In late 2009 I tried to make money online and quickly found I had no idea what I was doing. Like most people when you first want to break into the online world, you hear stories about everyone easily making money using the internet. This of course is both intriguing and exciting.
Loving the idea that you can make $5,000 on a product fascinates you and you want that. But instead of wasting time with Google Adsense, sponsored reviews, and other useless monetization methods to make money online, you should start creating your own products.
But then you discover you don’t know where to start, and have no clue about what product to create either. So how do you get started? What product should you create?
I’m going to share some of the tips and strategies I used to create my own line of products, and become an expert at building my own brand, so you can too!
Don’t wait as long as I did. Because it’s the best way to build your brand and become an established expert! Not only that, it’s one of the most effective ways to increase awareness to you and your brand and create a constant stream of revenue. Here’s how to effectively build your brand and become an established expert.
1. Choose a Niche You’re Passionate About
One thing I found out, is that most people go into a niche after doing tons of research and seeing it’s profitable, but they have no knowledge of the area at all.That is not a good strategy. From day one you shouldn’t be looking to make money, but instead to add value to a niche you’re already passionate about.
Write down a list of at least twenty different areas in your life that you’re passionate about but that don’t seem to work how you’d like. Next, narrow that list down from your best to the least. As your list gets shorter, you’ll start to see what areas affect your life the most. These are areas you’re most interested in.
When you get that list down to about five categories, it’s time to do the market research to see which niche you should focus on. Along with what products and services you’re going to build your campaigns around, your next decision should be based on one simple principle.
There should be a demand for that product or service!
You don’t want to waste your time and effort creating marketing campaigns for a product or service that no one wants. You want to focus on finding products that people are looking for, ones they actually need.
It needs to be something that will make their lives better, make them feel better, make them look better physically, or solve a specific problem. These are the types of products people will actually spend their money on!
2. Research Where Your Target Market Is
Once you’ve chosen a product (or service) that meets the basic requirements, the next step is to research and narrow what your target market group is for that item. Some of the questions you need to find answers to include:
– Where do they spend their time online?
– What do they do in their spare time?
– What are their spending habits? (What do they buy?)
There are of course many other factors you can consider, but these are some of the basic questions and a good place to start. There are also many different free and paid tools available to help you better evaluate niche markets and determine overall viability. However, simple research is all you really need to do and should give you enough ideas to get started.
The next thing you need to look for as you research your niche market group is what they are prepared to spend on a product or service. This will help you when it comes to creating your advertising material.
The best and most effective way to do this is to visit sites that advertise products or services similar to what you have chosen to sell. It should be easy enough for you to see if they are giving away a service or at what price they are offering their products to consumers for.
After you’ve narrowed your niche down, you’ll want to browse Google to find some of the top products in that niche that have been sold over the past 12 months. Doing this will let you see what products sold the most, so you can figure out how to effectively create your own.
If you see that video products sold the best then maybe you should create a video product. If you see an audio course with an ebook attached sold the best, then that’s something you should focus on. This is called creating a product competition report, which is very important. Realizing what other people in your niche have done is vital to success with your new product.
3. Learn What People Really Need & Meet It
As we begin our journey into creating a profitable product, you need to stop to ask yourself these questions. What are people desperate for? What do people really need? By answering these questions, you’ll be able to tap into countless profitable niche markets.
Because when it comes to what people need rather than what they want, you’ve got yourself some hungry, desperate buyers who will anxiously purchase instant solutions or remedies to their questions and concerns.
You’ve probably heard of just how profitable “desperate markets” are and there’s good reason for this. Markets that are considered desperate are not only easier to target but easier to sell to, as they’re based around a need rather than a want.
– That person desperate to get rid of her acne
– That mother who’s frustrated with potty training her child
– The broken hearted lover who will do anything to win his ex back
When a need is there, rather than just a desire, you’ve got a winning niche.
Combine that with a laser targeted campaign that provides a solution to their problem and you’ve got the winning recipe to success!
4. Outsource Tasks You Are Weak At
What you want to do now is be effective with both your time and money, which means only focusing on the areas you can actually do. If you plan to create a video product then do your videos and get that work done within the next 7 days. You can do it!
If you’re going to write a guide then write the outline in the next 24 hours and use the rest of the six days to write that guide. Don’t hesitate. I waited too long to create my own products and I now regret it. The longer you wait the more likely you’re not going to ever release that product at all.
If you come across areas you’re unfamiliar with or don’t know how to do, consider outsourcing that work. Now, don’t freak out about this. If you have someone who is knowledgeable and skillful, they will know what they’re doing.
Let’s say you’re going to produce a video course but you don’t know how to edit. Then hire an editor. If your grammar is weak, like mine, then hire someone to edit your guide or ebook. If you want to clear the audio clarity with your audio course then hire someone to do that too.
Don’t try and be superman/woman with your product and learn how to do everything. Do the parts that you can do and outsource everything else. This is where I got stuck, because I wanted to be the both the creator and designer.
But I quickly found out those two things weren’t going to happen. If I would have just used a site like Elance.com and hired someone to do the extra work, the whole project would have been Finished a lot quicker. Don’t make this step more complicated for yourself. Focus on what you’re good at and outsource the rest.
About the author: Justice Wordlaw
Justice Wordlaw IV is an online entrepreneur and paid traffic specialist. Justice helps companies and entrepreneurs understand ways on leveraging online marketing to convert leads to sales. Follow Justice on Twitter and check him out on Facebook.