You, me everyone…
We have a voracious appetite for information.
We want information on how to do things better, faster and easier.
We want information on how to be more successful, how to be healthier, how to play guitar, how to be thinner, how to create wealth…the list goes on.
Over half of this country’s economy is on expenditures on information and information products according to an article I read recently.
However, with a demand for so much information, how do you know which niche will be successful for you when considering what information products you should sell?
I once read that 90% of success in relationships is in selecting the right partner. The same holds true for picking an information product to sell.
Here are nine questions to ask yourself when picking the topic for your next information product. Your answers will greatly increase your chances of success:
Do you really enjoy it? Not everyone loves and has a passion for what they do even if they know it inside and out. So although you might have expertise in a specific area, if you don’t really love and look forward to working within it, you might want to consider going with something you are really passionate about instead.
Think about what you continually gravitate towards. What do enjoy reading about and researching? Is it something you like to learn about without the promise of making money from it? Chances are if you pick a topic that you find interesting, you’ll not only enjoy creating information on the subject but it’ll also be easier for you.
Does it appeal to buyers? The key to developing an information product that people buy is picking a subject that attracts readers, gets them to drop everything and then holds their interest over the long haul.
Look for a strong emotional connection to your product that will attract new buyers. Emotions can be good or bad. For example, there might be a common distrust of big government or a common good of wanting to cure cancer. When you find a strong emotional connection, you are on the right track.
Is it long-lasting? It’s true you don’t know the future and what will or won’t be popular, however, you also want to make sure your topic isn’t a fad. Fads come and go which means your so will your income. In the health arena, fad diets such as the “grapefruit diet” and the “cabbage soup” diet. Hobbies are another common place you’ll find fads, such as latch hook rugs or friendship bracelets. Sure, you could sell a book on “How To Lose Weight By Adding This Miracle Fruit To Your Diet ” and make a quick buck if your timing is right, but in the long run, fads fade and so does your money-making opportunity.
Is it usable? In order to get repeat customers, you’ll want to make sure your idea is usable. You want to make sure your information fills a need for people. For example, a newsletter about when and where restaurants are having specials (saves them money) and reviews restaurant menus is a very usable product.
Is your topic narrow enough that you can you dominate your niche? Often topics are too broad to dominate. Picking a topic like gardening or health will give you a lot of competition and make it difficult for you to dominate. However, if you narrow to say, organic vegetable gardens, you’ll have a much easier time becoming the leader in your field.
What makes you better or different than your competitors? Take the time to make a list of your competitors. What makes you better or different than them? Why would someone choose you over your competition?
Can you think of “endless” ideas you could develop for this niche? You’ll want to be able to write about multiple ideas within your niche and even have ideas for different products you could develop in order to dominate your niche.
Is it timely? Information needs to be relevant and timely to succeed. If you are too far ahead or too far behind a product’s time, it won’t do well in the long run. A publication that discusses social media for musicians, you might not want to focus on MySpace, but you would want to include YouTube and Music Clout.
Will people buy it? You can have the most relevant, timely, usable, interesting idea in the world, but if you can’t sell it, you’re wasting your time. Define who your target market is and determine how you will market and sell your product. As Dan Kennedy says, “50% of your success is in the list.” Make sure you know who your customers are and how to find them.
Ask yourself these questions before you commit to an information product to sell. When you do, you will help you increase your chances of success and eliminate wasted time, money and frustration.
Do you have any other tips for helping pick the right topic to focus on when picking an information product to sell? If so share your ideas in the comments below.
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