TAS 643 Ask Scott #201 – How Do I Know Which Niche to Build My BRAND Around?

Are you fired up and ready to take on all the challenges that stand in your way of success? Could you use a little push in the right direction? If so, you’ve come to the right place! It is time for another session of Ask Scott here on The Amazing Seller! On this episode, you’ll hear from Scott as he shares his thought of the week, an answer to a question from a TAS follower like you, and much more. Don’t miss a minute of this helpful episode featuring Scott’s experienced perspective!

Think bigger than just the buyers!

Everyone is going after buyers on the ecommerce marketplace today, are you going to join along with the crowd or are you going to do something that makes your brand stand out? No one wants their business to fade in the background while someone else shines, but so many sellers are not willing to do the hard work to differentiate themselves from their competitors. If you want to stand out, you’ve got to think bigger than just the buyers in your niche, you’ve got to think of your whole niche market and how to stand out as a brand that serves them. To hear more on this vital topic, make sure to catch this episode of The Amazing Seller!

Why niching down works.

Time and time again, sellers turn to Scott to find out how they can sell more of the product they’ve been selling on Amazon. While Scott can provide helpful tips here and there that will move the needle, his approach is focused on identifying niche markets and building a brand from there. Scott doesn’t teach how to niche down to a specific market just for the heck of it, he’s done it and he’s seen the successful results first hand. Don’t be content to just make a few bucks off of the next fidget spinner, build an ecommerce business that will last! Listen to this episode of The Amazing Seller as Scott expands on this important subject.

Make sure to build out your assets.

If you’ve been around the TAS community for very long, you know that Scott is passionate about helping sellers like you build out your ecommerce brand by using tools like external assets. External assets like YouTube channels, Facebook pages, email lists, and ebooks are just a few of the examples that Scott teaches sellers to embrace. Where are you at in the process? Have you started building your external assets yet? If you are looking for a good place to start, make sure to check out the link to the ebook that Scott wrote located in the resources section at the end of this post!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [6:00] Scott’s thought of the week.
  • [10:50] Question: How do I know which niche to build my brand around?
  • [20:00] How to validate your niche market and grow your brand.
  • [23:00] You need to have a unified and consistent brand.
  • [27:30] Closing thoughts from Scott.

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TRANSCRIPT TAS 643

TAS 643: Ask Scott #201 – How Do I Know Which Niche to Build My BRAND Around?

[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 #643 and Session #201 of Ask Scott. This is where I…

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…answer your questions here on the podcast and I’m going to do it again here today and I’m excited. And I don’t know if you can hear at my voice but it's almost shot and that's because I was at a volleyball tournament all weekend with my daughter and, yeah, we were yelling a little bit so that's the voice. So, hopefully, we can get through this episode and I’ve got a few other episodes I’m supposed to record today so, fingers crossed, the voice holds up. So, anyway, today what we’re going to be talking about and this is a question that came in is how to know what niche to build the brand around or your brand around. It's a great question and actually, I am going to play the recording from a Facebook live that I did where I went through and answered this question in detail.

I actually did a whiteboard example, but you don't necessarily need to see that to understand how to actually do that because that is an issue that a lot of people face as well, “Scott, I've got this product and I want to build my brand around it, but I’m not sure I can or I’m starting and I want to be able to build a brand and I’m starting with the product and I’m not thinking about the market.” We got a good do that a little bit differently, actually, quite a bit differently so you’re going to hear in this response to this question, how you do that. And the more that you hear that, I should probably say this, the more that you hear this over and over and over again and it might seem repetitive but it's because sometimes it takes a different way of seeing an example or hearing it talked about that it'll eventually click or eventually it will pertain to your market and you’ll be like, “Oh, okay, now I get it,” because I've had people that have said that. They go, “Scott, I was struggling and then you give that one example or you kind of broke it down that way. Now it makes sense. Now I get it.”

[00:02:03] Scott: So, just understand that we’re learning this process and once you learn the process, you'll see how to identify these markets, these submarkets, these niches or niches, however you want to say it but that's really what we’re looking for and every time you look at a product, you want to say, “Is there a market that this product is serving versus it just being this coffee cup or something?” like we have to think about the market in order to do bigger things down the line and really be able to build a brand, and then from there take that and grow it through the additional things that we talk about as far as getting attention in your market and how to get people to want to buy from you when they have so many other choices out there. Like, all of this stuff will help feed that in your business and in your brand. And I probably should throw a little shameless plug in here. This is exactly what we talk about inside of the 10-step formula and ECOM Business Formula.

So, I have a book, a guide, that will walk you through it. If you’ve not grabbed a copy yet, I’m going to give you the link right now and that is ECOMBizBook.com. Again, that's ECOMBizBook.com and you can go there. You can check it out. Yes, you will buy me a cup of coffee but it was well worth the investment. I promise. And if you don't feel it is, email me, scott@theamazingseller.com, and say, “Scott, I got the book and you know what, I didn’t get anything from it.” I don't think that's going to be the case. Actually, I haven't had anyone do that out of hundreds of people so far since I've announced this so I definitely believe that it will help you and it won’t just help you once. It’ll help you over and over and over again because these are components you’re going to go back to and then build on as you start to grow the business because really validating the market but then we’re identifying the market and then from there we can actually figure out the roadmap to build that business in that market and in those submarkets and really find these other verticals in your market.

[00:04:00] Scott: All right. So, definitely go check it out, ECOMBizBook.com, get all the details there. The other thing I wanted to bring up here is if you want to ask your own question, head over to TheAmazingSeller.com/Ask and you can do that. You can ask the question over there and that would be awesome and that way there I can either listen to the question and air it or maybe I will show up on Facebook and do a Facebook live like I did here for this question or maybe on YouTube and I am showing up on Facebook quite a bit lately. I've been doing a Facebook live just about every single day, just jumping on and trying to help everyone in our community that's building a business in the e-commerce world and in this space and I just actually the other day I did another Facebook live where I was sharing this example of this little experiment that we just did in our brand and it yielded like $1,000. Actually, it was $1,002 in like 15 days.

And it's not from a product on Amazon. It’s just from traffic that we’re generating through the blog, through our content, and then we put an offer in front of that audience of a digital item that you can do the same thing in your market if you've already done the research like I teach inside of ECOM Biz Book. So, definitely check that out, but head over to Facebook too if you want to jump on asking questions. I’m generally there, like I said. During the day, I hop onto a Facebook live. There's no scheduled time. I just do it when I do have time so definitely check that out. That's TheAmazingSeller.com/FB. You’ll go to the page, you can like the page, and you get notifications if you choose to. All right. So, with that all being said, I have to share my thought of the week before we do jump into this question and it kind of goes hand-in-hand with just in your market in general. You really need to understand this and this is what I've really been thinking a lot about lately because I see a lot of people making this mistake and not doing this.

[00:06:00] Scott: You need to think bigger than just the buyers, okay? You hear my voice right there just kind of give out. You have to think about your market, not just the buyers in the market and what I mean by that is like right now I’ll give you an example. Right now, my wife and I are in the process of possibly getting a new car because our lease is up. So, we lease the one car. The other car, the Jeep we bought, I’m not thinking I’m going to lease again. I think I’m just to go ahead and buy and that's it but I wasn't in the market six months ago or eight months ago but I’m in the market now. Okay. So, now I’m doing a lot of research, I’m doing a lot of calling. I’m figuring out like where I want to go, what kind of vehicle, what's important to us and then once I figure out a car then I’m like, okay, then I want to do research on it. What is the safety on it, what are the benefits to it, what are the downfalls like all of this stuff, I’m doing all this research but eight months ago I wasn’t. So, see, I’m a buyer now, but I wasn't a buyer eight months ago. I wasn’t ready yet.

So, the same thing happens when you are in the fishing market and it's not fishing season right now for me. Maybe I’m a bass fisherman and during the winter when people are also ice fishing, I’m not but I am a bass fisherman but if you were showing up throughout the year with some new bass stuff that I’m going to be using in the upcoming season, I may buy early. I’m still that market. I’m just not ready to buy yet or maybe my pole broke and now I’m ready. I wasn’t ready six months ago, whatever. You get the idea. So, you need to be able to show up in your marketplace throughout the entire year so this way here when that that potential buyer that's going to eventually buy can find you and you can start building that relationship and start having people find you and not just you but your brand and your business and then say that's where I want to go to buy something or you may send an email out and then it may trigger something.

[00:08:01] Scott: They’re like, “You know what, I’m just going to buy it now.” I've done that. You’ve probably done that. So, just think of your business and your brand of not just being the one that's going out finding just the buyers. That's what everyone's trying to do. If you do it a little bit differently, you can have some really, really big wins here. And one other thing that you get, big thing, is you build that asset out or those assets inside the business that are driving traffic. Now, within that traffic, you can do things like we just did in the new brand and we just added another thousand dollars in two weeks so probably going to be about $2,000 to $3,000 per month revenue stream that's just about pure profit. We’re talking like mostly a digital item on that. Yes, we have a bundle that's attached to it. We have some other upsells, but the majority of the front end of the funnel, that's what's making the money right now. So, that’s an extra $2,000 to $3,000 per month because we went out there and we looked at the market as a whole and we said, “How do we get the people that aren’t just buying products right now but are maybe going to buy in the future?”

And then that way there, we can kind of recruit those people and saying like those are the people we want to speak to. So, it's really, really important that you understand that. Understand that you're not always just going after the buyers and if you are, you're missing out on a huge part of the marketplace for your business. So, just think about that. Again, this is exactly what we teach inside of the full-fledged training that we have which is a really, really deep dive inside of this whole process. But if you want the overview of it, but then also the 10 steps to actually get yourself clear on the roadmap, definitely check out ECOMBizBook.com. You’ll get all the details there, but that's exactly what we do. We have like two parts of this business and that is like short-term, find out the market or figure out the market, and then find those products, launch them on Amazon. That's kind of like the short within 12 months and then after that, phase 2, is really then we build out the external stuff and start building out those assets.

[00:10:03] Scott: So, definitely go check that out. That's exactly what we’re doing. That's what I teach. That's exactly what I live by. It's what I believe in. That’s how you future proof your business and your brand. All right. So, with that all being said, think about that. Your market is bigger, okay, than just the buyers, much bigger. Actually, there's a lot of opportunities there that you're leaving on the table if you’re not doing that. All right. So, with that all being said, let's go ahead and let's listen to this reply that I gave to one of our listeners and you'll hear exactly how I go about finding, number one, the additional niches that could be built around a product, a very, very generic product. All right. So, let's go ahead and dive into this week’s question.

[Q&A]

[00:10:50] Scott: Yo, what's up, guys? Today, we do things a little bit different. We’re going to actually fire up the old whiteboard here as long as I don’t get any interruptions that is, but here I wrote something here. I got an email, actually, no, it was a comment on a YouTube video and it was basically, and that's why I want to cover this, it was basically like, “Scott, I’m selling this product and I want to add something to the product so I can differentiate myself. Do you think that’s good enough?” I’ll give you the example because he publicly put it out there and we’ll just use this as an example. “If you're selling a water bottle, can I add a popular item that's also selling and kind of sister those things up and then will that help me sell that product?”

And the answer is it might. Don't know that, but what I do say is when that's what you're doing, you’re just competing on like, “Oh, this piece goes with this or I might buy this so I might buy this other thing and I might get traffic from those things,” but really what it comes down to, okay, and this is really how you have to look at this and this is the missing link. That's why I wrote it here. This is the missing link in my eyes. We’re looking at just a water bottle. Let’s just say all we’re selling is a water bottle right now. Okay. Who's buying the water bottle? There's a variety of different people that could be buying that water bottle. So, what we need to do is we need to figure out and this again is the missing link because once we figure that part out, everything else becomes so much easier and I’ll demonstrate that here in a second. All right. You might be able to hear my dog there. This is live by the way. Or if you’re watching this on YouTube, it’s not technically live anymore. It’ll be a replay or even Facebook for that matter.

[00:12:50] Scott: Which reminds me, if you want to go through this process that I’m going to go through with you right now kind of at a high level, if you want a deeper dive on that, well, you can just go ahead and go to ECOMBizBook.com and you can grab that book there and then that way there that will give you this here a little bit more of a formulaic, wow, that was a big word for me to use, in that process. All right. So, here let's get back to it. All right. But again, ECOMBizBook.com will give you the entire process. So, this way here we know this before we even get to this part because I don't want you getting to the point where you’re like, “Scott, I’m selling a water bottle. How do I sell more water bottles?” Well, Robin says, “Brody agrees.” That wasn’t Brody. That was Macy who’s my one-year-old, just turned one-year-old yesterday and it’s a Bernese Mountain Dog and a poodle mixed. It’s a Bernadoodle. Yes, and she is quite noisy at times.

So, yes, but she does agree with me here. All right. So, we need to figure this part out. If we don't know this in the beginning like who we are selling to, it's going to be very, very hard because then you’re just selling like a commodity. You’re just selling like a one-off thing like a water bottle like a water bottle could be used for a variety of different people. It could be used for a variety of different niches. We want to know that first. So, we need to identify who is buying the water bottle, who do you want to be buying the water bottle? Because if we can then figure that out, so, let's just say, for example, we say, “Well people that do yoga.” So, people that do yoga could be buying a water bottle and maybe then your content that you're going to be creating later, which is another part of this formula is figuring out, okay, if I know that the yoga market is buying it then what I’m doing all of my yoga content, it's going to also probably mention my water bottle because it’s especially designed for people that do yoga.

[00:15:02] Scott: Maybe there's a certain grip on it because when you’re doing yoga, you want to or maybe you want to attach it to your bag or whatever. I’m thinking on the fly here. But for yoga would be one. Maybe it is, let’s see, hiking. So, maybe it’s people that go hiking, special water bottle for them. So, you see what I’m doing here? I’m trying to identify the market or the niche that could use that thing and then we can start to tailor our messaging and our content and who we are targeting, we can start to dial that in. All right. Let’s think of another one. Let’s see. We could say someone that is into, let's see, if you guys have any ideas too, throw them in the comments.

We have yoga, we have hiking, maybe it is bikers or biking. Maybe that’s it. That could be like long distance biking or it could be mountain biking. But maybe we make it specifically for a mountain biker. Maybe we make it specifically for someone that does long marathon type bike races. Maybe that's what it is. Maybe it's for the hunter. Okay, maybe that's what it is. So, I just came up with four different submarkets that this water bottle could be sold to. Okay. Now, once I picked this out, guess what's going to happen? I’m going to go, “Oh, hiking,” I’m going to go ahead and start creating my brand to cater the hiking market and then my other products, the water bottle, the bag, backpack, different probably those clasps that go on because when you hike, you have those certain clasps, whatever, right?

[00:16:55] Scott: Everything in my product line is going to be catering towards that market. If I’m going to yoga, it's going to be a yoga block, it's going to be a yoga bottle, it’s going to be a yoga mat, it's going to be yoga pillow, I don't know, a case, whatever, right? That’s what that would be. If it’s for bikers, people that do mountain biking, it's going to be that. It’s going to be probably a bag that goes under a bike. It’s probably going to be a repair kit for their tires. It's going to be all of that stuff. So, do you see how much easier it becomes once we identify the market that we are actually going after? So, you can’t start this process and go, “I’m going to sell a water bottle because Amazon shows that there's a whole bunch of sales happening in this space on a water bottle.” That's going to be really, really hard because now you're trying to reach everyone.

It's actually harder to go out there and try to reach everyone than it is to really dial in the messaging on who is using this type of a water bottle. Okay. So, that's what I would recommend doing and again this is exactly what we do. This is just a high-level overview but this is exactly why I go through that process in my guide and in my book, ECOMBizBook.com. By the way, you can go there, a little shameless plug, but what that does is it allows me to start with the market in mind.  Now, we started with a product and we go, “Okay. It's a product but who’s the product serving? Who is buying the products? That’s why I did this right here. That's why I did that. Okay. I’m going to do this to bring even more attention to it. Boom, boom, boom. Who is buying? That's what we need to know. Who is buying our products? And once I understand who's buying that product, everything else becomes easier because now I know, okay, let me go out and see where these people are hanging out.

[00:18:51] Scott: Let's go ahead and see if there are actually people hanging out in groups talking about hiking. If there are, great. Thumbs up. Check that box. Move on through the process. Now, we can start learning what the market wants, what they need. So, that's again part of the process of going through this 10-step formula that I cover in my in my book, in the guide, ECOMBizBook.com, by the way, so go check that out if you want that deep dive because this is exactly what we do. So, now once I have that, I go, “Okay. Now, forget about that, forget about that, forget about that. I’m just focusing on that.” So, now I’m going to be, “Okay. What other products are selling in the hiking space that could go well with my water bottle?” What other products? Then what I’m going to do is I’m going to try to find product one, product two, product three, product four.

I don’t think you can see that over there. I’m running out of space. I did four products right there. That’s what I want to do. Then I’m going to say, “Okay. Now, hiking. What are people searching for?” What you need to bring on every hiking trip? I don’t know. I would go to YouTube and I would look up hiking and I would look up popular search items that people are searching for so they can do a better job hiking. How to climb a certain mountain? How to camp for three days? What am I going to need on my hiking trip? So, I’m going to start digging into that market and identifying what content I’m going to be creating for that marketplace. I’m going to see if they’re hanging out on YouTube. I’m going to see if they’re hanging out on Instagram. I’m going to see if they’re hanging out on Facebook. Wherever the market is, that's where I’m going to go. Then this stuff becomes easier. You see what happened there? We figured out who's buying, okay, so we kind of started with a product in mind.

[00:20:47] Scott: I would personally start this where I would look at the market first and then I would see what products the market is buying and then I would also run it through the rest of my formula which is then, is there a way for me to reach these people? Are there people searching for stuff on Google, on YouTube? Are there people on Facebook hanging out? Are there Instagram channels out there that people are following? Is there Pinterest? Like I’d be looking at all of these different areas to see what type of growth I have the potential to achieve? Because here's the deal. Even though I’m selling hiking gear let’s say and a water bottle, that's cool but now I can build a list in that market as well. Hiking tips, weekly tips. Maybe I’m a person that goes hiking every week or maybe every month and then what I do is I document that and I publish that on a regular basis, on my blog, on my YouTube channel, on Facebook. And then guess what happens? I start to develop this thing called traffic. Okay. And a lot of times it's organic traffic.

And then from there, I can turn that into revenue because if you're not aware of this, you can actually turn on ads right from the get-go through Google, by the way, AdSense is what they call that, and you can start making money from your Google traffic, okay, from that AdSense network on your blog. You could also turn on YouTube once you get past 1,000 subscribers and I believe it's 24,000 minutes I think it is. It’s something weird like that but you do need some momentum there on YouTube but that's why if you build an email list in the hiking space, you create a blog post about it, and then we maybe create a video on that and then what we do is we take our email list and we drive people over to our content that resides on YouTube or resides on our blog and that's how we can amplify that process and that's how we can get some more traction. So again, I want to jump on here and let you guys know this is the missing link.

[00:22:49] Scott: If you are not doing this do this, do this right now. You might be selling in the market right now. Actually, I had a call yesterday with a gentleman that is in three different brands. He’s like, “Scott, should I create a new separate brand for each one of these products because they're all different?” and I said, “Probably,” because, number one, you don't want to have things mixed because if you ever wanted to sell, it’s going to be a little bit off to an investor but the other thing is, is you're going to probably find one or two of those items that’s going to probably have a little bit more momentum and a little bit more of the growth that you can see and then you can start developing content and really start building out that brand. So, my advice was yes and actually, he needs to go through this process as well. We kind of did that together. We brainstormed and we found a submarket like this right here that I ran you guys through. So, this is definitely what you want to do. Look at the product but then look at who is buying the product, who is buying the product?

So, guys, if you want a deeper dive on how to do this from the start to basically the finish of validating, seeing the potential growth, the cool thing about that too is, guys, is once you figure this out, you don't have to do it all, but the cool thing is when you get to a certain point, you know that it's time to start dialing that up and start creating your content strategies, start building out your external traffic. So, there’s really like two phases to this. There's the short term phase which is identify the market, find a product or two that you know that the market is buying, build a little bit of momentum by selling that on Amazon to get a quick win but then start building the email list and then start building the content and that's really phase 2 of this thing. So, if want a deep dive, head over to ECOMBizBook.com. That's where I go through that entire formula and walk you through step-by-step so this way here, you can lay it all out. You can basically build a roadmap. You don’t have to go and really like go on the entire road trip yet. It's kind of like you’re looking at your GPS and you're like, “Oh yeah. I got a long trip ahead of me.”

[00:24:52] Scott: Yeah, you do. You got to get through certain states in order to get to the destination. It’s the same idea here. You got to do one thing at a time but as long as we have the roadmap, as long as we have been market identified and who is buying and then we validated that, yes, we can do that in the future as far as this external stuff and building the email list and all that, that's all you need to do. And then once we do that, it's really, really super easy because look at this, instead of saying, “I’m selling a water bottle,” now I know exactly, exactly who I’m selling it to. the hiking market. And now I can say, “What else is that person need that's in the hiking market? What other things are they searching for on YouTube? What are they searching for on Google? Are there any Instagram channels? What are people paying attention to?” Here’s another little side note here. They might not be hanging out on Instagram.

That's again part of my process. I’m going to go through that process to see where they are hanging out and wherever they're not hanging out, I’m not going to spend time over there figuring that out. But for the most part, most of those markets out there and submarkets are hanging out on Facebook but you got to do this deep dive. You got to be able to go through and run it through this process. So, again, if you're struggling with figuring out who you're selling to, who is your market, grab ECOMBizBook.com, another little shameless plug, and let me tell you something. You will buy me a cup of coffee and I will appreciate that but let me say this. If you grab that book, it’s a digital copy. I do recommend that you actually, I printed out a copy of it right here because I like to basically thumb through and like right there. I like to be able to make notes. I like to be able to go through and have this at my fingertips. So, if you are like me and you want to print this out, I’d downloaded and then I would print this out and go over to Staples or OfficeMax or Kinko's, wherever, and I will print that thing out because you're going to want to go through this process.

[00:26:52] Scott: And once you do, you're going to be able to go through that process again and again and again so this way here you're kind of training yourself on how to go through that process because any time someone comes to me, they’re like, “Oh, I want to sell this marker.” I’m like, “Well, who’s buying the marker? Who’s the market that you're selling to?” “Well, entrepreneurs.” “Okay. What else do they buy? Whiteboards. They buy replacement erasers. They buy standup desks. All of that stuff.” So, you have to understand who the market is before you can decide what they're buying and then from there, you can start to develop your strategy moving forward.

[CLOSING]

[00:27:31] Scott: All right, guys. So, yes, that went a little bit longer than I expected but that's kind of what happens on my Facebook lives. I just kind of get into it and one point leads to another and another and I always want to make sure that I’m very, very clear on what we’re talking about. So, I hope you got value from that. I hope now you understand how you look at a product and then how it relates to a market and how you can do that right now and you should be doing that so get out there and definitely make that happen. Let me remind you, guys, on the show notes to this episode, they can be found at TheAmazingSeller.com/643. What I’ll also do is I will link up that video of myself walking through that process on the whiteboard and you can check that out if you want to and that’ll be at that link with the show notes. And if you want to ask me a question, head over to TheAmazingSeller.com/Ask.

And then the last little call to action here is if you are interested in going through that 10-step formula, head over to ECOMBizBook.com and get all the details over there. 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 am rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, if I have any voice left that is, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.

[END]

 

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