If there’s one thing that holds promising entrepreneurs back from launching their business, it’s this: a lack of confidence in creating their products. Sure, you think that new course or workshop is a great idea, but how do you know it will sell?
Let’s delve into the world of online marketing, where you will learn how to create in-demand products and services. Entrepreneurship of this type is how I and millions of others around the world have been able to create a lifestyle by design where we are able to work from anywhere in the world and make a schedule of our choosing.
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 it, only to discover it’s not what your audience wants or needs. How frustrating would that be? Yet, that’s what I have been observing since I first came online in 2006. I don’t even know where some of these ideas came from.
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.
Ask Your Target Audience, Prospects, and Clients (if you have any right now) Which In-Demand Products and Services They Want
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 program that’s practically guaranteed to sell. I say ‘practically’ because many times people will tell you that they would purchase something you create on a specific topic, only to disappear once you have the product created, the sales page completed, and the buy button activated.
NOTE: “Read Your Customer’s Mind” is new from monetization and conversion expert Meredith Eisenberg. What if you knew exactly what your prospects were thinking about regarding your niche topic? Imagine creating products that are exactly what they want from you, and also offering affiliate products that they can’t wait to purchase.
Listen to Their Complaints and Issues Around In-Demand Products and Services
If you have a community (or are part of one) of ideal clients for your niche topic and area of expertise, pay attention to what they’re asking 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.
I started a monthly mentor program early on in my business. The goal was to help newer people advance more rapidly and also to find JV – joint venture – partners from within the group to create more products and courses going forward. The results were quite amazing and this Beta group advanced very quickly. People were honest and forthcoming with their ideas and gave reviews of what others were putting together.
Study Your Competition Carefully
Hopefully you have a list of competitors and you’re reading their blog posts and email messages, 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 (that really isn’t possible, since we all have unique ideas and processes we use in our businesses) them, but you can either:
- Promote them as an affiliate, as affiliate marketing is an excellent way to network with others
- Create a better, more comprehensive version… There are always people who will prefer to buy a product they consider to be of a higher quality
- Create a lite, lower-cost version… And some people only want to dip their toe in the water, instead of investing more time and money
Starting to create in-demand products in a vacuum is a great way to waste a lot of time and money on programs 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 popular and best-selling program.
I’m Wall Street Journal and USA Today bestselling author, independent publisher, and serial entrepreneur Connie Ragen Green and would love to connect with you. If you’re new to the world of online entrepreneurship please check out my training on how to make your first income online at 3 Day eBiz (Use Code: MAKEITHAPPEN to Save) and learn how to gain an unfair advantage when it comes to building a lucrative online business.