How To Do The Right Market Research?

[Byron_Wells]

Alright Warriors

I just thought I get your opionons on this one:

Lets say you have got limit knowledge in the world of Internet Marketing, but you know the way forward is to create your OWN product..

You know what topic you want to do it on, i.e twitter, product creation, ebay, etc.. You got that part down..

Now with the many other titles out in the same topic how can you gurantee that yours will sell? What Market Research needs to be done first to make sure that you are not creating a product that no one will want... or you only get a limit number of sales..

The product will be put onto clickbank so know resale rights included...

[Joe Fier]

I don't really agree that creating a product is necessarily the "way forward" but it could help. Personally, I think that the BIGGEST way forward is to build a mailing list so you could start promoting other people's products... and THEN eventually one of your own.

But as for the very first place I'd start for market research would be with Google.

I'd do a quick search of Google and see how many pages are found (on the top right). This will show you how much competition is out there for that keyword.

Second, I'd hop over to Google's Keyword Tool and perform a search on the same keyword to see how often it's being searched. This will show you the popularity of the keyword associated to your product.

I hope that helps as a good starting point!

[dalvia]

Hey Byron,

When you have a spare 40mins, check out my video where I talk about researching a market during the video. I talk about surveys, google trends etc.

Hopefully it will be of help:
Digital Publishing | Product Creation | Self Published

Dale

[FG]

After staying away from marketing forums for years, I have found that the way I do things is really against the norm. You have been warned.

If I had limited knowledge in the world of internet marketing and if I believe the way forward was to create my own product then I would not be doing any real market research at all. Uh?

No need to.

Especially since you asked specifically, “Now will the many other titles out in the same topic how can you guarantee that yours will sell?

I am a huge proponent of statistical analysis. (It's not my fault, it is the remnants from an old day job.)

In this case clickbank has already done the leg work for me. I would latch on to an already popular seller that matches my own product that I will be creating. Now that product, the one that I have poured my blood, sweat, and tears into will become (grasp) a freebie.

Sometimes it pays not to have an ego.

That freebie is the free bonus that everybody gets when they buy that already popular product on clickbank through my affiliate link. At this point I want to find as many other titles that I can hook up with my bonus that are good sellers.

Did I mention that the product that I create for the bonus has it's own website and a payment button that proves the bonus I am giving away really is worth as much as the popular product already being sold on clickbank? And yes, I welcome stray sells that come directly to that website.

The trick is not thinking of the product you are creating as having the main purpose of being a bonus. It really needs to be a good product in its own right.

FG

[Ben Roy]

Some decent suggestions already, but here's another way you can test if you want to find out more definitively and don't mind spending a little time and money on it. Forget the product for the moment and build your sales page. Write up all the benefits, features, bonuses, whatever. Be careful not to get carried away; make sure you'll be able to deliver on whatever you are selling.

Then push some traffic to your sales page and see if it converts. You can use PPC for immediate traffic, but of course you'll have to pay for that. You could also use any standard traffic driving method (articles, blogs, Twitter, social sites, etc). Your choice what to do when they click the 'Buy Now' or 'PayPal' button. The easiest would simply be to send them to a page that says, "Sorry, this product has been temporarily taken off the market for even more content and improvements." You could offer an opt-in to be notified when you release the product.

I also heard from one person (I think it might have been on the WF) who let people PRE-purchase their product at a reduced cost. She hadn't even started writing it and had already sold more than enough to pay someone else to produce the product for her.

Anyway, the point is that the person doesn't know before they click to buy that the product doesn't exist. It should convert at the same rate as if you had actually gone to the trouble of writing the product.

[Byron_Wells]

Originally Posted by Joe Fier

I don't really agree that creating a product is necessarily the "way forward" but it could help. Personally, I think that the BIGGEST way forward is to build a mailing list so you could start promoting other people's products... and THEN eventually one of your own.

But as for the very first place I'd start for market research would be with Google.

I'd do a quick search of Google and see how many pages are found (on the top right). This will show you how much competition is out there for that keyword.

Second, I'd hop over to Google's Keyword Tool and perform a search on the same keyword to see how often it's being searched. This will show you the popularity of the keyword associated to your product.

I hope that helps as a good starting point!

Joe

I belive you are talking about the google's keyword tool which is part of the adwords process, right?

I've just done a search through that

I am looking for the one with the most searches right? Or does that mean there will be too much competition for that keyword, so I will hardly get anything??

[Byron_Wells]

Originally Posted by Ben Roy

Some decent suggestions already, but here's another way you can test if you want to find out more definitively and don't mind spending a little time and money on it. Forget the product for the moment and build your sales page. Write up all the benefits, features, bonuses, whatever. Be careful not to get carried away; make sure you'll be able to deliver on whatever you are selling.

Then push some traffic to your sales page and see if it converts. You can use PPC for immediate traffic, but of course you'll have to pay for that. You could also use any standard traffic driving method (articles, blogs, Twitter, social sites, etc). Your choice what to do when they click the 'Buy Now' or 'PayPal' button. The easiest would simply be to send them to a page that says, "Sorry, this product has been temporarily taken off the market for even more content and improvements." You could offer an opt-in to be notified when you release the product.

I also heard from one person (I think it might have been on the WF) who let people PRE-purchase their product at a reduced cost. She hadn't even started writing it and had already sold more than enough to pay someone else to produce the product for her.

Anyway, the point is that the person doesn't know before they click to buy that the product doesn't exist. It should convert at the same rate as if you had actually gone to the trouble of writing the product.

Ben

I feel like that is very sneaky, no offence

Where you create a sales page get people to see it and then they buy but there is no product created? Then you use the money that you make from those false sales to outsource the product to someone else? That is morally wrong

[Ben Roy]

I wasn't suggesting that anyone claim to have a product and collect money on it before having written it. I don't think there's anything wrong with putting the sale page up and then turning them away once they click to buy. The person I was referring to that pre-sold the product, on the sales page it explained that product wasn't finished yet but if they wanted to PRE-ORDER it, they could get it at a discount. So they were fully aware that they wouldn't receive it immediately.

[indu5]

Hi everybody,
I am new to this site.I hope this site will help me to understand quickly.
I would like to say "hi" to all members,Welcome to the forum.

[Byron_Wells]

Originally Posted by Ben Roy

I wasn't suggesting that anyone claim to have a product and collect money on it before having written it. I don't think there's anything wrong with putting the sale page up and then turning them away once they click to buy. The person I was referring to that pre-sold the product, on the sales page it explained that product wasn't finished yet but if they wanted to PRE-ORDER it, they could get it at a discount. So they were fully aware that they wouldn't receive it immediately.

Ahh rightio

Must have got our wires crossed

[badfun]

There is nothing wrong with pre-selling a product. That is how concert promoters have worked for years. It is illegal, however, to gather credit card information if you don't have an actual product to sell, so be careful.

There are a lot of ways to test the market first. You can certainly setup a sales page and track clicks to the order page. At that point you interrupt with a message that explains there is some delay. Try getting emails at that point; if they are seriously interested they will fill out the form. If they are tire kickers they will leave. Lots of people click through to the order form and don't follow through. You just have to test it all.

[Byron_Wells]

Originally Posted by indu5

Hi everybody,
I am new to this site.I hope this site will help me to understand quickly.
I would like to say "hi" to all members,Welcome to the forum.

Indu5

Welcome to the forumn, but just be a little bit careful.. If you do this on too many posts people might accusse you of spamming...

What I would suggest that you do is create a brand new post introducing yourself to the whole forum

[Byron_Wells]

Originally Posted by badfun

There is nothing wrong with pre-selling a product. That is how concert promoters have worked for years. It is illegal, however, to gather credit card information if you don't have an actual product to sell, so be careful.

There are a lot of ways to test the market first. You can certainly setup a sales page and track clicks to the order page. At that point you interrupt with a message that explains there is some delay. Try getting emails at that point; if they are seriously interested they will fill out the form. If they are tire kickers they will leave. Lots of people click through to the order form and don't follow through. You just have to test it all.

really what you two guys are talking about is you can go the product website and join a notification list, which you can join normally two or more weeks in advance....

[projek001]

If me, I'll do research by looking at the google trends

[SumikoW]

Market Samuri
micro niche finder
These software programs will help you alot!

[Byron_Wells]

Originally Posted by SumikoW

Market Samuri
micro niche finder
These software programs will help you alot!

Ive got Market Samuri at the moment.. Do you use it??