Real Niches and other stuff
Not surprisingly, everyone and their brother have now jumped on the band wagon of teaching people how to put together their own information products. My forte.
There are people doing this I have never even heard of before.
As usual, be careful. Don’t assume anyone is giving you the real story. Ask questions. Ask to speak to existing clients. Go with your gut.
One of the problems as I see it is that many people are producing ‘How to Make Money’ products. Nothing wrong with this on the surface, but if someone has never actually made money with any REAL products, I have a problem with this approach.
In the last 30 days I’ve created products in the area of: copywriting, physical therapy and independent filmmaking.
These are real niches.
These are NOT ‘make money’ products.
More often than not, people who are producing these products are interlopers who are looking to hop on a hot trend. Beware.
Your action point?
Concentrate on real niches that serve real people. Trying to sell things to the ‘make money’ crowd is tough. Too many people competing in that space.
Instead, take a niche where you have background or interest and produce products there.
My example will serve to illustrate.
I met Kim Ortloff who wrote: ‘Where It Hurts and Where’ at the last book expo. She wrote the book with her very able and knowledgeable partner: Angela Sehgal.
We exchanged numbers and agreed to work together. She called, we picked a date and then videotaped the product in 2 days out here in Vegas. DONE.
We are now in the process of putting together the membership site (using www.MemberScript.com). There will be 3 levels of membership. On the basic level, people will be able to access articles about how to overcome various physical maladies. On the next level, they get access to audio. The third level allows them access to the videos that we produced.
Basic model, you can use it yourself. It works.
In the ‘Indie film’ area, here’s how that came about. I went to see the movie: ‘Kissing Jessica Stein’ about 2+ years ago.
When one of the two main characters came on the screen I started nudging my movie date. I was asking her where I had seen that actress before.
Credits role. The woman who looked familiar had co-wrote, co-starred and co-produced the film. Her name? Heather Juergensen. Why did she look familiar? Because back in 95, we dated for a few months. Why didn’t I immediately recognize her? She changed her hair and made some other changes making her look substantially different.
Anyway, I called Heather. I explained that I love film and would love to produce some more products for the film industry. I had already produced a program for filmmakers a few years back.
She agreed it was a good idea. We agreed on a date and presto, yesterday in LA we recorded her giving a PHENOMENAL presentation about how to Write, Shoot and Sell your own indie film. If you have an interest in the topic, look for the prepub offer coming next week.
You can’t believe the number of people out there who want to do their own movie. It’s unreal how many people are in this category.
Let’s Do Lunch
I just got another email from someone who is going to be in Vegas shortly. He called to let me know he’d like to buy me lunch in exchange for the opportunity to bend my ear about something.
Let’s take a look at how this works and how YOU should look at this.
First off, when I do consulting work these days on a ‘once off’ basis (which I RARELY do) I charge people upwards of $500 an hour. Am I a bigshot? Not really, this is just what the market will tolerate for my expertise.
So, when someone offers to take me to lunch, it will take a total of 3 hours out of my day. Let’s assume 15-20 minutes to get there and the same amount of time to get back. If lunch itself takes an hour and a half, I’ve not given up 3 hours.
Unless the meal is worth $1500, we have a problem. There is another problem right off the bat. I’m not a big food person. I don’t live to eat, I eat to live. I’m just as happy with a great peanut butter and jelly sandwich on whole wheat toast.
I go to lunch with my friends and existing clients. I don’t go to lunch with anyone else. I don’t have the time. This may sound arrogant and obnoxious, but it’s true.
Back when things were kind of slow, I might have said YES to these offers, but no more it doesn’t make any sense.
Two Basic Deals
When people want to work with me there are two options. Over 95% of people I work with work on the model I detail at www.TheProductGuru.com.
Less than 5% of my ‘deals’ are done where I go in on a JV with someone where they don’t have to give me any money.
In the first example, I get a lot of money up front and 10% of the ‘back-end.’
In the second example, I get a 50-50 split of the net revenue.
In the second example it is almost always the case that I approach the other party rather than vice versa.
That’s what works for me. Whatever stage of your career you’re at, know what your model(s) are. Stick to them once you figure it out.
See you next time!