Tuesday, March 17, 2009

Demand For the Product - How Not to Underestimate the Market

Demand for the product you are creating is key. There are so many stories of people who have created a product that they "believed in" but nobody wanted. It is an all too easy trap that anyone can fall into if they don't know what they're doing. In this article, I'll show you how to choose a product for a market with laser precision.
Backwards Rationalization
The problem is that we human beings are highly emotional. We think that we have shed these shackles and can think for ourselves logically but the simple truth is that most of the time we make an emotional decision and then use backwards logic to fool ourselves into thinking that we exercised logic.
This happens all the time with product creation and especially when someone has a passion for a product that blinds them from seeing the truth of their situation. So how do we avoid it?
Do Your Research
Always do adequate market research.
First of all you need to pick a niche. The advantage of marketing on the internet is the great reach so there is no point in creating an info product that only your local village residents are interested in.
Pick a niche that has a high demand and will have for the future too.
Secondly you need to create the right product for that niche. I made a mistake of once creating a strategy book for a particular market. It was only when the book completely flopped that I realised that the market was not interested in strategy but actually wanted something else - training plans.
If I had stopped and done my research beforehand I could have saved myself a lot of wasted time.
Don't Reinvent The Wheel
Because there is so much room for new entrants in the internet marketplace, you may as well choose a niche that has been done before. Check out Clickbank, a well known publisher, to see what kind of products they are selling. Example good niches are health, self development, make money products and hobbies.

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