Using AI to find a profitable niche

- Let's debunk a popular myth in the world of business that your audience can be, well, everyone. I mean, it sounds logical, doesn't it? The more the merrier, you don't want to turn down any potential sales, right? But in the quest to be everything for everyone, there's a good chance you'll end up being nothing for anyone. And it's a bit of a predicament, isn't it? So instead of casting your net wide into the vast ocean, how about we aim for a very specific pond? We'll find a very specific audience and become their go-to choice, the no-brainer. And that's exactly what this handy-dandy prompt of ours is designed to help with. This prompt is like your audience GPS. It identifies potential audiences for what you offer, and then gives you a recommendation of a specific niche and ideas on how you might woo them. You intrigued? Let's take this baby for a spin, shall we? Okay, we're back in Microsoft Edge, let's roll over that Bing logo in the top right to get our chat window up here. We're going to keep it in Creative mode, and I shall paste in my prompt. "You are an expert industry researcher who can help me identify my main audiences and what drives them to make a purchase." "I want you to give me a list of audiences in, curly brackets, area, who are most likely to buy, curly brackets, product." "Present your results on a table with three columns, the audience, what motivates them to buy the product, how I can address their needs better." "Then recommend five niches," or niches, if that's the way you like to pronounce it, "that would allow me to serve a specific audience better than anyone else in the area." "Give me advice on how I could validate this proposition and suggestions on how I could get my message to this audience effectively." Then we've got our variables at the bottom, product and area, so I'm going to paste in here for product and area. The product is investment banking, and the area is Canada, the whole of Canada. Let's see what we get as a response from Bing. Don't you just love the little happy face that gives you at the end of the response there? "I hope this helps." (laughs) Right, let's have a look at what it's actually delivered for us. Pretty much it's delivered exactly what we asked for there, and we were very specific in our prompt about what we wanted to get. Now, this is something when you're writing your own prompts that's important, is that you are specific. I like to get people starting with the output that they're looking for, the ideal output, and then we write the prompt based around that. So here we go, we're starting with a table, like we asked, that's got audience, motivation, how to address their needs. So it's given us here four different audiences. Okay, large corporations, mid-market companies, government entities, institutional investors. It's given us the motivations for each of these audiences and telling us how to address their needs, that could be quite useful there. And some possible niches that would allow you to serve a specific audience. There we go, it's bringing in mining and resource companies, there's a lot of those in Canada, tech companies, renewable energy companies, indigenous businesses, social enterprises. These are all niches that you could really focus on. "To validate your proposition for each niche, you could," and here we go, some good recommended information here, "conduct market research," of course, you're going to have to do that, "SWOT analysis" and other ways of analyzing the strength of this idea. "Test your value proposition, evaluate the feasibility," great good stuff. "To get your message to your target audience effectively, you could build relationships, create compelling marketing materials, leveraging online platforms, attend or host industry events, seek referrals or testimonials." There's some really good solid advice there. A lot of this is advice that you would probably, if you're serious about business, you would probably do this stuff anyway, but it's good to get a reminder of this. So I think that this is a really good response. And just remember, when you're writing your own prompts, that you can actually ask for quite a lot and for some very specific things in the AI's response. And you get something like this. Well, isn't that something? That's your roadmap to making a mark. Now all you've got to do is validate these niches and zero in on one that just brims with potential. Personally, I've got my fingers crossed for you, I'm hoping that this might inspire you to conjure an express coffee delivery service for, say, bold LinkedIn Learning Instructors. I can wait. (doorbell rings) Oh! Oh really? Thank you very much. Oh, and a biscuit, thank you. Well, it looks like I don't have to wait after all, cheers.