I’ve been working on something. I think it’s going to be pretty cool and seems like quite a few other people agree on that since it’s been getting some traction.
But more than that, I’ve noticed that it hits 4 things that I’ve compiled as a collection of what other people say projects need. Seth Godin says that every project needs to work better when more people use it. That’s the social part of it.
Pat Flynn talks a ton about creating residual income so you’re not trading time for money. As I’m mostly doing now. (trading time for money)
And marketers, copywriters and your mom tell us how important it is to find a niche and fill a gap in it.
So that’s what I’ve learned are the 4 things every project need to help it possibly succeed. Doesn’t mean it will. It just boosts the chances a bit.
The 4 things.
- targets a niche
- fills a gap in that niche
- creates residual income
- works better as more people use it.
You can tweet that if you want.
A few examples for you.
Facebook targeted a niche when they started. They targeted specific universities and then branched out to all universities. They were up and running strong for a couple years before it was released to the public.
Pressgram, which is in beta launch as we speak, fills the gap for those of us that aren’t too interested in dealing with Instagram and Facebook. It allows us to take photos, apply filters and have them post to our own blog so that we actually own the content. It’s gonna rock so be sure to check it out. Thanks John for all you do.
Residual income is where something we build makes money for us while we sleep. It could a book on Amazon, a video course, email course or anything of that nature. It could even be various products we sell on our sites or affilate programs we link to because they provide value. As long as you aren’t directly trading time for money, you are getting residual income.
Social media, in a nutshell, works better when more people use it. Facebook works better when you’re friends on there. So does Twitter, G+, LinkedIn, etc. Your project should work better when more people use it. It has to scale and have a reason for people to talk about it. Otherwise, you’re building something for the 1900’s.
Speaking of working better when more people use it, my mailing list does just that. You should get there. It’s where the cool people hang out. 😀
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#3 is a big lesson for me recently. I have a ton of new ideas after attending Coaching With Excellence from the 48Days folks… Excited to see what you come up with!
Thanks Tom. They’re all something I’ve really learned alot about recently. Crazy how we start to figure stuff out over time 😀
When I spoke in Atlanta it was so cool to talk to John in person and then go to his offices in downtown ATL and see Pressgram and all the other cool things he’s doing!
Yeah i hear he’s pretty awesome. I’ll have to meet him sometime in the future!
I’ve found #1 the most challenging so far. I had to be open minded enough to accept some guidance and just go with my gut.
I’m looking forward to Pressgram too!
Thanks Sutton, glad to see you here. That is a tough one…but oh so important!