Releasing products in multiple niches is one way your business can spread risk. Instead of relying on one source of cashflow, multiple streams of income can make your business immune to any adverse changes within one niche. However trying to have a presence in multiple niches also has its challenges. Here are three basic mistakes unsuccessful niche marketers make.
Lack of Research
Before you enter any niche it’s important that you perform research in two areas. You need to research your audience so you know what they want to achieve, the problems they face, and how you can reach them. You also need to research the products and services that are already available to them and decide if there are any opportunities you can take advantage of. Lack of research will delay how soon you can make a profit or may even cause you to enter a niche with a plan that will not work.
Ideally you should have some expertise related to the niche you plan to enter. However being present in multiple niches means it is likely your level of expertise will vary with each niche. To be able to offer something of value you need to study and work on increasing your niche-related knowledge. This is where you can make the mistake of spending too much time studying and too little time monetising what you have learned. If you have researched your audience you will have a better idea of the problems they face and should be able to identify the solutions they need. Concentrate on these and learn how to implement them, test them, and then build an infoproduct around the methods that work.
Diversifying too soon
From a purely business point of view you should start with the niche that offers the quickest profit. Establish a presence, release a product and reach the point where you have a sustainable, consistent cashflow in this niche. Only then should you look to repeat this process in another niche. Unfortunately, if there are delays to becoming established in a niche or your product underperforms it can be tempting to abandon or sideline this part of your business and try again in another niche. Resist this course of action. It’s more likely that you will make better progress working on making your first niche profitable than devoting your efforts to a new venture.
If you make any of the above basic mistakes it’s likely you will find yourself with a number of unprofitable websites. To be a successful multiple niche marketer you need to know how to identify a profitable niche, be able to offer products your audience finds useful,and have a process that enables you to continue making money from a niche once you have moved on to another.