How to Research to see if your Product is Profitable
You have an idea but the idea alone won’t get you very far. Just because you think it’s good doesn’t mean that it will have an audience.
In that vein, research is extremely important when it comes to making sure that you are not throwing good money after bad.
Here are some tips for researching your ideas.
Businesses fail for many reasons.
- One reason is probably that the ideas just didn’t fly.
- There wasn’t a market for the idea within the current niche.
- The marketing was off or the product didn’t promise what it was said to deliver.
These are only a few but whatever the cause, it means lost money for your business and a disheartening blow for you personally. Hopefully, this can be avoided with the information we can provide here.
Research is Step One
It all begins with asking the right questions. The answers direct your research. Here are a few questions:
What is the product that you want to create?
Who is the target market specifically?
Are there other products similar to mine already on the market? How are they selling?
Can your product stand the test of time?
Who is the competition?
What price can be set for this product?
Digital products do require some work on the front end to get them from start to finish. Depending on the format for this product, it is wise to research the “how too” and “where for” of using this technology effectively for your needs.
There are different types of software tools available and some are easier to use than others. Because you know your needs, one item may appeal more than another. Then, learn how to use it.
Refine your target market. Appealing to everyone is not the way to go. Stick with one segment of the market and see if there is actually a profit to be made.
Poll your current audience to see what they think about a product of this nature. Google some keywords that are specific to your product. Analyze the keyword results by clicking on the top search results as well as the ads on the side that come up with the results.
Those ads on the side represent some of the products that are currently available within your niche. Click through to the ads and see what it being offered.
Research the companies to see what is being said about them online and offline. Examining trends can give insight into where the niche is going.
Does your idea fit with the trends? If so, it may stand a good chance of surviving the changing winds of customer and industry opinion.
There are several research tools that help you analyze data. Utilize them to gauge keyword viability just like you would for your website.
Research can save a ton of heartache and dollars further down the road for your digital product creation.
