Imagine this: you're at a New Year's party. The the mood is cheerful, and everybody is having a fun time. You're talking to a new friend, cocktail in hand, smiling.... when they ask you the dreaded question: "So what do you do for work? How…
After you’ve nailed your niche idea, the next question is what are the best niche products to sell online to your audience?
When you go from the research phase to your action phase in growing your online business, that’s where it starts to really get fun.
The next step is figuring out what niche market products will make you money!
This is tricky I know because I’ve been there time and time again. Through my experience I have figured out the absolute best way to help you determine the cheap and fast way to test your niche product ideas.
If you'd prefer to listen to this content from the video above, play it or download it from the podcast episode below.
My niche market product example is the end of a loooonnngggg product testing story.
Following this simple two step product testing framework you will not have to go through the LONG niche market product testing I did.
I was going off of guesses and trying things out, learning this internet marketing thing.
16 years later, hindsight is 20-20!
You are going to get two valuable pieces of data, specific for your niche market that will give you the ability to scale your business faster than some alternative.
Let me just give you a quick side note here.
You want to make sure you’ve found the right niche that suits you because the power in the two steps that follow can generate you a TON of income!
Get it right in the niche market but wrong for you…
Making money is simple but making money in something that fits with You’re DNA, your life goals, your dreams and passions?
That’s a different story.
You have to know the best match and what’s in alignment to your personal DNA, passion and what excites you. Because this path you’re going down is potentially a long one.
Before you implement this niche marketing strategy ensure you are in a niche you love.
Got your niche market decided?
The last thing you want to do is throw a ton of money down the drain while you’re trying to grow and expand your online business.
Knowing the best niche products that fit your online business is the most logical approach, being worth your time and effort.
List niche products that come into your mind definitely, but what you do with your list are going to be the next crucial steps.
Rookies often make seriously expensive mistakes by not knowing and following these steps.
I want to spare you from that.
Let’s say you have a new widget, a new soap, or whatever product you have in mind.
You may have heard the advice that you should create a minimum viable product to sell your niche market product.
This is the WRONG advice.
At this point, you’re just starting out and it makes no sense spending a massive budget on a product idea you’re not even sure is going to sell.
Time is money and without knowing if people will buy or if they are even remotely interested in what you’re offering them is not efficient.
Instead of going full on and exhausting your budget in creating that product, there is a better way to find out if you’re niche product is going to sell.
Expensive and slow is the wrong way to go!
Test your niche product ideas cheap and fast first.Before you waste your time creating a minimal viable product, the question really is, can you create something that your audience would actually buy? Click To Tweet
None of it compares to getting real data from real people. Knowing if a real person on their computer or phone pushes the buy button and checks out with a credit card.
When you have this kind of real life stuff going on for your products that is the point that you have hit a successful niche product.
You are going to KNOW from Real User Data three things that will revolutionize your business.
Here’s what to do after you find your niche.
Here’s what we learned from our experience when we were building our membership for our audience.
When you test an idea first you win!
You have to determine if people would even want to buy your stuff, and you want to do it quickly and easily. If it’s a yes, then boom, you know what to make and sell.
If it’s a no, you just saved a bunch of time and money!
By testing first you accomplish two rock star goals.
When successful entrepreneurs begin building and creating,
You get stuck in the cycle of perfection and sometimes go weeks and months of redoing, replanning, scrapping stuff to come up with something you think is better.
Embodying this perfectionism syndrome will kill this simple niche market product formula.
Your attention to detail is like a bazillion times bigger than your customers' and 'shipping the work' is really the transaction point.
You are testing to create your Mona Lisa, not creating the Mona Lisa.
Covenant to me that you will think fast, decide fast, launch fast, to determine your niche product fast.
It is the simplest, cheapest, and most efficient way.
As Jay Abraham once said, “Everything is about testing from this point on.”
You only need good enough at this stage to get the data you need to scale your business.
Let’s have some fun, build some good enough data collection pages, determine your niche market products, and make some money!
Can you give something away people want and are willing to exchange their email address for?
If you can, you are at step one of making serious money online.
To sell the most for months and years to come, you need an engaged email list.
Your lead magnet (the free resource you provide to them) must be something that matters to them, that they really NEED and will make them say, “Hey, this guy’s got exactly what I want and I don’t mind giving him my email address for that guide/ video/ mini course / etc...
Make it irresistible, make it super helpful, here are a few hacks to craft a high converting lead magnet.
Out the gate, this first step will tell you what 20% of your niche market can’t resist in exchange for their email address.
If you are less than 20%, test a new lead magnet.
I am now around 40% on this website but it took me three tests to get to that number.
And, If you can’t give it away you definitely can’t sell it!
On my main website we give away a mp3 recording of my wife speaking over an audio track, but our niche LOVES it!
Retail value is in the 9-17 dollar range, cost to us?
A little bit of time, a licensed for business use music track, and a drop in our awesome hosting service.
What can you write, record, make a video of in 2-4 hours that you can give away to your niche market? How about?...
3 Tips to…
7 Things to Avoid When…
This One Easy Exercise Will….
You got this!
Now let’s sell some stuff
As you will see next in our niche market example,
Some people may be okay with giving their email address just to get that free thing you’re offering them.
But the whole game changes when it involves money.
If you don’t have a product yet, it’s all good. What you can do is promote an affiliate product.
No need to spend hours creating your own niche product if you don’t have the time or idea at the moment.You don’t have to create a product from scratch to make money in your niche.Click To Tweet
You can find someone who has a product that is a solution that matches your niche market. Point your audience to it, and make money while testing other peoples niche products to sell online.
If it works out, you can replace that affiliate product with your own product somewhere down the line or, you could just crush it making money with affiliate marketing.
The smartest route to take is to create a sales letter and see if you can get anyone to click on your BUY button.
This is the throw the hat over the fence model, a GREAT model!.
If they DO click on the buy button, then you can decide if you’re going to move forward in creating your niche market product or refund your purchasing customer’s money.
When we launched our test, the results were high enough so it then made sense to hustle for 3-4 days, create and build what we offered, and rock and roll.
If the purchases were not as high as they were, we would have just refunded the few who bought, and tried something else next.You don’t have to create a product before you determine if people will buy it.Click To Tweet
This is the Ultimate way to make money in your niche market.
Determine your niche market product that sells with a super simple Minimum Viable Funnel.
A few years ago in my wife and my business, we decided we wanted to create our niche market product.
We had already defined our narrow niche and knew the best online business model is an information product but had no idea what all ours would include.
We also wanted to transition from Melanie’s consultations into a monthly membership plan.
We sat down, had a mastermind session and wrote down everything we could offer in a monthly membership and wrote out a sales letter.
We thought, if no one purchases, then great, it’s not a waste of time because we now know. We don’t have to keep guessing and can just come up with a new idea.
When we put out the membership offer, we ended up getting flooded with people signing up to stuff that wasn’t even existing at that point!
To Build or Not to Build?
We spent about 3-4 days hustling to create the product, built the membership and five years later we still offer that membership.
Before you go way over your head in the planning, designing, and actualizing your niche product idea, test first.
That’s how the pros do their niche marketing and going pro is the only way you want to go.
Testing will empower you by seeing if your niche market product resonates BEFORE you invest your time, money and energy.
How do we scale this thing?
You determine your why you want to create an online business because it is not easy and you need to have your why determined.
Then you reach more people in your niche market and get crazy on split testing everything!
And to test everything you need people to try out your tests on.
That is the bread and butter of my online business that took me from a couple thousand a month to 5 figures consistently.
If you are a one man team or are just starting out, that is all you should focus on tomorrow.
If you’re already in this internet marketing game with a team or are up for the hardest challenge of your life, building out these two fronts simultaneously will make you unstoppable.
Commit hard to those two things while avoiding the number one mistake people make with split testing and make sure you come back and leave me a thank you comment from your condo on the beach.
My first attempt at an internet businesses failed. Actually, I’ve had dozens of niche product ideas and most of them ended up being scrapped because they weren’t working. But you know what, I learned more about my goals and dreams along the way.
It took me a while to get this to work. The big trick I learned and the takeaway for you is to test as quickly and inexpensively as you can and then let the data tell you what you do next.
Do you try another headline? Another lead magnet test? Do you try a whole new product? Do you test a whole new niche? Just stick to the successful online business principles and you will win.
You're feeling out the audience and learning about you.
The quicker you can get to this point, the quicker you’ll know for sure whether your niche product ideas are worth the time and energy to create them and what you can do to adapt your strategy.
The fake gurus will tell you you can make money overnight, but that’s just not true.
Start with a Minimum Viable Funnel, test the data, and do these quick, inexpensive, efficient, and super effective steps to creating niche market products that will actually sell.
Got a question on your mind? Leave it for me in the comments below! Thanks for your time, happy testing!
Miles is a full time internet marketer who sells information products and a niche membership program with his wife, Melanie. Together they have created a lifestyle business that allows them true location independence and this blog where you get to see behind the scenes and see how they have built their online business from scratch.