Marketing 101 - Why You Need to Research Your Market BEFORE Creating Your Product
Market research is a key element to product creation.
After all, if there is no market for the product, you will have no buyers, and no buyers means no sales and no sales means no money on your pocket.
Too many people create a product first and then look for the market, the issue with this is that there may not be a market, or you may create your entire campaign directed at a subniche or part of the niche that doesn't buy, or worse yet get's offended by what you created.
Instead of wasting your valuable time and money, the best method to create a product is to do your research beforehand.
Once you know there is a market and what the market wants you can customize and create a product to solve their urgent issue and create for yourself a product perfect for those hungry buyers.
Another thing to look at with your chosen niche is how the products are typically delivered.
Is everything in PDF format? Is there any reason you can see for only those certain formats being used.
For example, creating PDF's to help blind adults get the help they need, isn't going to work too well, but creating an audio product or a physical product written in braille will.
You need to step inside the mind of the potential buyer and see what mediums that they would use and why.
You'll also want to look at the competition and see how they are marketing the finished product.
Are they using article marketing, video, PPC or another means.
If you find all competition is using PPC you should take it that perhaps other methods don't work, and if you don't have the budget or ability to market the way the niche buys, then again, it is better to find out before you make the product then after you have completed it and are wondering why no one is buying.
Once you've completed your market research and fully understand the targeted buyer, then and only then should you begin your product creation.
Doing it the other way around is almost a sure way to fail.
Sure you may have one of those one hit wonders that fit outside the realmof normal results, but it is not exactly what you want to be banking on.
After all, if there is no market for the product, you will have no buyers, and no buyers means no sales and no sales means no money on your pocket.
Too many people create a product first and then look for the market, the issue with this is that there may not be a market, or you may create your entire campaign directed at a subniche or part of the niche that doesn't buy, or worse yet get's offended by what you created.
Instead of wasting your valuable time and money, the best method to create a product is to do your research beforehand.
Once you know there is a market and what the market wants you can customize and create a product to solve their urgent issue and create for yourself a product perfect for those hungry buyers.
Another thing to look at with your chosen niche is how the products are typically delivered.
Is everything in PDF format? Is there any reason you can see for only those certain formats being used.
For example, creating PDF's to help blind adults get the help they need, isn't going to work too well, but creating an audio product or a physical product written in braille will.
You need to step inside the mind of the potential buyer and see what mediums that they would use and why.
You'll also want to look at the competition and see how they are marketing the finished product.
Are they using article marketing, video, PPC or another means.
If you find all competition is using PPC you should take it that perhaps other methods don't work, and if you don't have the budget or ability to market the way the niche buys, then again, it is better to find out before you make the product then after you have completed it and are wondering why no one is buying.
Once you've completed your market research and fully understand the targeted buyer, then and only then should you begin your product creation.
Doing it the other way around is almost a sure way to fail.
Sure you may have one of those one hit wonders that fit outside the realmof normal results, but it is not exactly what you want to be banking on.
