Don’t Create Niche Products!
Hey! Hope everyone is doing well. Welcome to the next round of the Sunan Weekly Roundup!
What we are working on: Another week, another amazing blog released! This week, we wanted to provide you with valuable information, Top 5 Reasons Paid Ads Fail. Paid ads are wonderful. Whether it’s social media ads, search engine ads, YouTube ads, or even billboards and flyers – paid ads are a proven way to reach out to a LOT of people very effectively. That is, until they fail.
Yep, you heard that right. Paid ads do fail and they fail more frequently than you may think. Check out the blog and make sure you are not making these mistakes. I would say roughly 80% of the failures that happen are because of #5.
On a side note, here is a scary stat. 20% of Q1 is almost complete. YEAH, CRAZY! It’s time to really hone in on our advertisement strategies and make sure our approaches are working. After all, time wasted is something we will never get back.
My biggest takeaway this week: Don’t create niche products!
More often than not, business makes the mistake of creating niche products in order to serve their clients. We are told to find your ideal customer avatar and only build products for them. For example, create a digital marketing solution that caters to just pharmaceutical companies. Now, let’s create another custom marketing solution that caters to bariatric centers. Let’s create another marketing solution that caters to chiropractors.
Few big problems arise from this approach. One, we are stuck managing all of these different products that we created that cater to unique customers and two, we are limiting our exposure to just these clients. If you tweak your product to the extent where it only caters to a limited base of users, you are missing out on so much more traffic and sales!
Instead what we need to do is something completely different. Find your ideal avatar(s) and tailor your messaging to them in order to move your product/service. Create a marketing campaign that targets pharmaceutical companies. Create another one that targets chiropractors. This way, your product is not changing, but your messaging is.
This approach has a lot of benefits. One, it allows you to spend your time and energy in perfecting your product and making sure it’s the best out there in the industry. Rather than managing, promoting, advertising and enhancing 10 different products, you get to focus your time and resources on a selected few. Two, you have so much more exposure! Let me give you an example to help drive this point.
Think about this, why is it that a $1T company like Apple only has literally 6 products!
Now here is your challenge for the week. Take a look at your products and services you are offering and see where you can consolidate. Remember, a product can have tiers based on the level of robustness needed (for example, a MacBook vs MacBook Pro). If you are offering products that are extremely tailored, it’s time to consolidate! Feel free to email me if you have any questions!
– Sajjad Husain, Founder & CEO