Choosing a niche of product to develop

I think that one of the hardest parts of serious Internet marketing is choosing a niche and figuring out what sort of product to develop.

I think it was Dan Kennedy who said something like, make products that people need, and they will buy them. Well, there is a very interesting site called 43Things.com that lets you post your life goals. These are lists of people’s most internal desires or at least ‘stuff they want’. The point of 43Things is to post your goals, connect with other people with the same goals and cheer each other on to achieve those goals.

Take a look at the most popular goals that people have listed:

Look at the #1 goal – doesn’t that correlate with one of the largest online niches of all time? The weight loss industry is huge and there have been tons of products and millions of dollars generated in this niche.

Now look at the others. These are the top 10 on the whole site. Can you make a product that can help people stop procrastinating, or write a book? There is apparently a large group of people online that want to succeed in these areas.

I’m surprised that ‘make more money’, ‘financial freedom’ or ‘get out of debt’ aren’t on the top 10 list. However, you can see in the Tag Cloud that Finance and Wealth is a largely posted topic, as well as spirituality.

The wealth industry or ‘make money’ industry is also another gigantic money maker between stock tips, Forex and ‘make money online’, there are thousands of products and at least a launch every week for something new.

Spirituality, happiness, love, marriage, etc. all show up consistently on 43Things, and you can align them with huge industries; self-help, online dating ( eHarmony etc..), the ‘dating’ industry like doubleyourdating .com, and so many more.

Recommendation : Use 43Things as a place to find people that either want to secure the same goals as you (having a support structure is important) OR use it as a marketing research tool to find laser targeted niches.

People are much more likely to spend money on a product that will fulfil a lifelong goal or desire than anything else.

In the end, you’re selling the experience and feeling of having the product and that’s why this approach is so powerful. You’re selling the outcome of having the product.

  • If it’s a ‘make money online’ product, you’re selling the feeling of being wealthy, successful, or financially free.
  • If it’s a ‘weight loss’ product, you’re selling the feeling of being thin, confident, happy and strong.
  • If it’s a ‘dating’ product, you’re selling the feeling of confidence, success, and happiness that goes along with meeting women or men.

Even if it’s a ‘golf’ product, you’re selling the feeling of beating your colleagues , or friends on the course OR the feeling of landing a perfect drive on the fairway.

Experience selling is extremely important and I will cover it in much more detail in the future, on the blog. But with this in mind, take a look at 43Things and see if you can come up with any ideas for new products that you can sell based on the experiences that people are looking for.

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