Market Research?? Is it profitable?

[jelder1]

Hey everyone I'm having quite the delimma and I'm not feeling confident in my own knowledge of market research. I'm having troubles creating a product and being concerned with whether it will sell or not. I'm having doubts that if I spend a ton of time creating it it might not sell. So before I jump into all of that work how can i really tell if my product will be profitable or not. Do I set up a squeeze page that pre sells the product and see how well my conversions are to determine if i should move on and create the product? do I look in forums to see what people are having problems with? do I use googles keyword tool to determine if the market is profitable by the number of traffic? all of these may be a good way lol but i would like your suggestions on how you go about market research

[JayXtreme]

Drive traffic to an affiliate offer in the niche

Perfect market research.. if you make good sales as an affiliate of a product similar to the one you intend to create, you can then scale it up and make your own..

Peace

Jay

[Neil Morgan]

...and as I posted yesterday in another thread, there are simply no guarantees.

Embrace that fact and move on.

People that constantly seek non-existent cast-iron guarantees never get their foot on the ladder.

Cheers,

Neil

[de_name]

sitting here nicely and scrutinize this thread, he he he..

[revpl2]

Well yeah, those are ways that others have used. I haven't used one of them (the presell thing) but have heard of gurus taking this approach. Corey Rudl used the forum method for research a product he came up with. After the initial research he found a problem people were having, found a way to solve it and created a $100k per year business as a result. So this is a real-life example of th epower and importance of market research. I mean aren't forums places where peopel have a problem and then ask others to helpt hem solve it? Just like you are right now? Of course most people doing this are expecting an answer for free so the goal then is to find a problem that does not have any clear answers/solutions. Therein, it would seem, is the potential for a product. Rather than the presell approach and hoping it'll stick. I think the presell-squeez page thing should be used once an unsolved problem has been clearly identified. Then it would make sense to use it as a means of gauging the demand 'abroad' out there in the wider online community.

[Sheila]

Searching for a market is half the fun . . "life is much more manageable when thought of as a scavenger hunt as opposed to a surprise party."
Jimmy Buffett

* Find what you think will be a hungry market (through forums, yahoo answers, your friends and neighbors, etc.)

*Set up a squeeze page and send traffic to it - tell visitors you're writing an guide on whatever topic you choose, and ask them them to tell you their most pressing question - let them know you'll send them a complimentary copy of the guide once it's finished, as a thank you gift for their participation - per Frank Kern's Underachiever method - I'd also suggest including an affiliate link to a related product on your thank you page.

* If you get enough responses, develop a product. If not, rinse and repeat in another niche.

Best of success to you!

[JohnMcCabe]

If you want a framework to hang your market research on, look up the course by Dr. Glenn Livingston. I don't own the course myself - yet - but Glenn has moved the free line far enough for me to tell he really knows his stuff.

He's also part of Perry Marshall's inner circle and Perry speaks very highly of him.

[DavidTheMavin]

Originally Posted by jelder1

Hey everyone I'm having quite the delimma and I'm not feeling confident in my own knowledge of market research. I'm having troubles creating a product and being concerned with whether it will sell or not. I'm having doubts that if I spend a ton of time creating it it might not sell. So before I jump into all of that work how can i really tell if my product will be profitable or not. Do I set up a squeeze page that pre sells the product and see how well my conversions are to determine if i should move on and create the product? do I look in forums to see what people are having problems with? do I use googles keyword tool to determine if the market is profitable by the number of traffic? all of these may be a good way lol but i would like your suggestions on how you go about market research

If you're not sure I would do exactly what you're saying here and do some keyword research to see what kind of search market exists. It will take you very little time and you'll have a better idea. When doing your kw research think of what people would be searching for when looking for your product, or a similar product and make sure to filter it so you see the [exact] number of searches.

If there's no search market and you're planning on selling online then it's a great cue that you should either forget it, or INVENT it

Good luck!