If you do some basic searching on “niche marketing”, you’ll find that all the gurus and experts chime in with one major message – “Go where there’s a NEED and then create your PRODUCT.” But is that really all there is to it?
Obviously, you’ll want to find out if the people in your niche have money to spend. That’s one of the major reasons why niche products fail. You may (correctly) assume that people who have an URGENT NEED to solve a problem will be willing to spend money – for example, someone with constant, recurring heartburn is going to want to check out alternatives to prescription medicines.
However – that’s just one piece of the puzzle.
The second part – and the most critical – is that the person must be eagerly willing to part with that money. They shouldn’t have to stop and second-guess themselves if your product is what they really want…or if they should just wait and look around first. Contrary to what the “gurus” say, people are not throwing massive fistfuls of cash at ANYONE’s order page. They are looking for reasons why they should NOT buy.
Of course, there are a lot of ways to counteract this – putting a contact email address or form in case they have questions, adding a guarantee, promoting testimonials from other users (especially audio and video as they’re more authentic), and so on… but if the person isn’t absolutely willing to part with their money at a moment’s notice – you may have a hard time convincing them to do it!
Who’s Buying?
Generally, the more passionate people are about their hobby – the more likely they are to want to spend money on it. Case in point – over the last year, my father has become an avid collector of certain kinds of Zippo lighters as well as older lift-arm lighters.
He prowls eBay like a hunter, looking for rare and unique lighters at all hours of the day and night. He’s bought zippo guides, display cases, and keeps every single original box. That’s a kind of passion that collectors, hobbyists and enthusiasts have – and it’s worth tapping into when you create a product.
By following where there’s a lasting passion and excitement for a product (and not just a short-lived fad), you’ll be able to deliver a product that continually rakes in the cash, year after year – even when competing products have come and gone.
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