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My Internet Failure, Or How NOT To Make Money With One Product Online
When I first started out online I decided to choose a niche market. Or that's what I hoped to do. I had specialist knowledge in one certain area and I was keen to share it, for a modest price, naturally. With even a few hundred individuals a month buying my $17 publication, that secure retirement income seemed within my reach.
And there were plenty of gurus out there and eager to tell me that the optimum way to make money online was to have my own product to be in charge of my own destiny. While that does have a certain truth to it, the downside is that all your eggs are in the one basket.
What they didn't tell me about was how challenging it would be for ME to produce and promote a professional looking program that could compete with the solutions already available. Yes, I could have out-sourced it, but that would have cost a lot of money and still left me at the 'mercy' of web-site-developers and others.
When I started working on my own product (an ebook on a particular topic) I soon discovered that although it was one huge task in its own right, developing a niche product was the easy bit. Marketing it was the real challenge.
Undeterred I next set about learning about putting up and editing the web page, operating a blog, web 2.0, copy writing, article marketing and increasing visitor count. I threw in the towel before I reached the "design an affiliate program" stage. This was all part-time, alongside my day job. Whew!
But what had I missed out, in my enthusiasm? Looking for a small enough niche in which to promote my product!
It had completely escaped my notice just how vast and competitive the Internet is, and especially how many other extremely good products there are out there.
Although my product can compete for quality once people have actually purchased it, I will be the first one to confess that it simply cannot compete at the pre-sale stage.
It was a bitter pill to swallow even without having put countless hours of hard slog into product development, studying the skills to get myself a website and a king's ransom into mentoring.
So if you are hoping to start your on line business, spend plenty of time choosing your niche and don't neglect the products currently in existence on the market.
Select a product where someone has already done the hard work of product development for you; use keyword and key phrase investigation and competition analysis tools to select a small niche of a target market, where a sufficient number of people are interested in some element of the product; put something out to market, then, to increase your chances, rinse and repeat, probably in a completely different niche, to spread the risk of your chosen niche failing.
If the initial choice of product isn't an overnight success, or even if your first ten products pull in only mediocre sales, at least you will have 10 niche products "on your books" and if each one of these makes just $50 a month, that gives you your first $500 per month from ten distinct niches.
There is plenty of free help available on how to find a niche product.
My Internet Failure, Or How NOT To Make Money With One Product Online
My first attempt at online marketing was a failure. But now I know where I went wrong, I know what I should have done first. Read on, so that you don't make the same mistake that I did.
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