Topics
- Importance of niche
- Connecting with target audience
- Expanding horizontally or vertically
Video summary
The video discusses the importance of having a specific niche in order to connect with people who could benefit from your service. The speaker suggests starting with a small, specific group such as veterans with a certain skill or interest. By focusing on one group, you can cut through the noise and become their go-to resource, and later expand horizontally or vertically. The video also briefly mentions income streams.
Dig Deeper
Niche Selection
In the video, Samuel is asking Pat for advice on how specific his niche should be. Pat advises that the riches are in niches and it's easier to connect with people when you start small and hone in. It's important to pick a narrow niche to cut through the noise and become the go-to person or resource for that particular group. For example, Samuel wants to help service members and veterans, but he should pick a specific group within that and help them all with the same pathway. When you provide massive value to a small group, they become loyal and will help you expand horizontally or vertically.
Income Streams
Income streams are the different ways to make money online. In this video, the host talks about how income streams help achieve financial freedom and provide opportunities to live life on your terms. There are several ways to create a new income stream like affiliate marketing, online courses, sponsored content, or coaching. Affiliate marketing is a performance-based marketing method where an advertiser pays the affiliate a commission for promoting their products or services through a unique link. It's a popular income stream for bloggers, influencers, and content creators, and it has a significant impact on the affiliate marketing industry.
Impact on Affiliate Marketing Industry
Affiliate marketing has undergone significant changes in the past few years, and it continues to evolve. With the rise of social media, influencers, and content creators, affiliate marketing has become a popular income stream for many people worldwide. The industry has grown exponentially, and it's projected to reach $8.2 billion by 2022. The impact of affiliate marketing is not just financial but also cultural as it has changed the face of the online marketing industry. It has created a new model of marketing where people can make money online from anywhere in the world through affiliation with different companies. Affiliate marketing has become an essential part of the digital economy, and it's here to stay.
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