The BIG Problem With Niche Audiences - No One Ever Talks About This! @TenTonOnline

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Transcription:

disadvantages of low cost strategy

There's a big problem with trying to serve a very niche, very narrow and specific audience online that really doesn't get addressed. And here it is:

Let's say you've narrowed your focus down to a specific special interest group. And let's say that over time, they've been able to find you online and you've been able to build a small but loyal audience around work you care about. Great.

This is what's called "making a living out on the long tail." Out on the long tail, you don't need mainstream success. You don't need to sell out or compromise your work. Instead, you can carve out a tiny place for yourself -- a niche -- way, way out on the long tail.

But the problem here is NOT building an audience way out on the long tail. That's totally possible. Anyone with an internet connection can do it...and the cost is, for all intents and purposes, zero. Building the audience is not the problem.

Connecting with people and getting found the by the people you want to serve and work with isn't the problem. The problem is...the price of your product. If you're able to build, let's say a core audience of 1000 people -- diehards who'll buy pretty much everything you put out...

...but you're a book author charging $9 for a book...then simple math tells us that you'd make $9000. That isn't a whole lot to live on. And, you'd only make that $9000 once...even though your fans are die-hards, they're only going to buy your book once.

So then you get smart and realize you need to write another book. So you work your guts out and it takes you the better part of a year to produce another book...and you make another $9000. See the problem here?

The problem is that while you've got a loyal group of fans online who love what you do...you just aren't charging enough per unit to make a living with all this. Musicians face the same problem, and so do many small businesses.

So what's the solution? Well right off the bat, I'd say "don't sell low priced products!" [hahaha!] More specifically, "don't ONLY sell low priced products." Now I know that's easier said than done. But here's where we need to get creative and really think carefully about things.

What else can you offer your loyal audience? What's something more expensive that they can buy from you? Could you raise your prices or offer a more premium product or a more premium version of a product?

I don't know what the exact solution will be for you, but what I can tell you to do is to get creative and figure this out. Otherwise, you're gonna find yourself stuck trying to eek out a living selling sub-$10 and sub-$20 products.

Again, I want to emphasize: The number of audience members you have is not the problem. It's totally "within the realm of do-ability" to build an audience of 500, 1000, 2000 or more fans who love whatever it is that you do. The problem is pricing -- specifically, only selling low-cost products.

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