26 September 2009

Ways to Know What Does the Market Really Want and Willing to Pay

Saturday, September 26, 2009 by Louis ·
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Knowing what the market really want and willing to pay will probably eliminate this scenario:

You've developed a product which you think is great for the market and coupled with a series of laser-targeted marketing you go ahead for The Product Launch. But, on the Big day of your launch, nothing happens... months later still nothing happens.


There is a difference between "what you think is good for them" and "what they really want and willing to pay".

Therefore, it's important to do your homework and know "what does the market really want and willing to pay".

To keep things simple, just keep in mind:

  • Find out what people are willing to buy or are already buying,
  • at what price,
  • add more value and sell to them
These are some ways that I'm using for my research.

1. Forums

Go to related forums in your niche and look out for problems posted by people.

If you're a member in some forums already, great, continue to contribute actively and constructively.

If not, you can find related forums by google this phrase "Your Niche Keyword + Forum" or "Forum + Your Niche Keyword" and choose the ones that attract you the most.

I'm glad that I've made the decision to sign up as a lifetime member of Brian Clark's "Teaching Sells" program. Because other than the course materials on building profitable Interactive Learning Environments, there is a forum where all the paid members are contributing in one way or another.

Members are from different fields and some are Authority in their industry. The questions they posted are "eye-opener" for me. Some are asking questions specific to their niche and some are providing solutions professionally. There are great support from the instructors and members.

2. Ask Questions

Ask "open ended" questions on your blog, email list, twitter, facebook, forums or any social platform. Just keep the questions relevant to your niche.

Many businesses took this approach and "beef-up" their products before releasing to the public.

Example:

"I've been blogging for many years and gained lots valuable experience along the way. Most of my problems were solved through trial and errors. However, you can ask me any questions on the problems that you're facing right now, I will offer my advise and maybe together we can come up with an effective solution".

3. Show "How to..."

Providing solution to problem is our approach to finding what the market really wants. However, many times, people will provide the solution on the forums but didn't show exactly "how to" do it.

This presents a good opportunity to explore and you can develop step-by-step guide on "how to" implement the solution.

4. Study the Sales Pages

You can find topics that the market is looking for in the headlines, sub headlines and bullet points of successful products sales pages in your niche.

Example:

Here's a good sales page that gives you plenty of ideas on creating passive income. The product is called "Secret Affiliate Weapon".

Let's take a look at the bullet points:
  • This system is turnkey and automated. Seriously, once it's set up, it'll make you money month in and month out, without requiring your attention!
  • You don't need any special technical skills or know-how. As long as you can turn on your computer and connect to the Internet you have the technical skills you need...
  • It's quick, easy to do once you know my secrets. And the money continues to flow to your accounts every single month!
The points are answering the "wants" of this buying market.

5. What's Hot Now?

Get more ideas on the current trends globally or locally and look for gaps that you can fill by riding on the waves. However, this approach is time sensitive and "Fast" is the key. Not recommended for those who are slow and steady.

You can use Google Trends or browse the global or local news websites.

Example:
6. Yahoo! Answers

Look at the questions posted on Yahoo! Answers. These are people looking for answers to the problems they have encountered. Spend some time going through the questions related to your niche, this will help to generate some ideas.

7. Online Market Place

Look at the best-sellers on the "Online Market Place" websites.

Since these are best selling products, it means people are spending on these products.

Example:
8. Google Search Your Niche Keyword

Run a Google search on your niche keyword and look at the advertising featured on the Google search page.

If there are many advertisements, this tells you that there are many companies willing to spend money on advertising. This also means that there are money to be made in this market.

Study the products or services that these companies are providing and generate ideas for your target market.

You can use Google AdWords keyword tool to have a indication of the search volume of your market and whether it is a big money market. Enter your keyword in Google AdWords keyword tool, get keyword ideas and choose columns to display "Estimated Avg. CPC" (CPC - Cost Per Click).

Conclusion

Do a good research on the above suggestions and gather a list of potential "wants" of your hungry buyers.

Just sell whatever is already selling or even better, sell stuff that has been selling for a long time.  If you can take the idea behind these information, improve on it and provide your unique selling point. Then you're ready to sell to people who are waiting to buy.

"One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular." - Tony Robbins

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