If there’s one thing that holds promising entrepreneurs back from launching their business, it’s this: a lack of confidence in their products. Sure, you think that new product or workshop is a great idea, but how do you know it will sell?
Imagine spending weeks or even months of time—plus the cost of document design, video editing and all the other pieces that go along with it—only to discover it’s not what your audience wants or needs. How frustrating would that be?
You don’t have to leave it to chance, though. There are plenty of ways to test your idea before spending the time and energy on a full launch.
This is the simplest way to get a feel for what your market needs and wants. Simply ask them. Create a survey with Survey Monkey (or even a Google form) and send it out to your mailing list. For best results, keep it short, but do ask:
- What they’re struggling with?
- What problems are these struggles causing in their life?
- How would their life be different if they had [insert your product or service here]?
- What do they feel your product or service is worth (what would they pay)?
These four pieces will tell you everything you need to know to create a product or program that’s practically guaranteed to sell.
If you have a community (or are part of one) that is full of your ideal clients, pay attention to what they’re asking about the most. These are the things they need help with. For example, if you’re a business coach and your Facebook group is filled with questions about running Facebook ads, then clearly there is a need for some training in that area.
Hopefully, you have a list of competitors and you’re reading their blogs and emails, joining in their Facebook groups and getting to know them. Network and build relationships with them, this is a great way to gain insight into what is out there—not to copy them but to discover what’s hot in your industry right now.
Creating products in a vacuum is a great way to waste a lot of time and money on programs that won’t sell. Instead, pay attention to what your market is asking for, find out what they’re willing to pay, and delve into your competition’s offers. The information you gain from these three activities alone will give you incredible insight. Not just into your market but what they want and need, making it easy to create your own hot-selling products.
Now you know what to creat, take a peek at 3 Proven ways to Market Your New Business to help promote your new product!