When finding a market for your info product, remember that there are 2 parts to the equation:
1. You’ll need an information hungry market AND
2. You’ll need that market to be willing to open their wallets.
You want to make sure that the market that you select has the money to spend on the information that you provide. You would not want to focus your efforts on creating a product that would be useful to homeless people unless you intended on making it a charitable contribution. That market would simply not have any money to spend on your info product.
Similarly, you wouldn’t want to focus your efforts on creating a product for a market that usually gets their information from free sources. For example, creating an info product for a group that regularly looks for answers in thrift shops probably would not be a good idea. You’ll have to put that much extra effort into selling to them. Why not create a product that is targeted to a specific market that has money and actually spends money in the first place?
So, once you’ve done some brainstorming and you’ve written down all of your ideas, you need to start focusing further on what might be saleable. You won’t always have much knowledge on a subject that might be profitable. In that case, you will have to create a product on something that you know little about. Remember — the goal is A product — ANY product at this point – that has an info hungry market of buyers who will spend money.
Mark Hendricks, in his e-book “How To Find The People Who Will Buy Whatever You Want To Sell Them “ explained this well:
The absolute easiest way to catch fish is to put your bait in a barrel that contains … “a whole bunch of hungry fish.”
Now I know that sounds like an over-simplification, but it’s the truth, isn’t it?
They’re all grouped together. They’re hungry. You’ve got the right food. You drop bait in. They bite.
Here’s a little three-step secret to the successful marketing of anything!
“You’ve got to…reach the right market…with the right message…at the right time.”
Simple as that. Think about it for a second.
Let’s use our fishing example.
The right market – you’ve found them…they’re in the barrel!
The right message – fat and juicy wiggling worms.
The right time – they are hungry – now!
Do you think they’re going to bite?
If you were to sit down and think about this idea, you would easily see that the number 2 reason why people on the internet fail to succeed, it is because they do not locate their market before selecting a product. Even then, it is 2nd only behind those who simply fail to take action in the first place.