This guest post is by Björgvin Benediktsson of Audio Issues.
The biggest insecurity we bloggers face is the question of whether anybody is actually going to buy our product. We can’t give away our content forever, and those Google ads are hardly going to pay the bills.
That’s why every blogger should offer his or her own product. You can recommend other products without seeing a noticeable return. The biggest return on effort is from your own product, whether it’s an ebook, a service, or a piece of software. But the creation of your own product creates a different kind of fear.
The fear of failure
Everybody fears failure. It’s instilled in us from an early age. Most people don’t like losing, and try to avoid it at all costs. And if you’re going to create something to sell, the fear of it failing becomes all too real. Many times it becomes so real that people don’t even go through with their plans at all.
But failure is just a stepping stone towards success. If you can use the lessons you learned from a failed product, there’s always a better probability of success in your next venture.
What I learned from failure
My first product was pretty much a failure. It didn’t sell at all, and even though people thought the idea was good, when it came time to buy, no one did.
It’s tough to deal with failure, but I trekked on an created a new product—to great success. I didn’t get rich overnight, but on my small niche scale, I did pretty well.
So what did I learn from my first failure that you can use to your business success?
Do your market research
You not only need to know your niche, you also need to know what the people in your niche really want. A great idea is only good if people want to buy it.
I had this great idea for a productivity tool that, in the end, nobody really wanted. Sure, some people bought it, but it wasn’t a sustainable income. Instead I focused my effort on what I knew people wanted: information. I assumed that people would rather pay for information that they could use in their own endeavors.
Lesson learned: People would rather invest in information than anything else. In a specialty niche like mine, my readers wanted to learn techniques to better their own productions. They didn’t really need a productivity tool