Fundamentals -­‐ Niche Selection Physical Product System

Fundamentals -­‐ Niche Selec2on Physical Product System Bonus By Rachel Rofé, Stephanie Henry, Keith Dougherty, and Don Wilson Fundamentals -­‐ Niche Selec2on " All right everybody, so we're going to talk about the first part of the fundamentals here. Which is finding your niche. We're going to cover this pre?y quickly at a high level. Then I'm going to go actually over the shoulder and show you how I find niches or "interests" on Facebook to go aEer. I have it as a life bullet point here, but I want to cover it very quickly. Let's not over think this. HesitaHng here is not going to get you anywhere. If you don't ever pick a niche and then start building that MVP model store, you're never going to make any money. It's not something you want to hesitate on. Don't over think it. You don't have to have it perfect. Especially this model, which is going to be very low cost, very low entry, Hme for entry. For you to get into a market and test out if you can make some money there. I'm going to show you how to find the niche and then gauge that niche's presence on Facebook. Remember that Facebook is very unique in the sense that interacHon and interests and hobbies and the things that people socially interact with on Facebook is not necessarily the same thing that they would go searching for on Google. We have to make sure that this niche that we have and that we want to go aEer, it has a good strong presence on Facebook. Okay? Let's actually go over the shoulder and show you how I do this. You can see that right here, I'm going to zoom this in a li?le bit. You can see that I actually have this interest pop up here and that I can see more. I want to make sure you understand how to get here. What I did was I basically typed in interest in the graph search bar. That's going to RachelRofe.com Page C2 go give you this magnify glass icon here. Click that, and then we're back to where I was. Right here is where you can either hit see more or the pages here. I'll go ahead and see more. I'll zoom in again. This is going to show you, and I have to block out some of these things, just for integrity purposes when we page this. I want to go ahead and show you, everything in my middle column here is what you would call the interest or the niches available to you on Facebook. You can actually scroll through here, and you can see firefighHng. We're going to actually use this one as my example in the following part of the video. You can scroll through here and actually see all the niches on Facebook. I want to start will quick to look at this jewelry. Now you might be confused here. While this is, obviously if you're going to get into the physical products selling, you're going to want to sell jewelry, right? At the same Hme, this is more of a category. You can target it, but that's not going to uHlize the power of Facebook. This is more of a category in a sense that it has no real meaning behind it. You can offer a jewelry item to someone, targeHng this, but you're not going to get the full advantage of Facebook. What you are going to want to do, is sell something like a ukulele necklace, targeHng this interest right. That's an interest on Facebook. This is more of a category. This is a type of product. That's not the same thing. I hope that makes sense. I just wanted to cover that really quickly. What I want to do now, like we said we're going to sHck with the firefighHng interest, or firefighter. We're going to go ahead into our ads manager. Up at the top here, you're going to see tools. You want to click this and hit audience insights. That's going to bring up my favorite tool in all of Facebook. You're going to want to go here and if you've never been in here before, that's perfectly fine. Again, if you're more advanced you've been in here before. What we're going to do real quick is cover the basics. We're going to look at all of the United States, 18 and above, gender is both men and women, and we have no interest selected. Something to note here, this gives us a great baseline against the general populaHon of the United States Facebook community. We have RachelRofe.com Page C3 54% of it being women, and 46% of it being men. When we go into market segmentaHon, actually a li?le bit more in this video here in a second. We'll show you why that's important to understand and it will give you some signals on some acHons you need to take to make sure you're targeHng correctly. If I was going to go aEer the interest of firefighter. I'm going to go ahead and select that. I now have 59% of this audience being woman and 41% of it being men. Now a simple Google search will tell me, now depending on what I'm targeHng here, but a simple Google search will tell me that there are more firefighters who are men than there are who are women. Why the discrepancy here? Well, it's because of a phrase that I've coined a long Hme ago called likes by associaHon. Basically the way that Facebook gathers people into audiences for people to market to, is by including them based off their social interacHon while on the placorm. Now the one thing to realize is if you don't input any hard data, which is like your profile, things that you actually like on Facebook, it's going to go off of soE data. These are phrases that I made up. The soE data would be your interacHons. You liking a post, you commenHng on something, you sharing something. That's showing intent for you to be interested in that market. Now the proof of this, and how I know that this is what Facebook does, is the second that I took myself off as employed at the company I used to work for, I started gedng job applicaHons and request for, "Do you want to work here?", for nurses. A couple of places in North Carolina asked me if I wanted to work for them, as a nurse. I'm not a nurse. I wasn't a nurse at my day job, but I've been selling nurse shirts for two years. My interacHon with the market, my interacHon with pages and likes and things like that, has made me be included in part of Facebook's audience. That's how they build up things for people to target. That can be really, really powerful if we understand it, or it can be really detrimental, because if you target an audience with a large porHon of it being likes by associaHon, you're not going to get great results. If I'm trying to sell something to firefighters here, a simple Google search tells RachelRofe.com Page C4 me that I need to cut the woman out, at first. I'm going to go ahead and do that. I can see that I have 2.5 to 3 million monthly acHve people include in this audience sHll. Now when I go into market segmentaHon, I'm going to tell you a lot about how to refine this and find good interest to go aEer. Right now I just wanted you to focus on at top level, we have nearly 3 million people who are monthly and acHve in here. Before we really drill down. That's a great start. That's how we gauge the presence here on Facebook. The second thing that we're going to do is look for how much compeHHon or a rough esHmate of how much compeHHon is in the market right now. There's only a 10,000 foot view that I'm going to check this out. I mean, really gedng into it. You can do a lot of searches and look around for fan pages and things, but we're going to do a top level check. There's two things that I want you to focus on when doing this. We're looking for people like, me or like you, who build fan pages for the sole purpose of selling physical products. There's a way to do that and a very simple method. Let's go over to the page likes stand. You can look for pages here that say, "I support", "I love", things like "I" or very personal messages a?ached with the niche in the name. I support firefighters, or I love firefighters, or firefighter moms, or things like that, that don't look like actual business and are actually community pages, will give you a good indicaHon of how much presence has been there, and how much presence is there selling physical products. Either it be t-­‐shirts or something else. Another way that you can do it in here, but you can also go back to this method here and just type in "I support". You can see right away I got, "I support firefighters". It's a page, a huge page, it's got 846,000 people. Right away you can see that they have a physical product being sold here on this page. That's pre?y cool. It's an easy way to gauge. It's an easy way to get your head around how many people here are compeHHvely selling into this market. If there is a hand full of pages, that's good enough for me. If I search the niche and saw nothing, I'd have to do further research into whether or not I want to sell into that niche. RachelRofe.com Page C5 We're going to go into a li?le bit more of a product selecHon, which you will see an outside look of Facebook to see how much you can come back to Facebook and see if you can sell that product. We'll see if you have a lot of sales on an item, then it's a good chance you might be able to come back to Facebook and see if there's a market there for you. I rarely bumped into a niche that hasn't had the stone uncovered here on Facebook. It's another ways, a means of tesHng your niche to make sure there's some buyer intent there already, because we're not afraid of compeHHon, remember. Okay, that's it for this video. We're going to go ahead and move into the next secHon about selecHng your product. I'll see you in that video. RachelRofe.com Page C6