The riches in niches
When most people get started in the information business, they want to come up with a product that "everybody wants," so the whole world is their market. The problem with this is, if everyone's your customer, no one's your customer because your product is too broad.
People tend to buy things because they feel the product benefits them specifically--the more general the product, the less they benefit, and the less they'll pay. Let me give you an example. If you come up with a general time management tool, you can sell it for about $60, along with all the other ones that are exactly the same as yours. If, however, you come up with a time management tool for real estate investors, you can charge more, maybe $300.00.
If you niche it even further, and make it for commercial real estate investors, you may be able to get $1,000.00 for it. You can take it even further, maybe make it for commercial real estate investors who invest only in high rise condos, and get a heck of a lot more for it. As you can see, there are certainly riches in niches, which brings me to the question I want to address today.
Mr. X:
I have a number of successful niche products from
the offline world.
Now I want to bring them onto the internet but at
the moment I cannot see how to target the niches
effectively.
Any ideas?
Thanks in advance.
I think your letters are great - keep up the good work.
Sincerely
Charles H.
JA: Thanks for the great question, Charles. You are more restricted in the online world than the offline world, but there are many things you can do. If you know the terms they're searching on, you can buy Pay Per Click Traffic, and direct them to your website. You can buy banners on websites that sell to that industry--for example in the Realtor niche you can run banners on various associate website, even have them send email blasts for you. You can also contact websites that sell to these niches already and do a joint venture deal where you either place a banner on their website, or an exit pop up from that site that redirects the traffic to your site... they get money where there was none before, and you get traffic.
All this being said, none of these efforts will product what your offline methods will. They are certainly a nice addition, but the numbers (and the value of the customer) won't be as high.
One thing we do that's very effective is get customers from offline methods, and then market to them via online methods, like I do in these Mr. X emails. It's highly effective and can skyrocket your net because now you're selling to them via email. You can also set up online membership sites for them, and charge them a monthly continuity.
Thanks again for the great question, Charles--let me know how it turns out.
Let's get to it...
Mr. X.
Group M Marketing
Kimble and Kennedy Publishing
People tend to buy things because they feel the product benefits them specifically--the more general the product, the less they benefit, and the less they'll pay. Let me give you an example. If you come up with a general time management tool, you can sell it for about $60, along with all the other ones that are exactly the same as yours. If, however, you come up with a time management tool for real estate investors, you can charge more, maybe $300.00.
If you niche it even further, and make it for commercial real estate investors, you may be able to get $1,000.00 for it. You can take it even further, maybe make it for commercial real estate investors who invest only in high rise condos, and get a heck of a lot more for it. As you can see, there are certainly riches in niches, which brings me to the question I want to address today.
Mr. X:
I have a number of successful niche products from
the offline world.
Now I want to bring them onto the internet but at
the moment I cannot see how to target the niches
effectively.
Any ideas?
Thanks in advance.
I think your letters are great - keep up the good work.
Sincerely
Charles H.
JA: Thanks for the great question, Charles. You are more restricted in the online world than the offline world, but there are many things you can do. If you know the terms they're searching on, you can buy Pay Per Click Traffic, and direct them to your website. You can buy banners on websites that sell to that industry--for example in the Realtor niche you can run banners on various associate website, even have them send email blasts for you. You can also contact websites that sell to these niches already and do a joint venture deal where you either place a banner on their website, or an exit pop up from that site that redirects the traffic to your site... they get money where there was none before, and you get traffic.
All this being said, none of these efforts will product what your offline methods will. They are certainly a nice addition, but the numbers (and the value of the customer) won't be as high.
One thing we do that's very effective is get customers from offline methods, and then market to them via online methods, like I do in these Mr. X emails. It's highly effective and can skyrocket your net because now you're selling to them via email. You can also set up online membership sites for them, and charge them a monthly continuity.
Thanks again for the great question, Charles--let me know how it turns out.
Let's get to it...
Mr. X.
Group M Marketing
Kimble and Kennedy Publishing
