A short YouTube discussion (Jaime Smith, May 19, 2023) arguing that specialized niche products can be more profitable. The speakers use a concrete example — one speaker’s wife is an orthodontist who enjoys yoga and mindfulness — to illustrate that creating a highly targeted yoga/mindfulness course (e.g., for orthodontists) can succeed despite a crowded general market.
The riches are in the niches, so that they say. But I believe it's true. And here's a great example. My wife is actually an orthodontist, and she also loves yoga. She loves mindfulness meditation.
And we were talking a while back, and I was like, you know, you.
Could, if you wanted to, you could totally create a course around mindfulness meditation or around yoga and make a great living at it. And she's like, yeah, but, you know.
There'S so.
Many courses out there, and there's, you.
Know, they just, you know, not a whole lot of people that are willing to spend a lot of money to learn yoga or to, you know, to learn mindfulness meditation. That seems like something that somebody wouldn't be able to be.
Willing to pay much for.
And I said, no, here's the thing. You're an orthodontist, so you create a yoga course specifically for orthodontists because it's a painful, painful position to be in over somebody every day. So you create it specifically for them, and they will be willing to pay you for your advice because you have specific skills and experience that they can relate to. So that is an example of the riches are in the niches.
