As a full-time marketer that creates products for the masses, the last thing I want to do is create yet another product for my online business even if it is niche. Fortunately, my partner has been interested in this area and has had a new ebook created.
So we now have this new shiny ebook that is ready to sell. It is very definately a niche product, however, at the risk of being negative my research tends to indicate that no-one seems to be buying in this particular niche.
Some clues to this are:
- No-one seems to be advertising in this market.
- There appear to be no long tail keyword phrases within the niche
- There is very strong competition from an authority / membership site which already delivers a lot of free content
- What people are buying are physical products which has some very strong competition
Although we are yet to launch the product and I am relatively new to the online marketing gig, I have some concerns. Time will tell and we might as well see this through as it will be a learning experience for us both. However, the critical point I want to make is this:
It is ok to find a niche but you also need people willing to pay for it.
I have lost count of the number of times I have killed a number product ideas before development because there was not enough people willing to buy even though there was interest. So whilst keyword research is important, commercial viability is more important because it will ultimately determine your business success. Not a lot of businesses can sustain a lot of product failures and nor can most people I know.
That is why it is so important to understand commercial viability. Before I can launch any product in my full-time job, I have to write a business case that essentially assesses the reward versus the risk of launching. Your online business needs to be treated the same way. Using my knowledge from my full-time job, my aim is to develop some templates which can be used to assess commercial viability before going to the expense of product creation. Stay tuned.
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