Create a product for a target audience.
To create a product that sells you want to first identify a niche that’s hungry, and then create a product. Create a product to 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.
It is also the fun part because you know in advance that you are about to make money. So how do you identify a hungry niche?
These questions will help you find or create a product.
Here are some 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.
They will also pay to solve a pressing problem.
Embrace competition and become better.
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 because 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 then 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 walk through an example or two.
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. And 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.
Here are some of the hottest niches right now.
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…
1. Health, fitness, and weight loss
2. Making money
3. 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 moms 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.
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