How To Find a Rich Niche

I’m Igor Kheifets and this is The List Building Lifestyle, a podcast for anyone who wants to build a wildly profitable email list working from home. If you’d like to make six figures, travel the world, and help people improve their lives in the process, then this podcast is for you. I also invite you to attend a free workshop at Igor.ac where I’m teaching how I made $21,779.45 in affiliate commissions by sending just 481 clicks to my affiliate link in one day. I’m also explaining why I walked away from ClickBank and I don’t promote ClickBank offers anymore as well as the five things I look for in the perfect affiliate offer.

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Welcome back to another edition of The List Building Lifestyle with your host, Igor Kheifets. When it comes to selecting the right niche, most people think that all they have to do is figure out a place where there is not much competition and where they can go and reasonably easily sell something. Well, that philosophy is actually one of the worst things you can do because if there is not much competition in the niche, chances are there’s not enough money in the niche, either, and it’s a very small niche if at all, because a lot of times a competition only forms in niches where there’s so much money that everyone ends up making money.

Again, think of something as competitive as insurance. There is more insurance companies out there in the world probably than car salespeople, yet they all make a lot of money, and yes, there is only so much space in the first page of Google, yes, there’s only so much space in the Google AdWords section, and yes, there’s only so many like I guess good companies to work with, buy hey, somehow they all make money. That’s a great reminder about choosing niche for the purposes of running a business.

Now, the one concept, though, besides looking for competition rather than avoiding the competition that I would like to discuss today is the concept of niche depth, and that’s a concept that no one talks about. I haven’t heard a single person talk about this concept, and it goes something like this. Most people look for a place where they can sell a product to a customer and they think that’s how they’re going to build their business.

The reality is that those who end up building great businesses and those who end up becoming wealthy online marketers are usually either tapping several niches at once, and if so, they do it a shallow way but enough to cover the bills, or kind of like me, they stay in one niche and they go deeper and deeper and deeper and deeper into that same niche by creating more products and services to serve that particular market. This concept of niche depth allows you to understand whether or not the niche you’re in has any depth to it at all.

Here’s a great example. There’s a niche that’s basically all about writing. It’s a niche for people who want to become writers, people who want to write novels, people who want to be copywriters, people who want to be ghostwriters, who people who want to publish Kindle books. There’s like a bunch of different subcategories of the niche, and that’s exactly what makes that niche really, really cool. If you check out a website called writerslife.org or awai.com, that’s A-W-A-I.com, you’ll see that writers tend to be very passionate about their profession and they tend to be going into different directions all the time, meaning that in one big marketplace for writers, for example, let’s assume there’s a million people in the world right now wanting to become writers, in that same marketplace there could be 20 different markets where you can tap for building your business.

For instance, you could be catering specifically to people who want to publish Kindle books like my buddy Ty, or you could be going after people who want to self-publish a book, any book, like my friend Rob who actually has a service like that. Or, you could go specifically for people who want to write a fiction novel. Or maybe you’ll go for someone who wants to write a self-help book but they don’t want to be on the cover, they just want to write it and they want to be a ghostwriter for someone else.

For example, my friend Lou did it in college. He wrote a book for a porn star, believe it or not, and that book became very successful because the porn star was really famous and the book was great, and basically he ended up contributing to her brand. That way, he was perfectly happy with it. I’m not sure if he kind of brings it up or not in casual conversation, but he definitely… it’s on his resume, if you will. I was actually fascinated to find out about that particular piece because, in my opinion, if you write a book, it doesn’t matter for whom, whether it’s a porn star or an actress of any kind, that’s awesome. That’s immediately points on my scoreboard for the kind of person you are because you’ve got balls, right? You’ve got balls to right a book. Even if you don’t put your own name on it, you still had to sit down and write the book. That’s huge. It’s really big.

Yo, it’s Igor. If you’re loving the content, hop on over to listbuildinglifestyleshow.com for more free training and a free transcript of this episode. Oh, and I’d really appreciate if you’d log into iTunes and rated the show. It really helps. Thanks!

Point being is that in every single market, the good market, I’m not talking about the bad markets, I’m talking about in every single niche category that has any money in it at all, you should also be looking for niche depth. This brings us to another concept which, again, revolutionized my business, preventing me from spreading myself too thin, and that is you really don’t know how deep you can go in the niche. There’s really… I haven’t seen anyone hit a limit when it comes to going deeper in a niche because I’ve seen people sell things for $3 million in a niche where most would charge 3,000. It’s crazy.

Niche depth, a concept that says you can go deeper and deeper and sort of wider and wider, is one of the reasons why I never left to make my own space because besides being a very rabid marketplace, besides being a very engaged marketplace, a marketplace that’s always looking for new things, a marketplace that’s always on the lookout for great tips, products, strategies and systems and software, et cetera, this market is also offering depth because the people, the serious ones who want to become digital marketers or who want to work from home. They will continue to invest and develop further and further and further.

While there are like mini markets within the make my online space, there’s the market for Amazon, there’s the market for Econsultancy, there’s the market for coaching, there’s the market for list building, there’s the market for email marketing, there’s a market for traffic generation. Each one of these have their own markets as well. There’s also in each one of these, you can go deeper and you can do an email marketing book, an email marketing course, an email marketing Mastermind, an email marketing workshop, an email marketing product coaching, email marketing franchise, and on and on and on. There’s really no limit to where you can take this. It’s literally on you. It’s literally like, how creative do you want to get? How hard do you want to work? How many programs to you want to pump out?

I’ll tell you that most people, myself included, I’m not an exception to this rule, but most people, they never go deep. They never go deep enough and I don’t think that you can ever penetrate a niche deep enough even in your entire life. For example, I’ve seen Dan Kennedy do it for 40 years, catering primarily to dentists, chiropractors, financial advisors, real estate agents, et cetera. I haven’t seen him tap it out. In 40 years, I did not see that. Sure, there’s like a group portion of the market who knows Dan Kennedy and who already bought his stuff, but Dan Kennedy continues to produce more and more and more and more.

Now, of course, not so much anymore because of his recent health issues and we all wish him well. Dan, we love you very much if you’re listening, and if you are living, Dan, oh wow, I’m honored. In all seriousness when you think about it, even Dan Kennedy, who’s got quite literally hundreds of different products, dozens of different seminars, product consulting programs, copywriting services, franchises, everything, even Dan Kennedy never really penetrated the market to a point where he was like he would be sitting back in his chair in his home office and be like, “Yep, I’ve squeezed every last drop of blood from this stone. That’s it. There’s nothing. I’m retiring or I’m moving to another niche.”

No, you can’t. It’s just impossible. There’s just too much money, there’s tons of customers, there’s new customers coming in, there’s old customers going out. You can’t really hit a point where you’re done with it. I don’t care where you’re selling, I don’t care the price you’re selling for. There’s always more things you can do and there’s always more customers you can serve and there’s more problems you can solve for these customers.

Again, I really want to make sure you understand the concept of niche depth because most people really think that, “Oh, I need to find this niche and I need to find another niche.” This is a mindset that is especially prevalent in search engine optimization because the more you optimize for a keyword, you kind of move on to the next keyword. The moment you optimize for an affiliate product in one niche, you kind of move on and you optimize for a different niche.

That strategy in my opinion never made sense because you never end up building something on which you can build, meaning that you always have to start from scratch. That’s always harder than if you’re simply mining in the same direction. Think about that next time you are thinking of going into a new niche market because it could make the difference between making a big mistake and going back on your decision in six months or making one of the wisest decisions you could have made in your business.

This concludes another episode of The List Building Lifestyle. I’m your host, Igor Kheifets, and Until next time we chat, have a good one.

Thank you for listening to The List Building Lifestyle. Get access to previous episodes, a transcription of today’s show, as well as other exclusive content at listbuildinglifestyleshow.com. Also, don’t forget to claim your free seat at the workshop I’m hosting this week where I show the two-step system that made me the top affiliate for people like Ned Baysack, John Christiani, Richard Legg, Michael Cheney, and many, many others.

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