Do a little digging and you find out it’s relatively easier to make that million-dollar mission-accomplished by finding an online niche–preferably one that actually excites you at your core–and finding out what that niche want.
Too many people do the opposite–they focus on the hottest product or service and try to blast that out to as many people as possible. There’s an inherent risk in being left holding a bag of goodies nobody wants. Only that’s one expensive bag!
Just like the old-fashioned way, you’re not buying tons of inventory and then hoping that you sell it. You get the orders and the money first, then you deliver. Online, you learn your market’s want or gap in fulfillment, and then you deliver a product or service that market wants. Social media is a great way to learn more about your market (and pull in very qualified leads!) once you’ve established what your niche will be and build your website around it.
As usual, proceed with caution. Not everything can be sold online. Not every want that might be clear and evident can be fulfilled just by throwing up a website.
The late Cory Rudl, one of the pioneers of internet marketing and online businesses, used this analogy. If you had a cure for the common cold, in an easy-to-digest pill form, billionaire might not even apply to what you’d be worth. That product would be everywhere–Seven Eleven, every grocery store, corner store, market, you name it.
Now try selling that online. At minimum it takes at least three to four days for the product to get to you. You’re already over your cold by then. It’s a failure from day one. Don’t start with a product. Start with a market, and then find a product for that market that that market wants.
People spend money on things that they want. It’s an emotional investment. A necessity can be satisfied by the most convenient and cheapest product or service. People are willing to pay more money for wants, but they’re usually very price-conscious with things they have to get or do.
And no different than traditional businesses, there’s the backend after that want is fulfilled. It’s the product or service you sell after they’ve bought the first product from you. That’s where all the money is.
Been to the movies lately? If not, no one can blame you as expensive as it can be to take your family out for movie night. But think about whoever is making all that money at the concession stand alone.
You go up to the counter for a small popcorn (because you’ve already tucked away all the candy you’ll need in your purse or bag), but you leave with a large bucket plus a soda. Why? "Well, you can get this for only 40 cents more … Or this meal-deal that saves you this much money."
Even fast-food workers are routinely taught to up-sell. It’s no different online–the point is your customers come in for one thing and walk away with more–because you gave them something they wanted from the beginning.
Once you have the customer’s name online, it costs you nothing to sell to them again and again and again. You can make 100% more net income than you are right now by back-end selling.
Thanks Harv I always looking forward to your insights
thanks Harv!
Can you expande on what you mean when you say find a market first then a product.
Nancy E.
Thanks Harv Great Information your Insights are Excellent.
insightful, thanks Harv
Yes, you can always sell them more, never less!
As an entrepreneur, I understood at an early stage of my business, that establishing a relationship with your client will sell 1000 more ways than an online discount store. This insightful information reminds me, that customers cannot be taken for granted, repeat business is the core of your business.
Thank you, Harv. The idea of finding a niche online market is great. Except I already invested money and have a passion for a network marketing service. How do I approach an online campaign if I am selling a network marketing product or service like Avon, Amway, or any other one.
Hi Harv, you don't seem to allow people to contact you on your Peak Potentials website (phone only), so please allow me to give some feedback:
Firstly, I have the MIllionaire Mind audio book – which is fantastic!
Secondly, The Speedwealth Webbinar would be a lot more useful if there were some controls on it to allow me to go back to hear something I missed etc. Especially as you say it's about 1 hour long!!
My internet connection wasn't great today and as a result I had to keep going back to the start – a bit frustrating!!
thanks
Mark
Dear Harv, Yes, it works. I have done a great deal of personal development work, including MMI twice (so far). Sometimes, it seemed that I would never get “there” ~ until I said “what if there were here, now? and you could just be?” Anyway, some investors came to me and asked if I could help them place $150 million in real estate. Yes, I could and can and am. It feels really natural. I used to fear poverty. When I realized I have been poor, yet am abundant in health, family, friends, and many other things, I realized that we do not need to make that “judgment call”, that all we are is stewards of the plentiful abundance that is all around us in the universe. Those investors said “I like your energy. I want to work with you. I can tell you have already been through the 'hoops' and you are 'coming from' service”. I didn't know it was so obvious, and we all know it is. Thank you, T. Harv Eker.
Hi Dorothy,
I really like what you wrote in your comment:
“When I realized I have been poor, yet am abundant in health, family, friends, and many other things, I realized that we do not need to make that “judgment call”, that all we are is stewards of the plentiful abundance that is all around us in the universe.”
Congrats for your big deal! It’s amazing what a shift in focus and energy does, isn’t it!
hey mary! being a network marketer, I think you might want to hear about this new opportunity I know of. contact me at spearlady at gmail.com. no strings attached, of course
Merci! I’ve just finished reading your book, seriously taking actions! Usefull lesson.
In your post “Don’t sell – Help!” brought up one of the reasons why a whopping majority of people make next to nothing, if any, money, when they go to a business of “making money online”.
Building authority, trust and the relationship can be superfast online – when one’s mind is focused on helping. Because any buying decision is based on, more or less, on emotions, helping attitude feeds good emotions more than that of “I want to make loads of money, now” attitude.
And the fact is that when others feel good about you (or actually they feel good about themselves when they are communicating with you, in a form or another), people *want* to choose your products or services over your competition. As stated in this post of yours, Harv, “people are willing to pay more money for wants”.
I hope to see more education from you on how caring about one’s market by educating it significantly facilitates and speeds-up one’s way to make the business an absolute goldmine.
I do accept as true with all the ideas you have presented on your post. They are really convincing and can certainly work. Still, the posts are very short for beginners. Could you please extend them a bit from next time? Thanks for the post.