Episode 5 | “Niching down” and fundamentals of market research

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.

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[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

If you have any questions from this episode, or have a question you want me to answer on the show, please submit your question via our contact form. We’d love to hear from you.

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