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How to discover a profitable PRODUCT IDEA?

by BarberShop
10 replies
I want to sell an info product online. But I need to find a niche that has buyers. Otherwise, I'd be spending a lot of money with product development and traffic only to have a product that's not selling.

How do I go about finding a product idea that is profitable and how do I make 'sure' its profitable?
#discover #idea #product #profitable
  • Profile picture of the author Mike Baker
    You need to do a lot of market/niche research. This isn't something that can be explained in a short post. I suggest looking through the Warrior Special Offers section and find one that appeals to what want to know in regards to market research.
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  • Profile picture of the author tobyR
    Hi correct you need to do niche research, there's loads of info out there covering how to do this but my tip would be first off - do you personally have a passion/interest/hobby where you have lots of personal knowledge ? because its easier to market, write content, articles etc when you have knowledge & an interest - thats a starting point
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    • Profile picture of the author Michael Taylor
      Originally Posted by tobyR View Post

      do you personally have a passion/interest/hobby where you have lots of personal knowledge ? because its easier to market, write content, articles etc when you have knowledge & an interest
      That's true...it IS easier producing content on something you're really into yourself.

      But that's the first part of the first part. There's something more important than whether you have a passion for a certain topic. Are there enough people out there that you can reach who also have that passion...and will they pull out their credit card to buy something related to that passion?

      To find out, make a list of buzz words used a lot in that hobby or interest. Names of manufacturers, product names, process names, slang, lingo, model numbers, names of popular people in that hobby, names of groups, etc.

      Go to the Adwords Keyword Tool and plug in some of the keywords you came up with and see if there's a decent amount of searches being performed. For a given keyword, I like to see a minimum of 3000 searches a month.

      The next thing you need to do is figure out if the keywords that have enough interest also have little real competition. There's a manual way to do that, but I use keyword tools to make it quick and easy.

      There's more to market research than that, but finding keywords that are actually searched for is an important early step.
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  • Profile picture of the author jkiley
    It is not the idea, it is the implementation of it. I know that lot of people here talk about ideas, but in practicality...each one of us have 10 great ideas....but the one who implements even one of them gets recognition.
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  • Profile picture of the author Daniel Deegan
    The most straightforward way is to improve what already exists and be a better marketer. Sounds simple which it but its not always easy to execute. A philosophy which goes against the grain to what most warriors subscriber to is the idea of creating products based on your own needs. The idea being if you need a product odds are others will to. The guys from 37 signals in their book "Rework" talk about this approach.

    I think the philosophy is sound but we need to understand how the guys at 37 signals apply that approach to an actual product. While they may start with a product idea based on their own needs. The product is released to actual users/customers while its super early in development and in its most basic form.

    They as product creators plant the seed and the target audience waters the idea, helps it grow and then prunes it into an actual product that people love...
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  • Profile picture of the author Fortywats
    These are all good in depth answers. But there are a few shortcuts to market research. First is to look on clickbank. Anything with a gravity over 6 is worth a second look. If something catches your fancy, head to Amazon and see how many products they have in that Niche and if they're selling. Even if it's only one or two books it still means somebody is buying in that Niche. Also, a really sneaky and under used resource is the dummies website. They have how to books on really obscure stuff. But trust me they would not make the book if there was no buyers. They've done the research so you don't have to.
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    • Profile picture of the author JohnMcCabe
      BarberShop, you're way too early in the process to start getting bogged down in complicated keyword research, etc.

      First, realize that knowing an info product will be profitable for you is impossible until you put it on the market, so if you're looking for guarantees, you're out of luck.

      You can up your odds considerably by following a couple of easy steps, which will give you a much narrower focus on your keyword and other niche research.

      1. Look at physical products which are selling well. Then apply this:

      "People who spend money on [blank] might also spend money for information on [blank]"

      That's not mine, by the way. I learned it from an ebook several years ago. If anyone recognizes the source, please speak up so I can give proper credit...

      2. Check to see if people are indeed buying information on the topics you choose. Amazon books, Kindle ebooks, Clickbank are all info sources.

      If no one is buying the product, or there's a shortage of information on the subject for sale, that's a strong indication that you're unlikely to profit from an info product on the subject.
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      • Profile picture of the author jbsmith
        Good question...

        Great product ideas come from consumer desire to be, have or do something tomorrow that they are not or do not have today.

        What that means is great product ideas come from understanding the challenges and frustrations people struggle with day-by-day that stand in the way of BIG goals.

        As a group, new mothers want BADLY to find a job that gets that back into the workforce, but does not threaten the strong bond they have with their children - if you could offer them a solution to that problem you would have a killer product.

        The next phase of finding great ideas is looking to see if there are already products selling to address the frustration and desire you identify. Or you can work the other way around and find top selling products then reverse engineer WHY they are selling - which brings you back around to the desire and demand again. I have used both techniques and they work equally well.

        Finally, once you have evidence and motive behind demand and a strong sense for money changing hands (other products selling) you want to come up with your own differentiator or angle on the market to set yourself apart -- which needs to be tested against the market to make sure you haven't strayed too far from what is working for other products.

        You can really take the uncertainty out of finding product ideas using this approach - especially if you look objectively instead of falling in love with a product you THINK the market needs instead of going with the evidence of what they are SHOWING you they want through their buying activity.

        Jeff
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        Turn Your Knowledge Into High-Paying Digital Products To Sell Online
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  • Profile picture of the author marcuslim
    As someone already pointed out - forget the big idea, go for better. Someone is already doing something, the real question is, can you do it better? Can you fill the need better, offer greater value, be a better marketer? It's all in the execution.
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    Marcus Lim
    Silver Bullet Publishing

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