Got a little economics 2.0 lesson for ya
today.
It’s something that many small business owners
miss the boat on when they introduce a new
product or service.
You might have heard about it, maybe not, but
I’m gonna tell you that it’s worth it’s weight
in gold if you figure it out for your niche.
It’s called the “long tail” theory of economics.
Don’t worry if it sounds fancy, because it’s
really simple.
Basically what long tail theory means is that
people want an exact solution to their VERY
specific problem or want.
…and usually their specific want is NOT
something that is for sale to the masses.
take iTunes for example. They have millions
of downloads for top 10 songs to people’s
iPods, but they are making a killing, and a
higher total volume in sales from all of the
obscure songs that they sell.
Maybe they only sell one or two downloads a
month of a certain song, but all of those
oddball songs add up together to be much
more revenue combined than the top 10
downloads.
These oddball songs are farther down the line
of popularity.
They are the “long tail.”
Get it?
Thought you would.
So how in the heck does this apply to your
business?
Well, instead of trying to invent/sell/market
a single product that you want EVERYONE to buy
maybe you would want to consider a very specific
idea that just a small handful of people will
buy.
This is a product that they CAN’T get anywhere
else.
Maybe you can create a whole arsenal of long
tail products that altogether will add up to
something huge.
…maybe you sell a VERY SPECIFIC vitamin
supplement that no one else carries.
…maybe you are a motivational speaker that
talks only to a very specific audience about a
topic that no one else will touch with a ten-
foot-pole.
…maybe you have a retail store that is full
of obscure products that may only sell once a
month, but together you sell a ton of weird stuff.
or maybe you are selling information products
where you have an entire library of obscure products
that only a few people buy per month.
Whatever niche you go in, try to stay away from the
“I sell to everyone” approach, because you could
end up selling to no one that way.
If you want to know more about how to make your
business into a “long tail” situation, where
you OWN your entire niche and your customers can’t
get enough of you, check out the Ultimate USP
Creator:
www.UltimateUSPCreator.com
May all of your tails be loooooooooong.
Until tomorrow,
Joshua Black
Copyright 2009, Outer Limit Productions LLC.
All rights reserved.
http://www.UnderdogMillionaire.com/blog
http://www.sales-letter-system.com
http://www.closing-the-sale.com
http://www.information-product-report.com
http://www.UltimateUSPcreator.com
http://twitter.com/jblack2012