Tips for creating a successful new online product

May 8, 2008 at 11:20 pm 2 comments

There is much talk these days about building a product for a niche and making a lifestyle business out of it. Much of the online literature about starting up is focused on how to create some fantastic product which will gather millions of visitors and make you a billionaire, and the “new wave”, so to speak, proposes that rather than taking a 1 in 10’000 bet that you can make billions, it is better to take a 1 in 10 bet that you can make millions.

Since I have started two such businesses already, here are thirteen tips from my own experience.

 

Target a niche

What to build

1. Build for someone specific

It’s very tempting to create a product for the widest audience. “Everyone can use our product, therefore if even a tiny proportion use it, we’ll be rich!” Beware the generalised product. If your product is not built for anyone in particular, it will not be good for anyone in particular. The worst possible market for a product is “small businesses on the web”.

On the other hand, if you build something that is directly useful for even just one real human being, chances are there will be others like that user and your product will have some success.

2. Don’t be afraid of targeting a narrow niche

Niches have numerous advantages. There’s less competition in niches, which means that your marketing dollars will go further to get you new customers. It’ll be easier to target likely buyers since there are probably already channels (blogs, magazines, trade shows) targeting that niche, that you can make use of.

Niches also tend to be very badly served in today’s world. If you look into almost any niche you will find a plethora of awful products that are just begging to be replaced by something better suited. Being able to build great products cheaply is a fairly recent development, and most pre-existing businesses have had to make do with duct-taped, poorly conceived solutions that are begging to be replaced. The smaller the niche, the lower the bar to success.

3. Solve a real problem that costs money

As DHH pointed out, the way to realistic profitability is not through gathering an outrageous number of eyeballs, but through creating a product that people are willing to pay for. The easiest way to get someone to loosen their purse strings is to convince them that using your product will pay for itself

Full Story Here http://www.inter-sections.net/2008/05/07/13-tips-for-creating-a-successful-new-online-product/

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Entry filed under: Internet Startup.

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2 Comments Add your own

  • 1. start up business  |  July 8, 2013 at 3:43 am

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  • 2. youtube.com  |  February 3, 2014 at 7:53 pm

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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