TAS 565: Ask Scott #176 – How Do I Find MY Target Market and My Niche?

What steps are you taking right now to move your ecommerce business forward? Are you in need of a little push in the right direction? Good news, you’ve come to the right place! It’s time for another session of Ask Scott here on The Amazing Seller. On this episode, you’ll hear from Scott as he shares why he is so fired up about the Brand Accelerator Live event, his thought of the week, why it’s so important to diversify your business, and of course – the answer to a question from a TAS follower like you! Don’t miss a minute of this helpful and engaging episode!

Why you should sign up for Brand Accelerator Live.

Let’s face it, running an ecommerce business and leading it to success is no small task. How do you plan to take your brand to the next level of growth? Why not consider investing in your future by attending the Brand Accelerator Live event next September? Brand Accelerator Live is the very first large-scale TAS event designed to help sellers like you break out from the rest of the competition and stand out! Don’t let the what every other competitor is doing set the pace for you and your business! Find out how you can reserve your spot for this special event by checking out the link in the resource section at the end of this post, you don't’ want to miss it!

Don’t put all of your eggs in one basket!

What would happen to your ecommerce business if Amazon decided to lock you out tomorrow? Do you have the means to make adjustments and keep going in an upward direction? If not, it might be time to consider diversifying your channels and your strategy. You’ve heard the phrase, don’t place all of your eggs in one basket, right? The same is true when it comes to ecommerce channels too! Heed Scott’s advice and learn how to create alternative methods that you can use in the event that your business needs to make a pivot. Learn more from Scott’s seasoned perspective by listening to this episode of The Amazing Seller!

What you need to do to identify your niche market.

Have you identified your niche market yet? Have you honed in on that one product or approach that will set you apart from all the other ecommerce sellers in your target market? What are you waiting for? If you want to succeed, you’ve got be willing to put in the work and outsmart your competitors! One great way to get a leg up on your competition is by researching their reviews and find out how their customers are using the product and what they don’t like about the product. With that information, you can go to work making a superior product! Hear more about this important subject by listening to this exciting episode of The Amazing Seller!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [1:50] Why Scott is so fired up about the Brand Accelerator Live event.
  • [4:30] Scott’s thought of the week. Are you putting all your eggs in one basket?
  • [15:30] Marketing is a skill set that will serve you well as you build your brand!
  • [17:00] Question: How do I identify my target market and my niche?
  • [23:00] Closing thoughts from Scott.

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TRANSCRIPT TAS 565

TAS 565: Ask Scott #176 – How Do I Find MY Target Market and My Niche?

[INTRODUCTION]

[00:00:02] Scott: Well, hey, hey what's up, everyone? Welcome back to another episode of The Amazing Seller Podcast. This is episode number 565 and session number 176 of Ask Scott. This is where I answer your questions here and we get to hang out and it is fun and, yeah, I’m going to do it again and this is pretty exciting…

[read more=”Read full transcript…” less=”Read less”]

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…here. Number one, we’re going to jump into a really important topic and I'll give you that one right now just to see kind of know what we’re going to be talking about. How do I find my target market or my niche or “neesh”? However, you want to pronounce that but that's what we’re going to be talking about. It's really important because the things that I’m also going to talk about here before we jump into that is why that's so important to understand that. There's so many cool things we can do once we do know what that is.

But with that all being said, let me just remind you, if you have a question that you want me to answer on an upcoming Ask Scott session, all you have to do is head over to TheAmazingSeller.com/Ask and you can do it there or you can head over to my YouTube channel, TheAmazingSellerTV.com and there’s Ask Scott sessions there. You can go and leave a comment or you can just leave a comment on any one of those videos and generally, I will see those and then this way here I know what you need help on. So, you can definitely do that there. And that’s what we’re going to be doing here today. We’re going to be taking one of those sessions that I did on YouTube and I'm going to play that for you so you can hear exactly how I answered this question. But now before we do jump into that, I am fired up today. I am pumped and I’ve got a lot of energy going here because this past week we've been really kind of letting the cat out of the bag or actually we did about a week-and-a-half or two weeks ago, I forget now when exactly we announced that, but we are doing a live conference called the Brand Accelerator Live and I announced it on episode 559 that we are going to be doing this. I actually had Kevin Sanderson come on. He's my referee friend that I met at an event.

[00:02:00] Scott: We became good friends and found out that he was an event planner in his past life and we decided to kind of work together on this. And it's been a long process but it's really starting to come together really, really nicely and as of right now when you're listening to this depending on if they are still available, we are selling tickets now to the event. So, Brand Accelerator Live and you can go to BrandAcceleratorLive.com for all the details or you can go to TheAmazingSeller.com/Live and you’ll get all the details over there. I shot a video. You'll hear me talking all about it. It’s exactly how this thing kind of came about but then also what we plan on doing here. And it's really about how to grow and scale your business and not rely on just one channel whether that's Amazon or eBay or Walmart. Whatever is the main channel, we’d never want to rely on just that one thing. So, that is like the big thing that we’re going to be focusing on and I'm not going to go into all the details here because I already that but if you're interested, definitely go check that out and it's going to be a lot of fun.

I also have a secret project that I’m going to be revealing there which is going to take me about seven, eight months to do. I'm going to be revealing it there. Everyone that is in attendance there at the live event, I will be giving it away for free so you're going to definitely want to check that out if you are part of our live attendance and really able to hang out with us for a few days and start to focus on building our brand. That's what we’re going to be doing there. So, really fired up about that. I'm excited and I just can't stop talking about it because I’m so excited and it's almost, well let's see, it’s September so, yeah, it's a year away. It’s about 12 months away, but we’re planning, we’re preparing, and getting all the speakers lined up. I’ve got a couple that I haven’t announced yet which are awesome and I am excited to be in the room with these two people so it's going to be a blast and I can't wait for all of you that are going to be attending to be able to enjoy this and really help to grow your business and be able to meet you guys in person so it’s going to be a lot of fun.

[00:04:08] Scott: All right. So, I’ve got a question for you before we jump into today's question. This is like my what's going on in Scott's mind this week section. You guys know I usually do this here. It's a way for me to kind of get it off my chest, but also just things that I'm thinking about or maybe a conversation that I had with someone that I'm working with privately in our Inner Circle or maybe it’s just someone that I had a conversation with during the week or maybe it's my Starbucks girl that gave me my coffee and did an awesome job. You know, whatever it is I like to share that here because I think it's relevant and a lot of times you don’t hear people talk about this type stuff. But in this case, I think this will resonate with you and it’s really why the whole event even came about. But, let me ask you this question. Are you building your business on Amazon only? Just answer yourself that question or answer that question to yourself like yes or no. Are you building your business on Amazon only?

And what I mean by that is if you're on Amazon and you're selling, it's fantastic. I actually I promote that. I think that that's exactly what you should do but, and there's a big but here, you should not be thinking that you’re building a business on Amazon. I think that's risky. I've heard so many people come up to me and go, “Scott, I’m building an Amazon business.” I’m like, “Ugh,” you know like, “Ah,” kind of it makes me nervous for that person because a lot of people they’re building a lifestyle business or building a business to help them free up time so they can spend more time with their family or do more things that they want to do, not to have to punch the clock, not to have to go to the 9-to-5 and all that stuff. So, when you’re saying that you’re building a business on Amazon, that tells me that that's all you're thinking is I'm going to figure out a way to make money on Amazon and that's going to support my lifestyle. It's risky.

[00:05:59] Scott: What I'd rather hear you say is, “I’m building an e-commerce business or an online business and I am going to build a brand.” Like if you say that, then I'm like, “Okay. Cool.” Now, let's go ahead and launch on Amazon because it's a channel that already exists. It already has traffic. It already has merchant stuff built in. It already has customer support. It has all of the things that you would need to do right off the bat. You heard that snap. It was a double snap by the way, and you can you can capitalize on that channel and you should. If I was working with a brick-and-mortar business and I was consulting them and they were like, “Okay. I’ve got all these products. I’m kind of slowed down on traffic here because I only get so much traffic during the day. What should I do? I’d be like, “Let’s go look on Amazon and see if we can sell your products.” It’s like that would be the first move then I would say, “Let's do our own website and then let's start doing our own sales funnel and like let's do all that other cool stuff that we can do,” but you're not building the business on one piece of land. You're not building the business on that one channel. That is risky.

So, I want you to rethink that, okay, and I want you to kind of switch that mindset if you can and if you think you want to, I don't know, maybe you do want to build a business that resides on Amazon and then Amazon just happens to say, “You know what, your refund rate’s a little higher than we'd like. We’re going to go ahead and disable your account for like 30 days,” and you're doing like 50K like some people doing 50K a day. Some people are doing 50K a month and then let's say that that happens. How is that going to feel? That's going to suck. I can tell you that right now. Wouldn’t it be a lot nicer if that was just one of the streams that we’re feeding the business? See, we want to think about the business as its own entity and there's all different ways that we can get sales. Amazon also is the place where people search for a specific thing, stainless steel garlic press, and it's great for that because it's a buyer’s search engine.

[00:07:57] Scott: But the other part of business that people aren't thinking about is there is also the attention or the attraction side of things where people are going to be able to be discovered through an ad that runs on Facebook. And I'm not saying an ad that says you got to buy the product, but maybe an ad that shows them a frustration that they’re having and your product helps in that process. Or maybe something that would get them to raise their hand and then you can follow up with them to build know, like, and trust like all those things. It’s a whole another side of business. Obviously, Amazon is the easier route and, yes, I'm all for that but there's a whole other side that people aren’t even paying attention to. That's exactly why I wanted to do this Brand Accelerator Live because I want people to build a brand. I want people to build a business. Whether this is a business that just takes you to the next place you're going, it's still going to be worth more. It's going to be more stable. You’re going to be able to rest at night and not have to worry about waking up and saying, “Oh my gosh, like my sales channel is cut off. Now, what do I do?” Yeah, it’ll hurt but it's not going to be that you're not going to have any revenue coming in.

So, I want you to think about that. Okay. I want you to rethink that answer. If you immediately said, “Yes, Scott, of course, I’m building that Amazon business, man.” Like, no, you’re building a business and you’re building a brand. So, I want you to kind of go through this with me here and this might help you think about like your business and your brand. Number one, can you sell your product on your own website like could you do it? Is it possible? Could someone come to your website and buy? And if the answer is no, well, we need that piece in place in order to make a transaction if we ever want to make a sale there. It doesn’t have to be an elaborate website. It could be three pages. It just needs to be a place that you can do that. So, we have also outside traffic coming in. Now, I just have my partner in the new brand contact me this morning and we have like crazy amounts of traffic coming from Google, from Pinterest, from Facebook. Like, I think our top three channels are organic so that's basically Google. They're sending us the traffic to the blog, to the website then we have I think the second one is Facebook and I think the third one is Pinterest.

[00:10:06] Scott: So, like there's three streams of traffic that are coming to a website that I'm pushing everything to Amazon. So, once they hit the page, I could pixel them with my Facebook pixel then I can always do retargeting later especially in fourth quarter, a little more advanced but I’m just kind of walking through the process here. And then from there, I just push them over to buy stuff through our website that's our products. So, if for some reason Amazon said, “You know what, we’re done. We’re not going to let you sell there anymore,” then I would just take all those links that are on my site and I’d point them to my own shopping cart like immediately, I can do that in like 15 minutes like depending on how many products you have, you can do it like really, really fast. Anything that you’ve ever directed to a pretty link and if this is getting a little bit over your head, don't worry about it, but a pretty link is basically just where I was redirecting a link. Maybe I was doing a promotion on someone's YouTube channel and it was XYZ.com/GarlicPress and that went to my garlic press on Amazon,

Well, I can immediately go into my back end of my website and I can change that link to point to wherever I wanted to point so it's not everything is residing on that one channel. So, anyway, went on a little bit of a tangent there but I just got that message from my partner this morning. I was like, “Wow. That's awesome. I think we’re getting like 900 people a day over to our blog/website from Pinterest like every single day and there wasn't really like a major strategy other than just consistently post content like that was it. A lot of it is repurposing content. So, if we do one thing, we’re going to then repurpose it on a few different platforms. Now, obviously, your market might not be hanging out on Pinterest. That's okay. Find out the marketplace or the of the channel that they’re hanging out on and then go there. Start putting some content in front of them.

[00:11:58] Scott: But again, I'm not going to spend all the time here talking about like all of the different things that we can do. I just want you guys to be aware that you're not necessarily building a business on Amazon and if you are thinking that, I want you to rethink that. Okay. The other question is, is there customers on Facebook, Pinterest, Instagram, YouTube? So, are there people on those channels, any one of them, that would buy your product or products? And that could consume your content in your brand. The third one is, do you know what would grab their attention? Again, in this case, we’re trying to grab attention. There’s a couple of different ways you can do this. I was actually just on a call with one of our private clients and we were talking about his business. Now, this guy’s doing like $500,000 a month in one brand. Yeah. That's right, 500,000 a month. Crazy, right? She actually got like three brands and I think the second one is doing like 85,000 or maybe 90 now. Okay. But we were talking about how to grab attention in his marketplace and there's two different angles you can go and it’s exactly what I was talking with him about. You can go with the, “Oh, I'm frustrated. Here's the solution,” angle or you can go with, “Wow, that's cool,” angle.

So, what I mean by that is if you're selling a garlic press and every time like the common problem there is it smears so you would have like a video showing it's smearing. It’s almost like an infomercial in a sense, but you can do it a little less tacky and you're just showing the frustration. If someone that sees it, it’s going to be like, “Oh, yeah. I'm frustrated with that all the time myself.” It could be someone that’s a bass fisherman and every time they get it in the weeds they get hung up. You see him cast it and you see him getting it, and he’s trying to pull it. You guys can't see me but I'm literally like pulling it out of the weeds right now. Pulling it. Oh, now I got to cut my line and then I lose $5 or $10 of a fishing lure because I got it caught up in the weeds, but now with the Bass 5000 lure, it doesn't happen and then you show it and the guy never gets caught. That could be the attention-getting, it's a frustration or it could be a wow that's cool. It could be look at the shiny lure. You'll see it. You see me and you see me cast it and all of a sudden, boom, I caught a fish. Boom. That's cool. It wasn’t necessarily a frustration.

[00:14:07] Scott: So, you see, you have to think about the different angles in your marketplace. And then number four, here is what content are they searching for right now? That's another thing. Just do some research. Figure out your market. And that's why I mean it goes hand-in-hand with what I'm going to share with you in this response that I answered the question of how I find my target market or my niche because it is important. If you understand what the market is or who the market is, okay, and where they’re hanging out, what they want, then everything else kind of just kind of falls into place. It's not that hard. So, that's what I want you guys to be thinking of. Are you building an Amazon-only business? If you said, “Right away,” yes, it's okay but just rethink it, okay? I don't want you to think that you’re building an Amazon business and if that's what you're doing, that's fine. I don't personally look at what we’re doing as doing that. And anyone that I'm helping right now, privately, we’re not doing that either.

Like, they have already built a successful sales channel on Amazon but they're not building an Amazon business. They’re building a business and a brand and we’re just using that as leverage on that channel, but now what we need to do is we need to start focusing on the other side of things. And to be honest with you, the other side things, it’s a little bit harder but guess what, your competition probably is not going to do it but we can do it. So, why not? Put in the workload and here's the other cool thing. You're learning something through this process. You're learning a skill set. Marketing is a skill set, how to create an ad that gets attention in your marketplace. That's a skill. That's an asset that you're going to learn how to find that and if you find it in one market, you know how to adapt that to another market. I mean, in our inner circle we’ve got 10 people in there right now. We capped it at 10, working with 10 business owners. They’re all different businesses, all different products, all different brands, but what we’re doing is we’re doing exactly that.

[00:15:57] Scott: We’re figuring out for them what are the things that people are raising their hand for or that would raise their hand for. And then once we get their attention, what do we do with the attention? What do we give them? What do we do to keep get in front of them that they’re like thinking we’re giving them value which we want to? If you can run an ad and I’m doing quotes, air quotes, if you're running an ad but the ad actually delivers value, how is that bad? That’s actually good. You're putting good into the marketplace and you're the only probably doing it. Everyone else is like, “Buy my stuff. Buy my stuff.” We don't want to do that. We want to be the opposite of that and, yeah, it’s going to take some work, but guess what, the work that you’re going to be doing is going to pay off because you're also going to be learning something through the process. So, with that all being said, man, that was a long, long intro but I hope it was educational for you and you can go out there and make it happen. So, I'm going to stop talking so we can go ahead and listen to this first question or the question I should say and I will go ahead and let you guys listen to my response and I'll come back and we’ll wrap this baby up. Let's do it..

[Q&A]

[00:17:06] Scott: All right. So, this question comes in from Green Sequoia and he says, “How do you identify your target audience? My product serves more than just one group so I'm having trouble determining the ideal customers group.” All right. Cool. So, this is a common issue that I see with a lot of people because let's face it, okay, your product might serve just one part of the market. It also might maybe cover more than one. It might cover three, four, five different sections of the market or different uses. I see that a lot where your product might serve different markets for different reasons. I’d give you an example. Let's say you sell bungee cords. Well, you can use bungee cords for just about anything. But what if you made specific bungee cords that worked really well inside of a certain market? Maybe it's the outdoors market. Maybe it's the bungee strap that's designed specifically to hold down your, I don't know, kayak.

Now, you guys have heard me probably talk a lot about kayak bass fishing, well, that's how we would narrow down our focus and find our target market or we would create a product that would serve that market and we would specifically design or specifically market our products to those people. So, how do you do this? Well, first off, you got to think about your product. Now, if you have any history in your sales, you're going to probably see what that product is being served for. So, if you don't have that history of sales, here's something you can do. Here's a big tip for you. Go to your competition, look at the product that you are looking to sell or thinking about selling, and then start going through the reviews. Inside of those reviews, a lot of times people are going to be talking about what they're using the product for. Now, you might be saying to yourself, “I already know what they're using it for.” Well, then you've already got the answer but with that being said, you can still probably drill a little bit deeper. And that's what I like to do.

[00:19:08] Scott: Like I said, if you are selling a bungee cord and then you found out that your bungee cord is being used for bass fishing or kayak bass fishing then guess what, you better start looking into the kayak bass fishing market because now you can serve that market with not just that one product but other products inside of that market. The other thing that you can do is go to Facebook groups. Inside of these Facebook groups you’re going to start hearing what the market is also using the product for or maybe other products that are similar to your products. So, that's what I would probably do. Number one, I would go to Amazon and I would go ahead and start going through the reviews of my competitor’s product or products that I'm thinking about selling or if I already currently have a product that seems a little bit broad, I’d start going through my own reviews and I’d start seeing what people are using it for or buying it for.

And then this way here, all of your material, all of your content that we've been talking about that you’re to be creating or maybe the messaging inside of an ad or maybe the messaging inside of your Amazon listing, all of that stuff can be now tailored towards that market. And I'm telling you right now if you can figure that part out which I think we all can, if you can figure out how to clearly target that person, that would be more likely to buy it for that reason, you have a much greater chance of selling it. And here's the other cool thing. It's not going to be as competitive because if someone’s selling a standard bungee cord then they’re going to look at that and go, “Okay. Cool. It's a bungee cord,” but if they see yours that says, “Specifically designed for kayak bass fishing or for kayaks,” and they see that your bungee says that, guess what? I'm going to think I’m going to buy that one because it’s specifically created for me. So, it's really, really important that you do that. And the other thing I would say is just, again, really start to deep dive into your market and what I mean by that is just start going to Facebook groups. Maybe if you have an email list, see how they’re using the product but you have to get started somewhere, you have to see different directions, that that product could be served for and then see if it makes sense for your brand.

[CLOSING]

[00:21:30] Scott: All right. So, there you go. There is my response to how do I find my target market or my niche and I think I covered a lot in the beginning of this episode as well and hopefully it got you to rethink your business and if it's an Amazon-only business or if it's a business that you want to go out there and find your customers and really how to get their attention and then how to direct that attention over to your web properties as well and your assets and all that stuff and just keep in the back of your mind that Amazon is a channel. You are using that channel. I think you should dominate that channel if you can and you can do it really, really a lot easier if you have those outside resources as well because like I said in the beginning here our blog and our new brand is getting a lot of traffic.

I mean, monthly right now I think we’re right around 30,000 and in the peak months we’re getting anywhere from 50,000 to 70,000 and a lot of that is coming from those other social media sources like Facebook, Pinterest, whether it's Instagram, and from there we’re able to take that traffic and then push it to wherever we want. In this case, we are still driving a lot of those sales through Amazon, but we’re also able to build an email list. We’re also able to pixel all of the people that land on that page, which then we can re-target later. So, all that cool stuff can happen if you are able to build your own assets. So, definitely rethink that if you are thinking that you’re building an Amazon-only business. And, oh by the way, we’re going to be covering this in detail. I know it's a little while away. We’re going to be doing this in about, well, depending on when you’re listening to this in the next 11 to 12 months, but in the meantime, well, you can be heading over to my YouTube channel where I’m talking a lot about brand building and really how to build those outside channels.

[00:23:31] Scott: So, definitely head over to TheAmazingSellerTV.com and you'll find all that stuff there. Subscribe. And in this way here you get all of the notifications when I post a new training but we’re going to be deep diving all of this stuff, brand building, outside sales channels, how to build a real brand that does not have to worry about competition and doesn't have to worry about Amazon shutting down our account. That's going to be happening at our Brand Accelerator Live conference or event which I am fired up about and I’ve got a lot of cool details I’m going to be sharing with you as we continue to approach the date of that event. But in the meantime, if you have not grabbed your ticket, head on over to BrandAcceleratorLive.com. Depending on when you're listening to this, tickets are available or if you're heading there a little bit late, they might not be available and there might be a waitlist and I would jump on either one of those if that is the case but grab your ticket. I’d love to hang out with you and I'd love for you to be able to connect with a lot of like-minded people that are doing the same thing that we’re doing.

We’re building a lifestyle business, one that we can be proud of, but also one that will be here today, but also tomorrow and really securing that business and creating something that's worth more than just a standalone Amazon-only business. All right. So, BrandAcceleratorLive.com or TheAmazingSeller.com/Live, go there, check out all the details. And the show notes to this episode can be found at TheAmazingSeller.com/565. All right, guys. So that’s it. That’s going to wrap it up. As always, remember, I’m here for you, I believe in you, and I’m rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.

[END]

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