Almost everyone I talk with has an idea of a new product or service they want to offer online which is why they came to me in the first place. Some times they already have a business, or some kind of experience related to this product. Other times they just have an interest or a “gut feeling” that makes them believe it’s a worthwhile project.
When this happens the first thing I advise is to forget about the product you think is so hot, or that great idea for a web site you think you have and concentrate on why you thought of it in the first place…. to make some money right?
Now this doesn’t mean your idea is a bad one by no means. It just means you have to come to terms with the fact that you really have no idea at this point if it is or it isn’t. Also, even if your product or service is needed you don’t really know how you can reach the people who need it and can afford it.
In other words, if you start with a product idea without any idea if there is a need for it or how to get it in front of those who need it then you are most likely facing a long and rocky up hill path. However, if you first find a hungry market with a problem needed solving that is relatively easy to reach you have already won the largest battle before it was ever fought.
This is not easy to do especially when you feel that your hot idea is why you are reading this article in the first place. Again, I am not saying your idea is not a good one. I am only saying you will be doing yourself an incredible favor by identifying a market (group of people who will buy your product) you can afford to reach first. This is what defines rather you are on a path to success or failure regardless of how good your product actually is. If you can’t get it the people who want it, nothing else matters.
So, how do we do this? We first have to identify a niche market in which we will be targeting. It is extremely expensive and actually impossible to market to everyone and there is no such product or service that everyone needs or even wants to buy… at least not from you. So, you must first identify your niche, define what it is that niche is looking for and figure out how to provide it to them.
Here’s a true example…
The late Corey Rudl, an undisputed pioneer of marketing online, after buying his first Ferrari he learned of a common problem among Ferrari owners of Ferrari emblem plates being stolen off of these sports cars all over the world.
Instead of “going with his gut” and quickly creating a website offering these emblems for a price he thought to be fair and marketing it to the world he decided to send a simple survey to Ferrari owners asking if he supplied them with replacements at a specified price would they purchase them? It was only when he analyzed his responses did he decide to source the product and put up the web site to solve their problem.
His website, which was nothing at all to look at, quickly brought in well into the six figures in sales in a very short time making it one of the most successful ecommerce sites of its day. Why? Because he knew he would be successful before he spent any amount of time or money and knew exactly how to reach his market long before he made his first sale.
In my next post I will discuss what exactly a niche market actually is and how you can go about finding yours.
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