You can do everything right. You can start from a known customer. You can find their pain points. You can solve their pain points. You can even market where they are.
And still not sell anything!
That’s part of the information product marketing game. In fact it isn’t limited to learning content products at all. It’s really part of the marketing game. But there is a way to boost your odds of actually hitting a market that is willing to spend.
It’s called doing a bit of marketing research.
In this article I’m going to show you how to determine if there is a market for your new product idea. In fact, I’m actually going to give you five different ways to ensure that the market actually exists.
1. Check Amazon
One of the nice things about Amazon is that it organizes all of its niche products by niche. That index is a gold mine. If Amazon considers it a product who are you to say there isn’t a market. On the other hand if Amazon doesn’t list it then you need to dig deeper. After all if they aren’t selling any similar products then there probably isn’t much of a market for those products.
2. Check your local bookstore.
Okay, you can partially use Amazon for this — but not completely. Once you get to your big box bookstore, check out their bookshelves. How many books do they have on this topic? If there aren’t any then chances are you don’t have a market. Then check out the magazine racks. The more magazines the bigger the market. No magazines implies there probably isn’t a market interested in buying the magazines. And that means there probably won’t be a market for your books on the topic.
3. Check Google.
Think SEO. But backwards. Rather than looking for a keyword that doesn’t have competition, you’re now looking for both the competition and the number of searches. No previous searches implies that there isn’t a market. No competition implies the market isn’t viable — meaning it exists but isn’t big enough or willing to spend the money necessary to generate a profit.
4. Check your competition.
Found some competition? Great. Now go over and make sure that they look like they are active and selling. Sometimes you’ll find nothing but one page wonders. If all you find are the $7 eBook crowd then chances are the market doesn’t really exist.
5. Check Alexa
What can I say about Alexa.com? A market researcher’s dream. A business developer’s nightmare. Traffic. Audience. Searches. If you can’t figure out if a market exists with Alexa it can’t be done at all.
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