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- Big Money With Boring Offers
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Today we’ll be discussing why you may want to consider launching a "boring" information product or coaching program.
While they're not as sexy, boring offers bring less competition and can appeal to massive audiences. And because of that, they can be highly profitable.
Let’s dive in.
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Back in 2016, one of the first clients I worked with as a Funnel Consultant was a guy who sold courses and coaching programs on how to draw.
When we first spoke I assumed he was barely making any sales.
Turns out I was dead wrong.
In fact, not only was his business generating multiple 5-figures per month, his largest competitor was doing over $1M per year.
Sure, that's nothing compared to the Fortune 500.
But for an Internet business run by two or three people, that's huge.
Over time, as I went deeper and deeper down the Internet Marketing rabbit hole, I discovered tons of people selling boring offers in random markets.
Examples include:
A handstand coach
A guy who helped women rekindle their relationship with their horse
A variety of healers and psychics
Erotica writing coaches
And more
*As I've mentioned in previous issues, the horse guy crushed it.
Admittedly, just because someone operates in an abstract niche does not automatically mean their business is doing well.
With that said, as marketing legend Dan Kennedy is fond of saying:
"The riches are in the niches."
See, the problem with selling in mega markets is that you almost always need mega resources to compete. From credibility to your advertising budget, competing in the well known "Big Three" can be cutthroat.
As an example, if you look at a market like surfing, there are only 10 or so guru types teaching surfers how to improve their skills.
However, if you were to go into the men's muscle building niche, you could find tens of thousands if not 100,000+ competitors. Same goes for weight loss, etc.
So how can you launch a boring offer in an obscure market?
First, understand credibility is everything.
In the surfing example I gave above, the guys who make the most sales are the most qualified.
On the physical training side, the guy with the largest biz is a highly educated physical therapist who knows his stuff when it comes to the body.
On the surfing skills side, the guys who crush it are well known ex-professional surfers. Most of which had decent social media followings before launching their online courses / coaching programs.
Same goes for my "Learn How to Draw" client, where my friend ran the back-end operations while a highly famous artist acted as the front man (meaning the created the content and taught the classes).
Point being, while you can compete on personality in a mega market like fitness, you need credibility if you want to sell a boring offer to a small niche.
Second, if you're going to go this route, you should go into the business expecting two things:
You must do organic content
You'll need an offer ladder
The main reason organic content is so important for tiny markets has to do with how advertising impressions work.
Long story short, when you're advertising a mass market offer that appeals to tens of millions of people, platforms like Meta/Facebook and YouTube can serve you hundreds of millions of impressions.
And because of that, it's possible to run the same ad without having it be constantly exposed to the same people over and over.
But in niche markets where your offer is only relevant to a couple hundred thousand / couple million people, it becomes much harder to run ads.
Mainly because not all of those people are online.
Meaning, the total number of people you can reach via ads might be as small as 250K to 1M people. But as you try to scale, you will quickly reach the point where your ad platform is serving 100,000 or 250,000 impressions per day.
Sadly, when you're doing those kind of impression numbers to a small market, you can launch a brand new ad and have it reach your entire market within 2-5 days.
Which, in turn, will put an enormous burden on you / your ads team to drum up new creatives all the time (which is impossible for a one person business).
On top of that, only 3% of a given market is ready to buy at any given time.
Meaning, once you tap that 3%, the only thing you're going to achieve by running ads 24/7 is pissing people off.
So what's the solution?
Organic content.
By aggressively pumping out YouTube videos, IG Reels, etc., you can build a long-term relationship with the 97% of your audience that isn't ready to buy something right now.
Yes, that may sound like a lot of work.
But because you're operating in a niche market, if you establish yourself as the "Go To Person" for XYZ thing, those people will remember you when the time comes to make a purchase.
And because you're not competing against 100,000 other personal brands (let alone real brands), the likelihood of them buying from you skyrockets.
Last, because we're talking about operating in small markets, you want to give people as many ways as possible to buy from you. Why?
Since your market is small to begin with, you're pool of potential customers is going to be much smaller relative to someone operating in a mass market.
So if you want to maximize revenue, you need to make your products and services available to as many people as possible.
Which means having what's known as a Value Ladder or Offer Ladder.
If you're unfamiliar with the concept, a Value Ladder means you sell something at the low, mid, high and ultra high ticket price points.*
*The actual dollar amount will vary, as what an artist considers "high" is different from what a successful entrepreneur considers "high."
This strategy alone can double if not triple or quadruple your business.
Given your total addressable market might only have a couple hundred thousand or million people in it, only having one high or ultra-high ticket offer can price the majority of your audience out of being able to buy from you.
But when you sell at all four price points, you make it possible for people of all income ranges.
With that said, just because a market is obscure does NOT mean it will be a money maker.
Instead, it's critical you follow Business 101 principles.
And the #1 most important rule is that your product or service must be focused on solving a problem people are willing to spend money to solve.
I mention this because many niche markets are filled with beginners who are curious about the topic, but will never pull out their wallets and buy something.
On the flip side, whether you work in a career or hobby niche, there are some problems people will spend serious money on (e.g. diehard pet lovers have a virtually unlimited when it comes to improving their fur ball's wellbeing).
In conclusion, boring offers in tiny markets can make serious cash. And in many cases, they're easier to dominate compared to the mega markets most people go after.
But if you decide to go this route, commit to taking a long-term approach and following the rules above to maximize your odds of success.
💡 Takeaway: Assuming your product or service solves a problem people are willing to spend money to solve, building credibility, pumping out organic content and offering a Value Ladder are proven strategies for dominating obscure, niche markets.
🎁 Resources:
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