A Newbie's Online Failure, Or How You Will Not Make Money With Your Product Online
When I originally started out online I decided to choose a niche market. Or that's what I hoped to do. I had specialist training in one certain area and I was keen to share it, for a modest price, of course. With even a few hundred people a month buying my $17 product, that comfortable retirement income seemed within my reach.
And there were numerous gurus out there and eager to tell me that the best way to make money online was to have my own product to be in control of my own destiny. While that does have a certain truth to it, the downside is that all your eggs are in the one basket.
What they didn't inform me about was how difficult it would be for ME to produce and promote a professional looking package that could compete with the solutions already for sale. Yes, I could have out-sourced it, but that would have cost a lot of money and still left me at the 'mercy' of web-site-developers and others.
When I started working on my own product (an ebook on this particular topic) I soon discovered that although it was one mammoth task in its own right, developing a niche product was the easy bit. Marketing it was the real challenge.
Undeterred I then set about learning about setting up and editing the webpage, operating a blog, social networking, copy writing, article marketing and increasing visitor count. I quit before I got to the "design an affiliate program" stage. This was all part-time, alongside my day job. Whew!
But what had I omitted, in my enthusiasm? Looking for a small enough niche in which to market my product!
It had totally escaped my notice just how vast and competitive the Internet is, and especially how many other excellent products there are out there.
While my product can compete for quality once individuals have actually bought it, I will be the first one to admit that it cannot compete at the pre-sale stage.
It was a bitter pill to swallow even without having put many hundreds of hours of hard graft into product development, learning the skills to get myself a web page and a king's ransom into coaching.
So if you are hoping to start your online career, spend plenty of time choosing your niche and don't neglect the products currently available on the market.
Select a product where someone has previously done the hard work of product development for you; use keyword and key phrase research and competition analysis tools to pick a small sub-set of a target market, where a sufficient number of people are interested in some aspect of the product or service; put something out to market, then, to increase your chances, rinse and repeat, possibly in a completely different niche, to spread the risk of your chosen niche failing.
If the first choice of product isn't an overnight financial success, or even if your first ten products pull in only mediocre results, at least you will have 10 niche products "on your books" and if every one brings in just $50 a month, that gives you your first $500 a month from ten distinct niches.
There is plenty of free advice available on how to find a niche product.
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