Erich Stauffer

Tag: profit

  • Don’t Change. Profit.

    Why are people so interested in the new(s)? Because they hate change. Here’s how to capitalize on that fear:

    I recently wrote about how people don’t like to change and it got me thinking, “What if I created products or services based on the premise that people hate change?” Tablet computers are revolutionary partly because they don’t have a keyboard, but one of the most popular accessories for a tablet computer is a keyboard. This is because people are used to computers having physical keyboards and they hate learning something new. Incandescent light bulbs are going to soon become illegal and people will be forced to buy fluorescent or LED light bulbs instead. People hate this and will now pay a premium for the regular old incandescent light bulbs. Nintendo releases the Wii 2, the most advanced gaming system yet, but people are still clamoring for games and accessories for the NES. It’s not retro – it’s change rejection.

    Call it whatever you like, there is money to be had in working against the onslaught of new products. Solo or one-cup coffee makers like the Keurig and their K-Cup system is now all the rage, which means there could be a market for the standard, large coffee pots you grew up with. Ebook readers and ebooks are now sold more on Amazon than traditional paper books. This could mean there is an opportunity for well-designed paper books to make a comeback. Ten years ago, in the height of the CD era, vinyl was cool. Now cassette tapes are coming back into style. Whatever is normal can become cool when change comes around. Digital wallets that use your phone to store credit and debit card information will soon replace your regular wallet, which means regular wallets will start to become cooler than ever. (more…)

  • How to Identify a Micro-Niche

    How to find a profitable niche to start blogging about on your new mini-site

    In a previous post I wrote about how to monetize your blog, but I didn’t mention how to find a niche market to promote. There are many ‘rules’ about this, but while I may point out some, not all are going to apply. One rule you can keep in mind though is that 7 out of 8 attempts may fail. If you’re willing to seek against those kinds of odds, keep reading.

    When choosing a new micro-niche, there are three things to keep in mind:

    1. Competition for the keyword – when you do a Google search for your keywords, how many root, top-level domains show up in the top ten search results? It’s very hard to break into the pack when competing directly with a home page of an aged domain, but if the search results show deep page listings instead you’ve got a shot.

    2. The product – First of all, is there a product to promote? Goods are easier to sell, but some service industries like lawyers and business consultants can make more – much more. Second, what are the commissions on the product? You have to be comfortable with the commission level, which varies greatly between products, to Make sure it is worth your while.

    3. Traffic (Visitors) – Even if you have low competition and a great product, if no one is looking for it then you’re dead in the water. You want to have enough traffic to sustain your business and make it profitable, but to not be in competition with the bigger niche market. The sweet spot seems to be around 20,000 daily searches for a given set of keywords. You can find this info out using Google’s External Keyword Tool or Market Samurai.

    You want some competition. This is a sign that the micro-niche is profitable. You just don’t want TOO much competition.

    How to Start

    Knowing how to do the research is one thing, but what if you can’t think of anything to start with? What if you can’t think of any ideas to search for? Some advice I heard once was to browse a magazine aisle and look at the ads in the back. If vendors can afford to advertise there they must be making money and so you can too. Be careful not to chase a niche just because you like it. Do the research and be willing to say ‘no’ to yourself if it doesn’t pan out.