Niche product development follows a process that is similar to one used to build a house. The builder has a good idea of what sorts of houses sell in a particular market. They draw up the house plans, do the site work, lay a foundation, build the walls, put on a roof, then work on the details inside until the house is ready for sale. They can put houses up and have owners in them in 90 days.
But there’s a catch. Drive around most neighborhoods these days and what do you notice? I look around and almost every house looks the same.
There is a big difference between a custom home and the cookie cutter houses being built today. Custom builders add those special touches and focus on a niche market where they can charge a premium. Custom builders to it differently, they understand not only the larger market, but a very specific portion of it as well.
You want to be a custom builder.
Why would you want to put in the time to understand a specific portion of the market, break away from the pack and do things differently?
Because specifics make you money and the pack doesn’t know shit.
Let’s explore the sorts of things we need to do to develop and sell a niche product that will set you apart from the crowd.
Niche Idea Generation
Sometimes it’s as easy as “I’m interested in this amazing topic that no one is tracking and it just happens to be profitable”. Other times (which is usually the case) it’s more like “I want to target a specific niche, but not sure where to get started”.
- What are some current trends and do you think they have legs?
- Look to carve out a piece of an evergreen market: health, sex and money.
- What is working for others?
- Google keyword analysis.
- Professional topics.
Using output from research, open up your mind and let it wander. The key is to not edit during this phase, everything is captured. Write down everything that comes to mind. It helps to do this with a partner. When you get tired spend a few minutes reading something else, go back to your research, take a walk, get back together. Spend a few hours on this at a time.
Niche Product Structure
Information products like books and courses will have a similar structure. Develop what is essentially a table of contents at the “chapter level”, then start adding detail to each chapter.
This is how most authors will develop a book from an original idea.
Structure is key, it will focus your work.