The more profitable the niche the more saturated it is.
Success in the creator economy is not easy. But it’s not as complicated as some people make out.
2 million creators and makers have built 6 figure businesses- source
Top 8% of bloggers earn a full time living - source
Top 8% of YouTube Channels earn a full time living- source
Top 11% of Twitch streamers earn a full time living- source
The truth is most people quit when things get tough
Talent alone is not enough
Talent is not a predictor of success.
Many creators don’t take action because they believe they’re not good enough. It holds them back.
The Reality? Everybody is shit in the beginning.
David Bowie’s first review from the BBC 👇
“Amateur sounding vocalist who sings wrong notes and out of tune…The singer is a cockney type but is devoid of personality.”
The truth? The harder you work, the more talented you get.
Creative success is about building simple repeatable systems and consistently outworking the competition by publishing quality, valuable content
It’s lag vs lead metrics
( Lag metric) Ed Sheeran wanted to be a famous musician
(Lead Metrics) Play 300 shows a write 40 songs every year
( Lag metrics) Jerry Seinfeld wanted to be a famous comedian
(Lead metrics) He wrote a new joke, every day.
Publish enough engaging content consistently in a profitable niche and you will eventually build a career.
It will take you 2 or 3 or maybe even 4 years. But it will happen if you stick at it long enough,
It’s a simple process with a very difficult execution.
That’s why most people quit. And that is the opportunity.
How to disrupt your niche?
You have to do two things:
Get them to care
Think like a contrarian startup
Peter Thiel ( PayPal co-founder) is a fan of contrarian startup thinking. He talks about finding the secrets.
“What secrets and insights about the world do you know that is right and everybody else thinks are wrong? “ These are your leverage points” — Peter Thiel
Study your niche. Look at all the angles. Seewhat the market leaders are doing, where are the gaps?
There are always gaps and leverage points.
You will find them if you look hard enough.
Tip — It’s only after you’ve mastered the rules do you get to break them.
Herd instinct is the phenomenon where people follow the actions of others under the assumption that others have done the necessary research.
This is seen especially in the financial markets, where herd instinct creates bubbles and market crashes.
The same applies to creator niches. People see other creators who are successful and copy them, who then copy others and everyone starts producing different variations of the same content and services.
This saturates the market and the consumer gets confused/ bored.
People follow the crowds. Safety in numbers. They become bland, vanilla, and mediocre as a result.
Think like a contrarian investor
Warren Buffet and Charlie Munger are two of the most successful investors alive. They are contrarian investors.
“Be fearful when others are greedy, and greedy when others are fearful” — Warren Buffet
In the 2008 global financial crisis when everybody was dumping stock, Buffet and Munger were buying.
A couple years later the same stock was up 196%.
In the movie, The Big Short — Christian Bale plays Michael Burry the neurologist turned hedge fund owner who shorted the subprime market in 2008.
Look for the contrarian angles to gain leverage. When everyone in your niche is creating black, go for white.
Start a movement
To really stand out in crowded markets you need to stand against something. You need to go against the system.
You need to think like a contrarian startup or investor.
People buy people. They want a shared purpose. They want a common enemy and to be part of the tribe.
They want to believe in something that matters.
Not everyone. Most people are happy following the crowd. But a small percentage of people will not only follow you but love you for it.
A small percentage of people in a saturated market is a lot of people.
How to find the leverage gaps?
Every niche has shady tactics. Some people overcomplicate and mislead consumers for financial gain.
Others just use bullshit and jargon to hide their ignorance. People just want the sauce, not the bullshit that surrounds it.
Stand against it.
People just want their pain points resolved. Find the easiest most simple way to achieve that without any bullshit and give it to them.
What pisses you off about your niche? What bullshit yanks your chain? If it pisses you off there’s bound to be others that feel the same.
N.b - You can’t fake your movement. You will get sussed out and this will destroy your personal brand. Your personal brand is your future. Look after it with your life.
James Smith is a personal trainer. He has a 7 figure business.
Health and fitness is in one of the most saturated niches on the planet. How does James make a racket in his crowded market?
He goes against the status quo. He hates diets. James believes they are overcomplicated bullshit that largely exists to mislead people and extract money from them.
James believes all you need is a ‘calorie fucking deficit’
E.g: Eat less, exercise more. Simples.
He pisses off a lot of people. But doesn’t care. He believes in his mission.
This creates controversy. And controversy makes you stand out. Controversy will get you noticed — guaranteed.
James has over 1.5 million people follow him on social media. James hasn’t built an audience, he has built a community.
He has two Sunday times best-selling books…Not another diet book and Not a life coach. He has his own online academy.
He’s invited on to daytime mainstream TV and featured in all the mainstream press.
James tours the world giving talks to sold-out crowds of up to 2,000 people each night to promote his book and business philosophies.
How has he built his empire? By standing against the bullshit in his niche.