When selling a product, a lot of people make the mistake of developing their product first, and then trying to find a market for it. The process should really be reversed. Find a market first that spends money, then find out what they want and give it to them.
It is certainly easier said than done, but there are a lot of places online where you can do your market research for free. They’ve done most of the work for you already. You just need to know where to go and what to do to connect all the dots.
Remember, you are looking for niche markets that:
1.) Are easily reached - Do you have an interest or passion for the niche? If not, do you think you can develop one? Or will you get bored with it quickly?
2.) A big enough - but not so big you’ll have too much competition when you’re just starting out? (simply targeting golfers or now even lady golfers would put you in competition with some very deep pockets)
3.) People in this niche spend are spending money. Are other people passionate about your niche? If not, do they have a desperate problem they want to solve? What products are being successfully sold right now to this niche? Can you sell something similar? Can you improve it, give them something they want that all other products of their kind are currently lacking?Or are your potential competitors selling cheap on the front so they can upsell, cross sell, or make their money on the back-end?
4.) The obvious one: are passionate about their hobby or topic.
Differences Between Upsell, Cross Sell, and a Back-End Sale
Upsell: After they make their purchase (but before they pay), you attempt to upgrade them to a premium version of the offer for more money. (e.g. A fast food restaurant might ask them whether they’d like to “supersize” their order. A movie refreshment stand might as whether they’d like a large soda for only 75 cents more instead of a medium one)
Cross sell: After they make their purchase (but before they pay), you attempt to sell them complementary products. (e.g. a Fast food restaurant might ask “do you want fries with that” when only
Differences Between Upsell, Cross Sell, and a Back-End Sale
Upsell: After they make their purchase (but before they pay), you attempt to upgrade them to a premium version of the offer for more money. (e.g. A fast food restaurant might ask them whether they’d like to “supersize” their order. A movie refreshment stand might as whether they’d like a large soda for only 75 cents more instead of a medium one)
Cross sell: After they make their purchase (but before they pay), you attempt to sell them complementary products. Think how a Fast food restaurant might ask “do you want fries with that”?
Back-end sales: After someone has purchased your product (and paid for it), you follow-up with them at a later date and attempt to sell them a more expensive product that they may be interested in, usually, but not always, complementary to the original product they purchased.
For example - You purchased the soundtrack to the Sopranos from Amazon. When the Sopranos mega-anniversary platinum entire DVD collection comes out, Amazon sends you an email to let you know about it and how you can get a discount if you buy from them.
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August 19th, 2009
Diggin It Digital
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