Discover the secrets to building a profitable niche with our 6-step formula for evaluating niche potency. Learn how to assess demand, market desire, method uniqueness, value perception, sharability, and long-term growth to find a niche that’s truly powerful. Tune in and unlock the potential of your business idea! Join Diamond Certification - https://sidz.co/diamond
[00:00:00] Have you ever wondered if your niche has the potency to actually succeed? Maybe you're in the right place or maybe you're barely hanging on your topic. Because today I'm going to be diving into the six factors that will reveal whether your niche is a goldmine or a total time waster. We look at questions like how urgent is the problem that you're solving, how hungry is your target market and if your solution is so good that it practically sells itself. In just a few minutes, you'll know exactly what it takes to make your niche irresistible and profitable. So are you ready to discover your niche? If it has a million dollar
[00:00:29] potential, let's get started. Hey there, Sid here. Welcome to yet another episode of the Freedom Business Podcast and if you're not subscribed to me on Apple or Spotify, please do that immediately. This is one of my favorite topics which is helping experts find their niche and also see whether that niche is going to be having the potency or not to be profitable. I've worked with over 30,000 coaches over the last six years and I can tell you that my top coaches who are generating more than one crore a month, two crores a month are the ones who have basically
[00:00:59] followed a few patterns that I'm going to be unveiling in this podcast and there are six areas which I'm going to get into. So I want all of you to take notes and I want you to ask yourself questions and answer these questions later at the end of this podcast once you identify these six different areas. The first area is problem intensity. How big is the problem you want to solve? Ask yourself if the problem is a recurring pain point or is it a one-time issue because it might lack intensity
[00:01:28] that your topic that your topic needs if you're not solving a long-lasting problem. Another idea is gauge this problem is disrupting your target audience in their daily life or their daily work or their daily finances because the more it disrupts, the more likely that they are ready to invest in a solution. And number three is look at the competition in the market. Look at if several people are solving this problem and thriving. Maybe it is a strong sign that the problem is both real
[00:01:58] and also intense. So the first thing to evaluate is the problem intensity. How big is the problem you want to solve? Second is you got to look at the market propensity. How hungry is your target market to solve that problem?
[00:02:12] So what you can do for this is idea number one is you can actually survey some of your students or your clients in different forums online to see if they are actually searching for solutions to the problem.
[00:02:26] So you can even go to Quora and look at how many people are asking. So you can do surveys and research around this to see how hungry your target market is.
[00:02:33] Two is also you can check for the urgency by looking at how quickly people are adopting the solutions that are already there in the market.
[00:02:42] So for example, do you see there's a pattern in more people spending money without hesitation?
[00:02:47] Then it is a sign of high propensity.
[00:02:49] And also identify if the people are emotionally invested in solving that problem because the more emotional they are, the greater the willingness for them to pay for that solution.
[00:03:00] So the second thing to evaluate is the market propensity. How hungry is your target market?
[00:03:05] Number three is we need to look at the method magnetism.
[00:03:08] How fresh and attractive is your unique method to solve that particular problem?
[00:03:13] So here's a thought for you. Okay. So can you see and ensure if your method is distinct, whether you're going to be providing them unique tools or unique frameworks or some unique kind of technology, AI apps that sets you apart from others?
[00:03:28] Like, for example, I'm using the method of codex now, you know, ever since we launched the codexes.
[00:03:32] And if you're not in my community, please come and join my next webinar.
[00:03:35] Go to sidz.sids.co slash live.
[00:03:37] And you'll be able to see how I've codexified everything and what would take people three, four, five months and be able to bring it down to like three to four hours.
[00:03:45] People can create their entire strategy.
[00:03:47] So the first idea is to ensure if your method is distinct and unique, if you're using any particular tools.
[00:03:52] The second idea for method magnetism is evaluate how accessible your method is, how easy it is for people to engage with.
[00:03:59] And the more easier it is, the more magnetic it will be.
[00:04:03] And also test your methods appeal by sharing teaser content.
[00:04:06] If it gets a lots of interest and engagement in public domain, like if you're going to be doing reels and stuff on YouTube,
[00:04:12] and you're able to see there's a lot of people engaging on that, it shows that your method has a magnetic appeal and you expand that.
[00:04:18] So the third area to evaluate is your method magnetism.
[00:04:21] The fourth area to evaluate to see if your niche potency is there is the value desirability.
[00:04:27] How quickly is your market able to perceive the value to pay for your product?
[00:04:33] So main thing is offer a quick win or a sample to your audience.
[00:04:38] And if they're going to be experiencing immediate benefits, then it's more likely that they're going to be paying for the full solution.
[00:04:43] And that's why I love doing free webinars and also selling my fast start like a bronze membership for $4.99,
[00:04:49] where I'm able to give them a quick win or give them a sample of my content.
[00:04:53] And that helps them get pre-framed or warmed up to buy my level one, level two, level three memberships.
[00:04:57] Okay.
[00:04:58] The second is to use testimonials or case studies that clearly showcase how quickly others have seen results.
[00:05:04] And that's why we have stories.internetlifestylehub.com, which demonstrates tangible, desirable value.
[00:05:10] So value desirability, you can do by increasing more case studies and helping others get more results and documenting that and sharing with the people who are still at the starting point of the journey with you.
[00:05:21] And also create a simple, clear value proposition that highlights the most significant benefits of your product.
[00:05:27] Because the faster people understand the value, the more willing they'll be ready to invest.
[00:05:32] That's why even I believe that if you can crack a two hour free webinar, you don't have to do a paid workshop, paid webinar, three day, four day, five day, six day, seven day.
[00:05:42] It's too long.
[00:05:43] In the beginning, you can do it.
[00:05:44] But then if you can quickly establish the value desirability within two hours, people are ready to open up their wallets and make the payment.
[00:05:53] Number five is shareability quotient.
[00:05:56] How easily people want to share with their family and their friends.
[00:06:00] This is a big, big one.
[00:06:02] Because the more you can test and see whether people would be proudly, whether people would proudly recommend your product to others by offering like say a referral program or an affiliate with incentives.
[00:06:15] The point here is the more proudly you're able to see people recommend you, that itself is a validation of your niche potency.
[00:06:23] You know, another thing is you can focus on creating these aha moments in your community and your content and your service that makes people feel that, you know, that compelling desire to share with others.
[00:06:34] And that's what I want.
[00:06:35] I always work on this.
[00:06:36] I always want to work on my customer experience, whether it's a podcast or it's a hackathon or it's my course.
[00:06:42] And even though people may be listening to the same topic, every time I bring out a new kind of freshness to it, that makes it share worthy.
[00:06:48] And they want to share it with their family and their friends.
[00:06:51] And also to increase the shareability quotient, see if you can craft a memorable brand or a method name that is easy to remember and share.
[00:06:59] Like for me, Freedom Business Model, Internet Lifestyle Hub.
[00:07:02] You know, the faster people are able to understand the value, the more willing they're able to invest.
[00:07:08] The more they're able to talk about it casually, the more they'll be able to spread it with others.
[00:07:15] So number five is shareability quotient.
[00:07:18] And finally, number six is brand sustainability.
[00:07:21] How long can this topic grow?
[00:07:23] How long can your community grow?
[00:07:25] Is it just a trend like a fly by night, which is going to be active only for like a few months and then the trend dies?
[00:07:30] Or is it something that will be valid even 10, 15 years from now?
[00:07:34] So the first thing is assess if your topic has evolving trends or evergreen needs.
[00:07:41] Because evergreen topics sustain themselves.
[00:07:44] While evolving ones, you need to keep the things fresh.
[00:07:48] So for me, it's a combination of both.
[00:07:50] Though my topic is evergreen, and there's always going to be a need for trainers, coaches and, you know, redefining education.
[00:07:56] But the technology and the tactics can change over time.
[00:07:58] So there is a combination of evergreen base principles that I teach combined with evolution of methods that are there.
[00:08:06] Okay.
[00:08:07] So also to evaluate your brand sustainability, look at how broad your potential market has.
[00:08:12] If your niche can expand into sub niches, it has greater longevity.
[00:08:16] And when you analyze your market longevity, you can actually analyze your market longevity by observing longstanding brands.
[00:08:24] Because if others have lasted in a topic like this, it's a good indicator that it has a sustainable growth potential.
[00:08:31] So even though I say the riches are in the micro niches, you start with building your micro niche.
[00:08:37] But you can also see how you can make this sustainable if that micro niche is going to be standing the test of time.
[00:08:43] And you can even broaden your topic over, you know, over time.
[00:08:47] Once you're able to see, once you build your brand and establish yourself as an authority.
[00:08:52] Okay.
[00:08:52] So this is brand sustainability.
[00:08:53] That is number six.
[00:08:55] So if you're listening to this on my blog, I would like you to share your notes below.
[00:09:00] If you're not a Diamond member in my community, please upgrade to Diamond because I actually give specific prompts
[00:09:05] and specific actions and assignments to our Diamond members to work using AI on these different, different areas.
[00:09:13] In fact, right now, after this podcast, I'm going to be doing an activity with my Diamond members.
[00:09:17] In case you're not a Diamond member, please go to sidz.co slash Diamond and join my next showcase and see if you can be a part of it.
[00:09:25] So I'm going to recap this.
[00:09:26] If you want to know whether your niche is potent or not.
[00:09:28] Number one is problem intensity.
[00:09:31] How big is the problem you want to solve?
[00:09:34] Two is market propensity.
[00:09:35] How hungry is the target market to solve the problem?
[00:09:38] Number three, method magnetism.
[00:09:40] How fresh and attractive is your method to solve that problem?
[00:09:43] Four, value desirability.
[00:09:44] How quickly is your market able to perceive the value you pay?
[00:09:47] Number five, shareability quotient.
[00:09:49] How easily people want to share this with their friends?
[00:09:52] And six, brand sustainability.
[00:09:54] How long can this topic grow?
[00:09:56] And are you going to be relevant 10, 15 years from now?
[00:09:59] Okay.
[00:10:00] So with that being said, thank you so much.
[00:10:02] And I look forward to sharing more stuff like this in my future episodes.
[00:10:05] So it relates to an identity.
[00:10:05] How often does it take enmity?
[00:10:05] This is one of the best ways amiss it for us to contribute.
[00:10:05] Make sure the message is about putting them away since we are
[00:10:05] Thank you.