Tip:
Highlight text to annotate it
X
Tim: We will go over to this site real quick and we have got www.Magazines.com and we just
land here. We are actually just talking about bridal but let me give you an example. When
I hover over here you can see all these categories. You got 'animals and pets'. 'Animals' is a
huge niche because keep in mind obviously the most important and I can't say this enough
if somebody like you would be excited about and passionate about but also keeping in mind
that the ideal niche is a niche where people will spend a lot of money and if you own a
pet, you probably know they are not the cheapest things in the world to have. They are usually
worth it and worth all the money but people are willing to invest in their pets. So, that's
an example of a niche that is a huge niche but there is a lot of opportunity there. You
got 'Antiques and collectibles', 'Art and Photography' and after this presentation if
you want to check out www.Magazines.com, it's a great place to find potential product ideas
because, look, these magazines would not be spending all this money to produce these magazines
unless there was a fair number of people that were interested in this topic. Now, one of
the things -- and we will get more into the actual product creation side next week -- what
I really want to do is for you this week to figure out without a shadow of a doubt what
niche you want to focus on and then next week we are going to actually get into the process
of what we do to create our product but there is a couple of different ways we can go with
this.
People will pay for information, they will play just straight up for information like
you see these magazines here, these are fashion magazines. Now, are they really solving someone's
problem? May be, may be not but there is a lot of women that are interested in making
sure that they are on the cutting edge of fashion and look good when they step out of
the house. So, in a roundabout way, they are solving a problem in that these women want
to make sure that they are looking great but it's not always so obvious whereas something
like weight loss, it's clearly you are helping people solve the problem which is "I need
to lose this weight." Now, there is a couple of different ways to slice it. There is also
another thing that you need to think about is that people will pay for you to save their
time and let me give an example. I looked at this and I am not into women's fashion
but if I were, one of the ideas would be... I know what happens is a lot of times women
might subscribe to Cosmo but they don't subscribe to Marie Claire or In Style or whatever and
they might go through a few of these articles but it's one of those things where they really
slip through it, maybe they find the thing that they are looking for but no one has really
the time to go through all the top magazines, well some might but a lot of people don't
have the time to do that but they really miss out on some information that they would find
really helpful or applicable to their life and their style in this case. So, one of the
things you can do is simply be... an idea would be a fashion membership *** where you
can go through and research all the current information on all the major magazines and
put the information together. Now, I am not saying plagiarize or steal word for word the
articles that are in there but here is the thing. One thing you got to realize is most
of the time when you read something or learn something, it's not this brand new concept,
it's usually someone that learned it synthesized the information, may have tried it for themselves
and then gave you their version of it. So, what you could potentially be doing and this
is just a random example but you could have a monthly membership where women could pay
X amount of dollars for a month to have the latest fashion trends and you could say "Okay,
well, for the first three days of the month I am going to spend and I am going to do all
the research" and we will talk about ways that you don't actually have to do that later
on in the training but let's just say for this example you did and you pull out 20 good
articles out of these major magazines and post those in our membership site in our own
words and what not. I mean, look, if you go to the newsstand and bought three of these,
I think it would cost you like 30 bucks and what if I was just charging 10 bucks a month
for the best fashion tips. I mean, not only would you be giving them a deal because if
they got that information they would have to buy all three of these magazines but you
are also saving them the time of going through the magazines, figuring out what the good
stuff is and what's the advertisements. So, there are different ways that we can go about
as we think about the product that we want to create but saving people time is a great
addition to giving people good information or solving their problem or all of the above.
So, Justin, I don't know if you have any thoughts particularly about that but would love to
hear your insight.
Justin: Oh, yeah. I mean, you really hear a lot of really good points. First of all,
going to www.Magazines.com or one of these websites, finding a niche, finding one of
these companies that's already done market research, spent tens of thousands and maybe
even millions of dollars doing research into figuring out exactly what people want to know
about, what they want to read about in these magazines and then there is already that market
there and you just go grab the best little bits and pieces and kind of put your own spin
on it and that's actually repackaging it in a way but just put your own spin and when
you think about really niching down, a lot of these magazines like Cosmo, Marie Claire,
I don't read them a lot but I would imagine that they -- I don't think if I have read
one of those ever but -- there are a lot of different topics within those magazines like,
I don't know, you have 'Style', you have 'Fashion' and I think Cosmo has 'sex tips' and things
like that. I am not supposed to ...
Tim: That's alright, we are all friends here but maybe dial it down a little bit.
Justin: Okay, I am sorry. I am going to try and dial it down but basically there is a
lot of different stuff that you can find in each of these magazines that catered to a
lot of different subjects that were in them and when you can consolidate different bits
and pieces from each magazine, then you can essentially create something completely original
and this comes down to really niching down by creating your own little niche within a
niche and think about who are you really targeting. Cosmo might target a lot of women of really
broad age range but you should really be thinking about who your customer is like exactly how
old are they, men or women, what age group, do they have college education or high school
education, what's their income and do they children. Figure out exactly who this person
is and every time when you are doing and you are creating your product, create your product
for this very specific one person. It might be a 35-year-old housewife with 3 kids, Bachelor's
degree in economics; I don't know, you figure out exactly who your person is and speak just
to that one person and you are really going to find that you can really build a large
following. Like Tim was saying before, finding something that you are really passionate about
is really critical and if you don't have something that you are really passionate about, another
good alternative is maybe something you would like to learn more about, that you would enjoy
learning more about and that could be the niche you could go after because at the end
of the day if it's something that you want to learn more about or something that you
already really passionate about, a couple of things. One, if you want to learn more
about it or you are already passionate about it, well that probably means there are other
people out there like you that are also passionate about it and that are also interested in learning
more about this topic. So, there is a good chance that you are going to have a market
but people can tell when you are really passionate about something too. If you are really passionate
about what you are doing, that resonates with people. They can tell when they are going
through your products, they are going through sales letter and they pick up on that and
it will really help boost your conversions, it will help you sell more and it will also
help you retain your customers longer and it even gives you kind of that sense of the
community with your audience and it does have a lot of viral potential when you want to
share what you have with other people; they will bring in new customers for you.
Tim: I couldn't agree with you more. It's funny. There is a couple of questions that
I want to address and someone asked a question "Could you get legal trouble for stealing
these magazines or rip from them?"
Okay, let me make a disclaimer. First of all, I am not telling you to go take that information
and then post it word for word. Let me tell you a little bit of secret. Justin and I joke
around about this about the market research.