To build a product of your own, you should first start with what is the topic. Creating your own product should be the fun part.
Why should market research be of much priority at all?
Here is why:
How do you choose a topic ?
That’s simple! First you find a starving crowd of buyers and then find a niche which either solves a problem for them or it benefits them in one way or another.
Many information product creators will create a product on a given topic or niche, and once the product is finished, they will be looking for consumers.
Well, Let me tell you that this is the wrong way to approach information product creation.
Wouldn’t it be better if you found a hungry crowd and then you would create a product for them? And even better yet, create an information product for an audience who is hungry for information and who has money! Don’t you think? This way, you will know that you already have buyers who exist, before you even get started creating your info product.
If you approach the creation of your info product using this specific method, then you will GREATLY enhance the success of your product! What I mean by “success” Is two things: the potential of profits of your product as well as the name recognition of you being
Lets take a look at two examples:
Example # 1
I have a lot of experience about a particular subject. So, I decide to write an ebook that focuses on that particular subject. So, The next few weeks I spend doing all the research and knowledge into an ebook.
When I’m finished, Then I start working on building my website. Now, I go to do some more research and I find that all of my keywords have less than 1,000 searches per month which are used in my entire ebook. Not only that, but there are already more than 20,000 sites that provide information on this niche topic!
OMG! Now what am I supposed to do now? How would my new ebook compete with more than 20,000 sites and get those few people searching for this topic every month? I do the best that I can in getting my website optimized for all the top search engines hope that I can have high conversion rates.
Example # 2
I have a lot of experience about a few particular subjects. I could simply put my thoughts together into an ebook. To help me decide what topic I should decide on, and than focus all my thoughts on that particular subject, then I do some market research.
Then, I would like to find a subject that has a large crowd of people who are interested in this specific topic. I also would like to make sure that these people are actually ready and willing to spend money to get this information. And I would like to find what are the best ways of communicating it with these people that I will provide the information they want and need through my ebook.
Now, I do a whole lot of market research and I find out that there are more than 100,000 searches a month done on my subject. And there are still the same 20,000 sites that also sell a product on this subject, but now we are competing to get the attention of a much larger number of people.
Now head over to the pay-per-click search engines like Yahoo, MicrosoftAds, or other search engine to see what are the
high and highest bids for any given keywords. The higher the bid is,
the more chances that people are already making money in that particular subject, which also means that this targeted audience consists of real buyers.
Once my product is laser targeted toward those people, I can create a optimized website with the right keywords to submit to the search engines to start selling my brand-new ebook.
Can you see that this subtle difference between examples # 1 and # 2 ? When you design your product for a laser targeted market, then the probability of your profitability while enjoying much success. When you reverse the process, you are trying to build a market for a your product.
Unfortunately, unless you are managing a company like Microsoft, you are not in the position to become a market mover yet. Until your business becomes this big, than you can’t create a market of your own. So, do yourself a big favor and build your product for a laser targeted hungry market instead.
Tip: Here is another great article where I go into more depth and specific details and tools used to: Reverse Engineering Your Competition