In episode 5, Adrian discusses the fundamentals of market research and how you can “niche down” to find an audience for your online education business.
[0:48] Market research boils down to three things: Are people searching for it? Will people pay for a book or course on it? And how competitive is the space?
[00:58] Developers love writing code, but sometimes become too focused on the product and not the marketing.
[01:59] We are used to having a sales team with us to help guide the product so that we are building a product that solves a problem for a customer.
[02:20] One of the worst things you can do is to develop a product without enough market research.
[02:52] What you want to be is a solution to an existing problem rather than a solution in search of a problem.
[03:13] You are looking for the sweet spot between interest in a topic but not so much interest that it’s too tough to break into. Adrian explains what happens in a market that is too crowded.
[04:37] Barrier to entry is a key phrase when searching for a topic, and building a business.
[05:22] Adrian gives a personal example of his experience with PyImagesearch, and how a barrier to entry gave him an advantage in his niche.
[06:46] PyImageSearch was able to be successful with very few competitors for a number of years because of the barrier to entry with learning the OpenCV library.
[06:59] Adrian explains how to build a barrier to entry and gives an example of a situation a developer might be able to leverage.
[08:53] You want to overlap your experience, knowledge, and ability to create a Venn diagram. At the center of this will be your potential niche.
[09:46] Adrian leaves us with some homework. Re-listen to episode four. Then brainstorm new ideas for your info product business while keeping in mind the Venn diagram concept.
Show notes and links
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