How to do In-Depth SMMA Niche Research In 2023 - Bhavesh SMMA

Summary

In this video, Bhavish shares valuable insights on conducting niche research for marketing agencies. He emphasizes the importance of understanding the niche's saturation, competition, and ticket size to ensure success. Bhavish demonstrates how to use Facebook's ad library and LinkedIn to research competitors' offers, guarantees, and strategies. He advises new agency owners to invest time in research to identify profitable niches and create compelling offers that resonate with potential clients.

Takeaways

• 🔍 Niche research is crucial for understanding the market, potential, and competition in a specific industry.
• 💼 The speaker has experience running a marketing agency, providing insights from practical business operations.
• 🚀 Starting without proper research can lead to difficulties in acquiring clients and understanding the niche's potential.
• 💰 Ticket size, or the amount prospects make per sale, is a critical factor in determining the profitability of a niche.
• 📈 Market saturation indicates the presence of established agencies and can suggest the potential for success if competition is high.
• 📊 Outreach research helps identify where prospects are active, such as LinkedIn, Facebook, or Instagram, guiding effective targeting.
• 📝 Analyzing competitors' offers and guarantees provides insights into what strategies are successful in the market.
• 💡 The importance of justifying your pricing to prospects by demonstrating the value and potential return on investment.
• 🔗 Utilizing Facebook Ad Library and LinkedIn to research competitors' strategies and understand industry trends.
• 🌐 The necessity of adapting and evolving offers over time to stay competitive and meet market demands.

Q & A

What is the main topic of the video?

The main topic of the video is how to conduct niche research properly for marketing purposes.

Why is niche research important for starting a business?

Niche research is crucial for understanding the potential of a niche, its saturation level, and the earning potential of prospects, which are key to determining if it's worth investing time and effort into that niche.

What does the term 'saturation' refer to in the context of niche research?

Saturation refers to the level of competition and the number of established businesses in a niche. A saturated niche indicates that there is a market and that agency owners are making good money, suggesting a higher chance of success.

What is 'ticket size' in the context of niche research?

Ticket size refers to the average amount a prospect makes per sale. It's important to choose a niche with a high ticket size, where prospects earn more than three thousand dollars per sale, as it can influence the pricing and success of your services.

How does the speaker suggest justifying the price of your offer to prospects?

The speaker suggests justifying the price of your offer by demonstrating the potential return on investment. For example, if a prospect can make four to five hundred dollars per sale, and your service can generate 35 to 40 leads a month, the prospect only needs to close one sale to break even or profit.

What is the significance of researching where prospects hang out online?

Knowing where prospects spend their time online is significant because it helps in targeting the right platforms for outreach, ensuring that marketing efforts are concentrated where the prospects are most active.

What are some of the platforms mentioned for conducting niche research?

The platforms mentioned for conducting niche research include Facebook, LinkedIn, and Instagram, with specific focus on groups, pages, and profiles of individuals and businesses within the niche.

How does the speaker suggest finding more search terms for niche research?

The speaker suggests finding more search terms by starting with at least one known term in the industry and then using platforms like LinkedIn to discover related terms by searching and scrolling to the bottom of the search results page.

What is the purpose of researching competitors' offers and guarantees?

The purpose of researching competitors' offers and guarantees is to understand what is attracting customers in the niche, what kind of promises are being made, and how their services are being positioned, which can provide insights for developing your own competitive offers.

Why is it important to look at the numbers mentioned in competitors' ads during research?

Looking at the numbers in competitors' ads is important because it gives insights into the kind of results they are promising or guaranteeing, which can help in understanding the market expectations and in setting realistic targets for your own services.