own and that you dominate