You have an idea but the idea alone won’t get you very far. Just because you think its good doesn’t mean that it will have an audience. In that vein, research is extremely important when it comes to making sure that you are not throwing good money after bad. Here are some tips for researching your ideas.

Businesses fail for many reasons. One reason is probably that the ideas just didn’t fly. There wasn’t a market for the idea within the current niche, the marketing was off or the product didn’t promise what it was said to deliver. These are only a few but whatever the cause, it means lost money for your business and a disheartening blow for you personally. Hopefully, this can be avoided with the information we can provide here.

Research is Step One

It all begins with asking the right questions. The answers direct your research. Here are a few questions:
What is the product that you want to create?
Who is the target market specifically?
Are there other products similar to mine already on the market? How are they selling?
Can your product stand the test of time?
Who is the competition?
What price can be set for this product?

Digital products do require some work on the front end to get them from start to finish. Depending on the format for this product, it is wise to research the “how tos” and “where fors” of using this technology effectively for your needs. There are different types of software tools available and some are easier to use than others. Because you know your needs, one item may appeal more than another. Then, learn how to use it.

Refine your target market. Appealing to everyone is not the way to go. Stick with one segment of the market and see if there is actually a profit to be made. Poll your current audience to see what they think about a product of this nature. Google some keywords that are specific to your product. Analyze the keyword results by clicking on the top search results as well as the ads on the side that come up with the results.

Those ads on the side represent some of the products that are currently available within your niche. Click through to the ads and see what it being offered. Research the companies to see what is being said about them online and offline. Examining trends can give insight into where the niche is going. Does your idea fit with the trends? If so, it may stand a good chance of surviving the changing winds of customer and industry opinion.

There are several research tools that help you analyze data. Utilize them to gauge keyword viability just like you would for your website.

Research can save a ton of heartache and dollars further down the road for your digital product creation.

 

Once you create digital products that meet the needs of your audience, it’s time to get them out there and into those hands. Before you market what you have created, think about how and where you will sell them. There is more than one option.

“I’ll sell on my website won’t I?”

That might be the first choice of someone who already has a web presence like a blog or a full site. But this is not the only option. Websites are easier than ever to set up with hosting companies that offer space, templates, management systems and the like so that all the hard work is done behind the scenes. This is all well and good if you are creating a place for readers to view your information and see what your business is all about.

Selling products is another story altogether. A website is not automatically fitted for selling. That will take some research and some extra steps. Plug-ins for shopping carts, delivery systems and email systems need to be added in order for your website to function as a full on e-commerce site. Several choices exist for each of these systems as well.

Other Choices for Selling your Products

EBay – This is the quintessential online marketplace for selling and buying. You can visit eBay and set up your own store separate from showcasing your products to sell at auction. A combination of auction and storefront might make the most profit. Since millions of people use this site, there is great profit potential. Best of all, the marketplace provides all the tools you need for promotion, collecting payment and issue resolution. There is also a forum as well as helpful content to get you moving in the right direction.

PayPal – PayPal is popular with a lot of folks who shop online because you don’t have to enter more than the email address associated with the account to pay. Credit card information doesn’t have to be revealed. Sites that offer this as an option have an advantage. And, opening a PayPal account to do business online is free and easy.

Amazon – Amazon.com is definitely making its mark on the Internet shopping world. Amazon is in the same league as eBay as far as visibility and traffic. Creating a page and getting set up here offers many advantages for you because much of the hard work of connecting payment and delivery is done.

Clickbank – You can sign up as a vendor to sell your products in their marketplace. Others who are looking to promote your product as an affiliate can sign up. This greatly increases your sales as well as their commission. The site handles payouts, offers payment options and shows you what to do to be successful with them.

These are just a few of the options for selling your products online.

 

Maybe you’ve heard that there’s nothing new under the sun. That may or may not be true but it will depend on you and your creative juices. In order to find new ideas for products that your customers will love, you don’t have to reinvent the wheel – just discover unique ways to make it roll better. Here are five ways that will assist with product generation for your business.

Digital is Where it’s At

Technology has propelled not only personal growth but business growth into the stratosphere. The earth has gotten that much smaller because of it. Just think – without the Internet, your business wouldn’t have the potential to reach millions who otherwise might not have heard of the great things you have to offer. The clincher however is that even though technology has brought potential customers closer, the key is still using business and marketing savvy to give them what they want.

5 Things you can do to Create New Product Ideas

Is your business a storefront? Are you exclusively online? It doesn’t matter. Digital product can work in your business model.

Jot down your ideas – This is always going to be a first step. Get everything out of your head and in a space where you and others of your business team can analyze, pick apart and reassemble not only your offerings but also theirs in order to come up with a workable list of products to present to your target market. Include any burning interests and avenues that you are passionate about. Someone’s thoughts could spinoff into a secondary business.

Poll your customers – Take a look at the current subscriber and customer base. How do they like your products? What more would they like to see? Poll the customers online, on your business blog and in the store. Put those email addresses and mobile numbers to good use. Set up an online survey that can be accessed through email and text. Use discounts as incentive for completion.

Turn physical products into digital ones – Find a way to translate one or more of your physical products into a digital offering. For example, look at eBooks. They allow people to take their favorite volumes everywhere without carrying a single book. How can you streamline a product or a service using digital media?

Look to your competition - Find other businesses within your niche market and examine what they are doing to promote a thriving business. Zero in on what their audience likes most about their product and see how their feedback can be applied to your customers.

Use social media – We’ve discussed surveys but what about a contest. Use your audience as a crowdsourcing tool. An example: Set up a Pinterest board where customers can create pins reflecting what they would like to see as your “next big idea.”

When it comes to creativity, use as many avenues as you can to aid the brainstorming process.

 

Mahmut Pirhan & Aykut Zaim

Now that you have decided on the type of traffic you need for your digital products, it’s time to go out and get them. How will you market your products for maximum effect and profit?

There are many things to consider even before you consider the creation of a digital product:
Target niche – Who is right for this product and where can they be found?
Types of information products – Do you have a preference for a certain type of product: ebook, videos, audios, podcasts, workbooks, content creation? Do you have any knowledge already to help with product creation or do you need to learn a few things?
Market – Is there a market for this product? There might be an audience but is this particular idea already overplayed?
Time and money – What is the cost in time for creation and investment to get the product launched? What price tag will you have to offer to compensate and still make a profit?

Once you take these thoughts into consideration, it’s time to gather your tools and your ideas to fashion them into a digital product to get things going.

6 Ways to Market Digital Products

Did you know that the best way to gain fervor for your product is to start before the product is even created? Drum up support with the well-planned idea and your outline for its completion. Let the public follow you on this journey. Here’s how.

Social media – Facebook is a way to build relationships with your customers and readership. Post your progress on the new product. Ask customers to be part of a focus group for different portions of the project. Ask followers what they would like to see in the product to make it a sale for them.

QR codes – You’ve probably seen them all over. In stores, product advertisements might contain one. Scanning it with a Smartphone will reveal an ad of some sort that talks about the impending launch of the product. Create a video or an ad that links to that code.

Guest blogging – You are helping out fellow niche bloggers but also making useful connections. Offer them an advance copy of your new product in thanks for speaking on an issue of their choosing on the blog.

Contests – Offer free copies of your product as prizes for contests that relate to the product in question. Readers can find out more about what you do through these contests as they vie for quality items.

Offer free stuff – As you prepare for a launch, count down to the big moment with a free item each week to your subscribers. It could be an audio, a newsletter, free tools for use on their website and others.

Connect with businesses – Business partners are helpful too. Frequent the forums in your niche as well as LinkedIn to form new business relationships. Offer useful information and links to your fellow online business owners to get feedback from them.

Begin the process of gaining interest in your product before you create it.

 

Mahmut Pirhan & Aykut Zaim

So you have a business. Well, the goal of any business is to see it grow and grow and grow some more. Consider digital products. They have many advantages for both the online and offline business owner. Before you finalize any plans, here are a few points to think about as it pertains to breaking into the digital market.

When people hear “digital” they automatically think “easy.” Just so you can start off on the right foot with this type of project, “digital” and “easy” are not synonymous. Just because the product isn’t physical, per se, doesn’t mean that the invention of it is any less labor-intensive than a physical one.

A Few Advantages of Digital Products

Here is a highlight of the usefulness of digital products and how they can benefit your business.

Low overhead costs – Unlike physical products, most of the process is completed by you when it comes to digital offerings. There are a new set of rules so the learning curve is steep at first. The outlay of cash is lower to get you started.

Faster delivery – Just like Amazon always reports with its eBooks, you can have it in your hot little hands in less than 60 seconds. With a few clicks, your customer will receive your product right away.

Increased profits – This can be true but it depends on your marketing and the quality of your products. With the lower costs upfront, more of the revenue will be profit.

5 Things to Consider when creating Digital Products for your Target Market

Reality – Many people overlook this point. Just because you create a presence online (you already know this if you have a blog or a website) doesn’t mean that people will flock to you and buy your product. It takes work on the front end, to sit back and reap profit as “passive income.”

Do your homework first – The inclination is to create the product that is burning to get out of your brain and then look for a market to sell it to. That way of doing things doesn’t always end well. Determine your market first and then tailor the product to speak directly to them. Trying to please everyone will mean no one will purchase your product.

Is there an audience for this product? – It may be a great idea but not one that you can sell right now. The truth of the matter is that if no one is interested in an eBook on creating a desert garden, the profit will be small despite how well-written the product.

Nuts and bolts – How will you get the product to your audience? Employing a reliable payment and delivery system is the key to customer satisfaction.

Can you make good on your promise? – Before you can create the product, certain tools are necessary. Do you have a program for capturing and editing audio or video? Assemble your arsenal and then let loose.

Good information products never get noticed without the right audience.

 

Mahmut Pirhan & Aykut Zaim

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