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I'm wondering why product creators have more than 1 product in different niches.

by fin
12 replies
I understand why you would initially have more than 1 product in a different niche.

To see what's more popular, what works, what markets more hungry... etc

But when you have 1 niche that's more successful than the others, why not work on creating new products for that niche + spend more time;

driving traffic, finding new affiliates, doing CPC, guest blogging, article marketing, SEO ... etc, all for the most valuable product/niche?

Just a random question and no doubt I'll have it the wrong way. I'm just curious as it seems that's where the money is.

Cheers
fin
#creators #niches #product #wondering
  • Profile picture of the author wfhblueprints
    Hi Fin,

    It could be about diversifying where your income is coming from. I know some product creators who have more than one passion and decide to tackle on of them before moving on....others like to sell some of their websites off so work on multiple products in different niches to optimize their income.

    Personally i move from niche to niche once I think I have maxed out my income opportunities on the niche...

    Regards

    Chris
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by wfhblueprints View Post

      Hi Fin,

      It could be about diversifying where your income is coming from.

      Chris

      I have heard many others say the same thing. Honestly, I think it is flawed logic.

      You can create a diverse income working on one niche. Some niches are so big, you can't possibly create products for everyone. But you can create enough products to create a diverse income. Some niches allow you to create more evergreen products that won't go out of style for a long, long time.

      Personally, I think you lose out on leverage when you work on too many niches at one time. Having a certain knowledge of the market allows for faster product creation, you know much better how to reach your market including the people that already purchased other products from you, and you know how to sell to them.

      Those things you will need to learn in other niches which takes time and lots of testing.

      I believe you should exploit the niche until there is nothing left. May never happen in many niches but, with leverage, you will be making more money in the long run.

      Move on to another niche afterwards.

      Great question Fin. Too bad many people will pass this up for the next "I Hate This" thread.
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      • Profile picture of the author wfhblueprints
        Originally Posted by Thomas Belknap View Post

        I have heard many others say the same thing. Honestly, I think it is flawed logic.

        You can create a diverse income working on one niche. Some niches are so big, you can't possibly create products for everyone. But you can create enough products to create a diverse income. Some niches allow you to create more evergreen products that won't go out of style for a long, long time.

        Personally, I think you lose out on leverage when you work on too many niches at one time. Having a certain knowledge of the market allows for faster product creation, you know much better how to reach your market including the people that already purchased other products from you, and you know how to sell to them.

        Those things you will need to learn in other niches which takes time and lots of testing.

        I believe you should exploit the niche until there is nothing left. May never happen in many niches but, with leverage, you will be making more money in the long run.

        Move on to another niche afterwards.

        Great question Fin. Too bad many people will pass this up for the next "I Hate This" thread.
        Hi Thomas,

        I agree that some might consider this to be a flawed logic....

        However, some niches have a limited lifespan and are built on trends that will not last more than a couple of years. Hence people are diversifying by ensuring they have multiple streams of income in case that niche does die out so to speak....

        For example if people develop products in the "Crossfit" niche....that niche may fizzle out in the future when the next fitness fad comes along...so they diversify to ensure long term stability.

        Diversifying whilst continuing to expand the niches that you are working on is the key

        Kind regards

        Chris
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  • Profile picture of the author Aaron Doud
    I like to put it this way which would you rather have?

    1 business that made you $100k/yr
    or
    10 businesses that made you $12k/yr each

    Option two makes you more money also if one fails you are still ok.

    Where ultimately you would love to have multiple businesses that made you $100k/yr. But you don't want all your eggs in one basket and many once built can be very little effort to run. So why not move into another niche and repeat what you did in the last?
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  • Profile picture of the author GoingSomewhere
    Product creators in different niches are action takers.
    They are diversifying and maximizing their investments
    in various niche markets.

    You make more money in the end while solving people's
    problems and needs.
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  • Profile picture of the author Robert H Cwik
    That's more or less how I see it, too. Diversification first. It is better to have a few products in a few niches than concentrate just on one.

    On the other hand, it would be simply boring to sit in one niche
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    • Profile picture of the author Steve B
      You also need to realize that both products and strategies go stale over time. The Internet moves quickly and what worked 5 years ago, 3 years ago, and sometimes 1 year ago, may not work as well today.

      In addition, innovation makes some niches obsolete.

      Just yesterday I pulled an old and very expensive 35 mm "film" camera from a box in my basement that I haven't touched since I bought my first digital camera. What if your niche had to do with film cameras?

      Another problem is saturation. Some say that no niches are saturated - they may be right if one has a very unique and different approach. But I know that many niches are becoming saturated if your approach is the same as 95% of the other sellers in the niche.

      Steve
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      • Profile picture of the author fin
        Some good answers.

        It's opened my eyes a little wider.
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  • Profile picture of the author Brendan Vraibel
    You shouldn't put all of your eggs in one basket. You can't predict the future and you never know when something crazy can come up and throw that one business for a loop, then where would you be?

    Also remember that outsourcing is a beautiful thing. There's no reason why you can't venture into as many different markets as you want once that first project has taken off and made you some money.
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  • Profile picture of the author angela99
    Originally Posted by fin View Post

    I understand why you would initially have more than 1 product in a different niche.

    To see what's more popular, what works, what markets more hungry... etc

    But when you have 1 niche that's more successful than the others, why not work on creating new products for that niche + spend more time;

    driving traffic, finding new affiliates, doing CPC, guest blogging, article marketing, SEO ... etc, all for the most valuable product/niche?

    Just a random question and no doubt I'll have it the wrong way. I'm just curious as it seems that's where the money is.

    Cheers
    fin
    Fin, for me, the operative word is "create."

    Yes, it would be very nice to be logical. Creativity doesn't have much to do with logic, however.

    Telling yourself that you're creating in more than one niche because you want to "see what's more popular, what works, what markets more hungry" happens after the fact.

    When you do that, you're rationalizing.

    You said: "when you have 1 niche that's more successful than the others." You can't know which niche is more successful than another, if you don't have more than one niche.

    When you're creating products, all you can do is CREATE.

    You may not be terribly happy about your current creation, but you can't do anything about it, if that's where your creative energy happens to be.

    Early in his career (1980s) Stephen King was asked why he wrote all those low-rent horror stories. Literary types kept asking him why he was mucking around writing junk. He didn't want to write literary novels, but he asked his critics what made them think he had a choice about what he wrote?

    Creativity is energy. If you block the energy, you won't/ can't create.

    No matter how much info product creators rationalize what they're doing, if they CREATE they're following their creative energy.

    Angela
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  • Profile picture of the author Goatboy
    If you have 2 products in the same niche at the same time, they compete with one another for buyers. Spread across several niches they will be out of direct competition.
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  • Profile picture of the author vpunch
    I agree taking one product and making it your main focus is a great idea.
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