02 Apr Three Keys to Extraordinary Results from Niche Products
In the process of helping more than 1,000 local media companies implement niche products in local markets everywhere, we’ve consistently noticed that about 20 percent get extraordinary results, 60 percent do reasonably well and 20 percent can’t seem to get out of their own way.
How can you make sure your performance is extraordinary? Here are three keys to success gleaned from our best clients:
Love It or Leave It
The single most important predictor of success is a product cheerleader who loves the category. If you cannot find someone who loves the niche opportunity you intend to pursue, leave it on the table.
For example, two clients in Texas started with our online bridal product at almost the same time. At one, a young woman in the process of getting married was named product manager. This client generated tens of thousands of dollars in new revenue. In the other market, the product champion job went unfilled. Not a single ad was sold.
If there’s someone on your team who loves visiting weekend open houses just for fun, make them your real estate vertical project manager. If you have a seasoned auto veteran who can talk torque, gear ratio and 0-60 with the best of them, put him in charge of the new online auto vertical. If he is a she, bonus! Women make 86 percent of auto buying decisions. The young woman who drove you crazy planning her wedding online for months while she was at work . . .
You get the idea. Without a true believer, your effort will produce lackluster results at best.
Promote like a Kardashian
What makes the Kardashian family famous? Their accomplishments? Their incredible talents? Their work ethic?
They are famous because they consistently, incessantly, unabashedly promote themselves.
A client in Florida launched one of our products with sales of $36,000, all new revenue after just two weeks — a huge success. Months later, the product manager called in a panic. Traffic was down. Sales were flagging. They were in trouble. During the launch they promoted the product extensively, but stopped after their initial success. Simply restarting promotion increased traffic and sales again. Problem solved.
Like the Kardashians, never stop promoting. Otherwise, you quickly fade from the public’s eye – or worse – from your advertisers’ agenda. Be sure to use low-cost, high-impact vehicles like Facebook, Twitter and Pinterest, creatively and consistently.
Make No Small Plans
A client in North Carolina launched one of our products with great fanfare. They had a dedicated product champion. They quickly sold enough ads to make a profit then moved on to other projects.
They seemed to do everything right. Unfortunately they set their goals too low and moved on too soon. The paper not only left money on the table, but also left the door open to competition.
Take a page from our most successful clients: Decide to be the biggest and best in your market at whatever you do. Appoint a true believer to cheerlead your project. Employ Kardashian-like promotion. And watch the revenue roll in.