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.

Find Your Passion

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.

Identify a targetable niche market

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 Word Tracker

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.

Develop your Product or Service

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.