How To Take The Frustration Out Of Creating High Demand Products And Services
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 workshop, craft item or service 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 an online workshop for instance—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.
Just Ask
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
- Their preferred learning method (video, text, audio, etc.)
- What they feel the training is worth (what would they pay)
These three pieces will tell you everything you need to know to create a high demand product that’s practically guaranteed to sell. Modify the above questions to suit your audience and your product or service idea. My go-to place for great deals on kick-ass software for entrepreneurs, Sumo, posted a great article on their blog, How To Price A Product: A Scientific 3-Step Guide (With Calculator). Check it out for help on pricing your products and services.
Listen to Their Complaints
If you have a community (or are part of one) of ideal customers, pay attention to what they’re asking (or complaining) 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.
Facebook is my go to place to research training needs and Amazon product pages are my place to research potential physical products. Whether or not you are going to sell your products on Amazon, search for your product idea and review the customer comments (the good, the bad and the ugly). This will allow you to know what customers like and don’t like in order to be able to create a better product than your competition.
Study Your Competition
Hopefully you have a list of competitors and you’re reading their blogs and emails, and lurking in their Facebook groups. This is a great way to gain insight into what they’re doing—not to copy them, but to discover what’s hot right now.
Consider buying their paid products as well. Again, you should never copy them, but you can either:
- Promote them as an affiliate
- Create a better, more comprehensive version
- Create a lite, lower-cost version
Creating products in a vacuum is a great way to waste a lot of time and money on products 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 into your market and what they want and need, and make it easy to create your own hot-selling, high demand products.
DO MORE: Download this exercise to make it easy to find the biggest need in your niche and to conduct research on your competitors: Know Your Market through Research
