Developing a Niche Product

When looking for a product to sell on the internet you must apply principles of common sense. Like anything, you must apply your due diligence and research your targeted customers. If anyone makes wild claims that making a fortune on the internet is easy it’s probably a scam. Beware, no one can guarantee a fortune. Like anything, it takes a lot of careful planning, research, education and a lot of hard work.

The truth is you can make millions of dollars online but it takes lots of work. The first thing you need to do is find your passion. It’s a lot easier to develop an online business when you really love the service or product. Think of things you have a lot of knowledge about. What do people ask you about? So how do you translate your passion into a successful online business? Just focus!!! Some people love certain hobbies, others sports, some love cars and others love education. Whatever it is just stop and think. Make a list of things you like and write them down.

Now you’re ready to do some research. You basically need to make sure other people are interested in your passion. This is the first step. You are identifying a targetable niche market.

This is critical to your success. You must study the niche market and then develop a product or service that solves people’s problems. Unfortunately, most people do this the wrong way around. They develop a product or service and then find there is no market for the service.

Check out the online newsgroups, discussion boards, chat rooms and type in your keywords in Google to locate markets that relates to your passion. You also need to research your competitors and how they cater for these markets. Obviously, if there is good demand for your product or service, and few businesses catering for their needs your chances for success is high. Too many competitors or low demand means it’s not viable. Some keyword tools that may be useful in gauging demand are WordTracker and Yahoo Overture’s Term Suggestion Tool. These internet tools assist you in researching which keywords are frequently searched by your targeted market and will identify your competition. Overture will tell you how many times words or phrases were searched in Overture in the last month. If there is already too much competition selling your product or services or not enough customers buying or searching for your keywords, then it’s best to find another niche market. That’s why it’s important to identify a targetable niche market first.

Once you have identified the niche market and a product or service people want it is time to either source or develop the product or service. This is a whole new topic within itself. It is sufficient to say that you can either source the product from a wholesaler or perhaps drop ship the product. If it’s an information product you can write your own ebook or hire someone to write it and sell the product electronically online. Most people convert their information into PDF format or purchase software programs that convert the information into an ebook format. The next step is to write effective sales copy. Once again you can educate yourself and write the sales process yourself, or hire an expert to do this. Your sales letter must be compelling and it must address your customer’s problems with a solution. It has to be something they need or want. In other words, you must address the niche market and then sell them the product. Try to automate this process as best as you can. You must have good sales copy, an automated ordering system such as Pay Pal or click bank, a plan to contact customers such as email or newsletters, ads, headlines etc to attract traffic to your website. This is an ongoing process and you should be constantly testing, tracking and revising this process. Remember when you plan to succeed, you will succeed, but when you fail to plan, you will fail.

Finally, use your customer base to listen to your clients. From time to time, you shouldn’t be afraid to ask questions or survey your customer’s. This can help you do your job better. It can also lead to other niche markets as you discover their needs or other problems needing solutions. As you obtain customers, offer other products or services via your emails or newsletters. Emails are free. This is where affiliate products that are complimentary to your business can earn you backend income. All you have to do is refer your customers to other products they may be interested in and collect your commission. Your success is dependent on effective research and choosing a product or service people are searching for. All you have to do is provide it. Once you master this, there is no reason why you can’t succeed!

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