- by Rory Ramsden
Where pain meets urgency is when it becomes imperative for your prospects to find a solution that really works. This emotional drive is fundamental to the success of your launch. The cost of not buying your product is far higher than the price you are charging. Every product launch therefore has this as one of its fundamental success factors because this is the point where prospective customers are looking for you.
Here’s how to work out whether your niche will pay off before you waste a ton of time and effort…
#1. Discover a Pre-Existing Challenge – That is to say you have to identify an unmet need that you can solve using your knowledge and experience. Not the other way round. You have to bend your expertise to the meet the need. Your prospects will not buy what you know. But they will buy what you can do for them.
#2. Validate The Market – This is critical. You may think that you have found an untapped niche which is just sitting there waiting for you to exploit but before you go rushing ahead, validate the market. Rather than relying on a piece of software to tell you the answer, test the market. If necessary by selling a product as an affiliate. If there are no such products, the alarm bells should be ringing in your head
#3. Assess the size of the market – Let’s just assume that your proposed niche passes the ‘unmet challenge test’ and the ‘market validation test’. Now its time to find out how big your niche really is. Be careful here, too few buyers means that you won’t be able to expand your business by adding associated products after your first product launch.
#4. Analyze the Competition – You need to know all about your competitors and their products. How long have they been in the market? How has their marketing strategy evolved in that time. How do they structure their products? Your looking for a way to enter the market by doing something new and original. Disrupting the market like this is a quick way to set yourself apart and get noticed
These 4 steps are fundamental to your product launch success. It pays to brainstorm all the different ways that you can apply your knowledge across diverse markets. Don’t start to develop your launch strategy until you are satisfied that you have found a niche where you can sell your solution at a premium price to people with money who will value that solution a lot higher than the money they paid for it.