When we consult with and coach our members who are looking for a way to make money online, one thing we always tell them is to determine what niche they want to be in. That niche could be one they have experience with (good) or one that has proven over time to be a big success (better) or both (best).
Just being in a niche does not mean it will be a good one or sell well over time. Once they determine the RIGHT niche to pursue, we then we advise them to do more homework – competitive intelligence to determine what others are doing in the same niche. Then we ask they to think about how they can do that something better than or quicker than (preferably both) than others in that space. We use a series of questions, checklists and online tools to probe the niches, and uncover the results. Its a formula that works quickly to get to the answer to “how to find the right product for that niche?”
Here’s what I mean: the goal is to come up with an idea that results in a type of product that sells really well almost every time.
Once you have defined your niche market, look at what people are doing in that niche to get the results they want. Now find a way to get the same results or BETTER, in less time or with less effort.
For example, in the Information Marketing people create information products. You could show them how to get all the unique products created that they want, in far less time by using outsourcing. Outsourcing could be to a Virtual Assistant, elance, fiverr or any number of online places where experts gather to promote what they do for a fee (generally less than you could create it for).
In the exercise niche, you can show people how to get far better results from their workouts, while working out less.
In the education niche, you can show parents how their kids can get far better grades while studying less.
That’s the general idea. Find a group that is actively doing something and then show them how to get as good or better results in less time or with less effort. Always be on the lookout for these opportunities, because they’re everywhere.
And the products you create using this method will be home runs nearly every time.
Once you create your initial product, find ways to repurpose that same content. For instance, if you create a webinar presentation, record it using Snagit by Techsmith or screen-cast-o-matic and upload it to a video hosting site such as YouTube or Vimeo. Strip the audio from the video using tools like Audio-Extractor.net and offer a podcast of the same content. Have the webinar transcribed and create a Special Report to give away or sell. Create a slideshow presentation to share. Create a tip sheet from the same content. Create or use graphics from the webinar. Bundle these into a single product . Use one to build a list by giving it away and sell the rest as a package. Or sell them as stand-alone items.
Its a simple formula. It does take time and effort on your part. Once you come up with the right product idea, you can start promoting the product(s) and grow your business.