3 Secrets To Find a Profitable Niche

Mark Wallace

Discovering the perfect niche for your business isn’t just about identifying a sector you’re passionate about—it’s about uncovering a segment that’s both under-served and profitable. With countless markets saturated with competitors, standing out requires a unique approach.

In my journey from launching a classified ads software in university to creating a successful marketing agency. I’ve learned that finding the right niche is not just about selecting an industry. It’s about finding who your ideal customers are and solving their specific problems.

I’m sharing the essence of my experience and the 3 secrets that have significantly contributed to my success and can help you maximize your business’s revenue.

Practical Steps for Finding Your Niche:

  1. Industry Research: Conduct thorough research to identify which companies (or people) have lots of money, high profit margins, or have really painful problems. Then match their problems with your skills, passions, or product.
  2. Analyze Competitors: Look at what your competitors are doing and find areas they are overlooking.
  3. Test Your Concept: Validate your niche by testing your product or service with a small segment of your target market.

The Misconception About Niches

Many believe that a niche is an industry. However, through my initial missteps—starting with a focus on Canadian lawyers for SEO services—I discovered that a niche is far more nuanced. It’s about the type of person you want to serve. This realization shifted my focus to entrepreneurs aiming to grow from six to seven figures, which opened up a new realm of opportunities for my business.

Secret #1: Beyond Industries

The first secret lies in identifying not an industry, but the type of person you want to work with, understanding their pain points deeply. This approach will enable you to tailor your services to meet their specific needs, thereby creating a more significant impact.

Secret #2: Target Profitable Customers

It’s not just about finding any customer; it’s about targeting those who run profitable and high-revenue businesses or are wealthy individuals. This insight led me to pivot from a broad, industry-focused approach to one that zeroes in on the right people, ensuring more meaningful and lucrative engagements.

How To Find Your Niche Secret #3: Clear Solution Alignment

Understand how your target audience wants their problems solved. This means aligning your offerings with their expectations on quality, speed, and cost. For my marketing company, we chose to focus on entrepreneurs stuck at the six-figure mark, providing them a clear path to seven figures without the headache of social media content production.

The Bonus Secret: A Killer Landing Page

Even with a well-defined niche, success hinges on your ability to convert interest into action. A killer landing page with a clear offer is crucial for turning prospects into clients.

I invite you to watch the embedded video below, where I dive deeper into these secrets and share how you can apply them to find your niche and scale your business effectively.

By focusing on the type of person, targeting profitable customers, aligning solutions with customer expectations, and ensuring a compelling online presence, you can find your niche and carve out a successful path in any industry.

How do I identify my ideal customer niche?

Start by understanding the specific problems your target audience faces and how they prefer these problems to be solved. Look beyond industries to the characteristics and needs of the individuals within. Ideally? Find people and companies with a lot of money to spend (high margins) and solve their problems.

How specific should my niche be?

While it’s possible to cater to multiple niches, focusing on one allows you to build expertise and a strong brand identity.

How do I know if my niche is profitable?

Any business can find a profitable niche by focusing on the types of customers that align with their services or products, especially those willing to invest in solutions. What does this mean? It means find people or businesses with a lot of money (high margins) and solve their problems. OR find people or businesses with big, painful problems. Those types of niches will pay you the most to solve their problems.

Mark Wallace from Autogrowth Academy

About the author

I'm Mark (AKA Money With Mark) and I'm an entrepreneur that got stuck working 60+hours a week and paying myself <$50k / year. YIKES. Now, I run a 7 figure marketing company and travel 4 months every year. The content that I make helps other stuck entrepreneurs hit their first 7 figure year without posting on social media, or burning out.