Q Of The Day: How Can I Gauge Demand BEFORE Creating A Product?

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Hey everyone!

Hope you’re having a SUPERB day! I know I am, it’s SUNNY HERE!!!, which means I am loving life. :D

Today’s question comes from Jason Ayers. He was wondering:

“How do you determine what product you are going to create next and how do you improve your odds that it’s going to be something your prospects and customers are going to buy? I’m currently upgrading my process to include more “co-creation” where I work with the customers to refine the product itself before I make it and while I create it (kind of like “agile programming” in the software world).  I’d love to hear how you approach this part of your business.”

I created a video to go into more detail, which you can see here:

The short form of the answers are:

1. Look at forums in the niche to gauge needs

2. Use surveys (on forums or with SurveyMonkey)

3. Bounce it by a partner or a mastermind

4. See how you can add to what’s already selling well

5. Look at your own frustrations with products in the market

Ninja tip: Sell BEFORE you create.

:)

Again, if you have any questions on anything you want me to take a crack at, please leave me a comment here or post on my fan page.

Have a BEAUTIFUL day!

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7 thoughts on “Q Of The Day: How Can I Gauge Demand BEFORE Creating A Product?”

  1. Your ideas for picking a product niches are great. Thank you for sharing some of your methods.
    One that I have tried is to look in the news paper (this is much like your forum method) to see what seems be a hot topic that might continue or is continuing. When I tried this it was time consuming.
    Another is go to the book store and look over the magazine rack to see what seems to be the hot topic in one or more area of interest.
    Also there is keyword research that has to be done on the findings of any method used.
    How do you feel about either one of these methods finding a niche. :-) Thank you

    Reply
    • Hey Thom!

      Thank you very much!

      I like your ideas!! I have used the magazine one in the past and got “eh” results, but I could have been doing them wrong (for example, I have a chess site that isn’t too successful).

      For the most part though, it makes sense. Obviously it costs a lot more money to run a magazine than to have an internet site so those magazines must be making money!

      Keyword research I think is a nice complement after you’ve already determined there’s profit in a niche. I’ve again made the mistake of making sites simply because they had a lot of searches (thinking I could make money with AdSense), and they fell flat!

      I’d say if you have an idea, grab the domain, do the squeeze page method where you can capture emails and promote affiliate offers, and then see if people end up buying from that so you know if you should continue spending time on it :)

      Hope to help!

      With love,
      Rach

      Reply
  2. Rachel,

    Thank you so much! I picked up a few excellent ideas from the video that I’m going to use.

    Jason
    P.S. You’re really good at figuring out creative ways to incentivize your customers and prospects!

    Reply

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