How Do You Ensure Your New Product Is Going to Be a Profitable Product?

There’s nothing worse than pouring your heart and soul into a product, only to discover that your market doesn’t want it.

Sure, sometimes it’s just a problem with the product title, positioning or sales copy when a product isn’t moving. Sometimes, however, people aren’t taking out their wallets because they have absolutely no desire for your product. And that’s a big problem.

So how do you make sure your prospects are going to click the payment button come launch day? By following these three simple tips…

Find Out What People Are Already Buying

One of the quickest (and surest) ways to find out if people will buy your product is by examining their past behavior. In other words, if your market is consistently purchasing a particular kind of product, then there’s a good chance they’ll buy that type of product when you roll one out too.

For example:

  • Go to marketplaces such as Amazon.com, ClickBank.com and JVZoo.com. Then search for your niche keywords (such as “organic gardening” or “online marketing” or “weight loss”). Look for the bestselling products, as well as products with a lot of competition.

E.G., There are several “get rid of belly fat” products in the weight loss market, and some of these products are also bestsellers. Those are both clues that this particular type of product is a big seller.

  • See what the top sellers in your niche are selling. Go to their websites, join their newsletters and follow them on social media. You’ll soon see that these sellers tend to promote certain types of products more often. When multiple sellers promote similar products, it’s a sign these products sell well.
  • Check out paid advertising. This includes banners on niche sites, solo emails and sponsored ads in the search engines. If marketers invest money over time to promote a certain product, that tells you that their advertising is profitable.

So, does this mean you copy other peoples’ products?

Of course not!

What it means is that you do your market research to find out what your market is buying, and then you create something similar yet better. In other words, you build a better mousetrap.

Let’s suppose you’re going to pursue the idea of creating a product about getting rid of belly fat. If you review the existing products yourself as well as read customer reviews, you’ll quickly get a sense of the strengths and weaknesses of the top existing products. Your job is to improve on those products.

For example, maybe you notice that the existing products don’t show exercise illustrations, nor do they offer extensive meal plans and recipes. If you add these two features to your weight loss product, you’ll have a feature-rich product that’s not only a proven seller, but one that’s better than the existing products. That takes you one step closer to creating a bestseller!

Next…

Run a Quick Test

Another way to find out if your market will buy something is to take out ads for a particular product. You don’t need to create the product just yet. Instead, your ads will point to a sales letter for your prospective product. But when people click on the payment button, they’ll be told the product isn’t ready yet (and that they can join a newsletter list to be alerted when the product is ready).

Simply put, all you have to do is look at how many people click the order button to get an idea of the level of interest in your prospective product.

This isn’t a foolproof way to determine if your product will sell, but it is a quick way to gauge interest. And it gives you some confirmation that your market research is correct. Plus as an awesome bonus, you get to start building a mailing list of potential buyers!

Next…

Survey Your Market

That’s right, just ask your market what they want.

But heads up…

What people say and what they do are often two different things. So use this tactic as part of your overall market research. Use it to confirm what you discover with the other two steps, rather than relying on this information to make a decision.

So, once you’ve done this market research and determined what your market wants, then your next step is to start creating these products.

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