Product Creation is still one of the fastest growing segments of online marketing. Whether you create an e-book, special report, home-study course; e-course, interview transcript series or an audio product, an info product can help you expand your business.
Generally, when an entrepreneur ventures into product creation, they forget the rules they used when they started their business. Researching should have been among those first rules. That’s the key to creating a profitable info product – research. This is how you determine the correct product to create for your niche.
Niche clarity is an area of great concern for first-time product creators. This lack of understanding often results in creating the wrong product (or the wrong type of product) for their audience. Allow me to elaborate.
I recently met a lady who sells facial products. When I asked who her target market was, she jokingly replied, “Anyone with a face!” While that might have been good for a laugh, it won’t get her to the bank. A nearby photographer gave me the same answer when I asked who her market was. I inquired further of the photographer.
I asked her specifically who she did the most work for. She listed four of her major clients, which left me in yet more confusion. She shoots weddings, architecture, babies and nature. It was a bit too much for me, so I left her alone. Just further proof that if don’t know your niche, you can’t get rich!
Let’s take a look at the word ‘niche’ from the businessdictionary.com. Niche if defined as, “A small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.” Did you get all of that?
Perhaps an easier way of putting it is that a market is a segmented group of buyers, and a niche exists within this segmented group. Let’s say you are selling dresses designed specifically for moms who work. This could be a market. You could have several niches within the market of moms who work. Consider this list:
- ‘Moms with children under 1 yr. old who work outside the home,’
- ‘First-time moms who work part-time’
- ‘Moms who work and hire nannies’
- ‘Moms who work in offices that have daycare centers’
- ‘Moms who work at home but hire a sitter’
And on and on. Knowing your niche is an essential step towards attracting the clients –and the sales–you need. Invest the time in this process and you’ll be off to a great start.
Note: This article is excerpted from the soon-to-be-released e-book, “Super-Responsive Info Product Secrets,” with a bonus report, “How to Create Your First Info Product – Without Writing a Word.” Watch for it next week in the MWMarketPlace at www.marketwyze365.com.