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Notice the headline doesn’t say, “How to Create a Product and Sell It.” Frankly, that’s exactly what most marketers do – they create a product without any thought to what the market wants, and then they try to figure out a way to sell it. Result? Most times: failure.
To create a product that sells, you want to first identify a niche that’s hungry, and then offer them whatever it is that they are hungry for. The hard work is in finding that target audience that is ready and eager to buy.
Once you’ve done that, creating the product is the easy part, as well as the fun part because you know in advance that you are about to make money.
So how do you identify a hungry niche?
Here are keys to look for when investigating a possible market:
Are they in pain? Are they seeking relief from that pain, and are they willing to pay for that relief?
Do they have a problem? If so, are they willing to pay to get the solution to that problem?
Are they seeking a specific pleasure? Are they willing to pay to receive that pleasure?
My advice is to focus as much as possible on the first two. While people are certainly willing to pay for pleasure, they will part with their money far faster to relieve pain or solve a pressing problem.
If you find competition in your prospective niche, it’s a good sign that there is money to be made, so don’t think you’ve got to find some great undiscovered niche – it’s not likely to happen. If there is no competition, realize that it’s probably because no one is buying.
Now then, you are going to allow your market niche to define your product. In other words, rather than creating the product and finding the market, you’ve now found your market and you’re going to create your product to satisfy the specific needs of that market.
Let’s say you’re targeting retirees who want to make extra income online. What do you know about your niche? You know that generally they’re not as computer savvy as teens and twenty-somethings, that they’re going to be more receptive to building long term income rather than something that’s supposed to make them rich overnight, that they’re likely to be more skeptical when it comes to making money from home, and so forth.
Thus you are going to target all of your marketing and your products using the information you gather from your research on this niche, and you’re going to always have your prospects in mind when you’re working on your business. You might even imagine a couple of your best prospects right there in the room with you as you’re creating your product and your marketing materials.
Let me give you a head start on finding a niche that’s just dying to purchase your product.
The three biggest, hottest and hungriest mega niches are…
- Health, fitness and weight loss
- Making money
- Relationships, dating and personal development
These are excellent starting points, but of course you’re not going to target the ENTIRE health, fitness and weight loss market. If you’re trying to market to everyone, you are marketing to NO ONE.
Thus you’re going to drill down to find the specific group within these niches that you want to market to.
Examples: College women wanting to lose weight. Stay at home Mom’s wanting to earn money. People married over 10 years wanting to put the spark back in their marriage.
And you could narrow it down from there. The point is, once you have a hungry niche, you extensively research and even interview that niche until you know exactly what they want, and then offer it to them.
Do you see the difference between guessing what people might want, and KNOWING in advance what they will pay for? It will save you time and frustration while growing your bank account 10 times faster than guessing ever would.