How Do You Know Market Potential Before Creating A Product?

8 replies
Hi,

Creating a product before knowing whether people will buy is absolutely crazy.

The dilemma however...... is finding out whether market will be receptive.

Because on one hand, experts will say ----- look at the magazines in the bookstores and if there are publications on a particular subject, creating a product on it will be safer than creating something that is 'not out there' already.

On the other hand, there are some products that do very well but I don't seem to see magazines published on them (eg: bowling niche/products)

Guess the question is..... If I have an idea for a product, and there are no magazines published for that topic (it's kind of a narrow niche), how ELSE can I find out whether there is promise in it before creating it?

Thanks!
#creating #market #potential #product
  • Profile picture of the author linkman11
    1. Do some keyword research to see how many searches there are for the related keywords, and check out potential competition on the web.
    2. Contact experts in that niche or the niche you've narrowed down from and get their opinion.
    3. Write an article that covers a similar topic and see what feedback and interest it generates.
    4. See if anyone has a newsletter for that niche and take out an ad, linking to a survey about a future product which they will get a discount on.
    5. Figure out what the product will cost you to make and if it's low cost, just jump in and do it. No matter how small the niche, you should be able to make your money back.
    6. Create a group for "the narrow niche" on Facebook and see if people start joining it.
    7. Create a Twitter account and begin following people who are in the "broader niche" and begin interacting with them. Then pop the question.
    8. Goto the Public library and see what books have been written on the subject and get ideas from them.
    9. Ask friends and family their honest opinion..
    10. Just do it.. if you think it's a good idea, create it and use it as a learning experience. If it doesn't work out use that experience as it's own infoproduct..
    My opinion... if the idea excites you and costs you less then a couple hundred bucks and 20-30 hours of work.. Just do it. In the process you'll increase your IM knowledge which will make your next project that much better.
    {{ DiscussionBoard.errors[725980].message }}
  • Profile picture of the author Kevin Lam
    Try looking through Google Trend. Open a magazine and follow the news on what's hot. That's all I can say without going too in depth.
    {{ DiscussionBoard.errors[725997].message }}
    • Profile picture of the author warriorgo
      hmmmm, good answers and perhaps let me give a 'fuller' example.

      I want to create a CD on "How to make money by operating your own flea market stall"

      - There is no magazines for something that narrow I'm sure.

      - The broad research for it would either be "make money" or "flea market" so that would be tricky..... because seems like you can find research data on each of the keywords but when you combine "make money" AND "flea market"together, there doesn't seem to have much data on it.

      Some folks are interested in making money.

      Some folks are interested in flea markets.

      But when in comes to "making money in flea market", how can market potential be measured?

      Love your answers, keep em coming! :p
      {{ DiscussionBoard.errors[726027].message }}
      • Profile picture of the author linkman11
        Interesting Niche...especially in this economy.

        I wonder if anyone has created an internet marketing flea market stall with an emphasis on making money on ebay.

        Because you know Flea Market junkies have a ton of crap to unload.

        Anyhow.. in this case, I would start a wordpress blog/resource site for Flea markets, build the site first and start building seo traffic.

        Take out ads in penny pincher magazines and newsletters.. the kind you see in magazine racks at the grocery store. But drive people to your Flea Market resource site.

        In the meantime start doing video interviews with flea market attendees and stall owners and tell them you have a Flea Market resource site where you post the videos..

        As you get more content, you can create your CD's and then find people across the country to sell them in their stalls... and give them their own page/ user account on the Wordpress blog.
        {{ DiscussionBoard.errors[726071].message }}
  • Profile picture of the author new2ebiz
    You can create a sub directory of one of your domains and run a poll. You can 'publicize' the poll via forums, blogs, social networks, etc. You might need to offer something in return. Rewriting some public domain or plr material is a good way to get something to give away quick.
    If you don't go to a great deal of expense using a subdomain page is a great way to test first. Then decide.
    Use linkman11's idea for traffic to it. He's got it covered pretty well.
    The neat thing about the internet a narrow niche that won't work offline sometimes work fine online depending on what you expect to make from it.
    Signature
    {{ DiscussionBoard.errors[726009].message }}
  • Profile picture of the author jtran2009
    Set up a site and sell some similar affiliate products. If you get some sells you know that yours will, too.
    {{ DiscussionBoard.errors[726147].message }}
  • Profile picture of the author JamesPenn
    A technique I learned from John Reese is to create the salesletter for the product before the product has been developed. Drive traffic to the salespage and see how many people click through to the order button.

    On the order page say something like "The product is currently out of stock, but to be notified when you can purchase a copy please subscribe using the form below"

    If lots of people click through to the order link then you can tell the product will sell.

    James
    {{ DiscussionBoard.errors[726157].message }}

Trending Topics