Several things hold promising entrepreneurs back from starting a business. One of them is a lack of confidence in their product or service. You may think your service or new course or product is a great idea, but the key question is, will it sell? Save yourself a headache and heartache and test the idea first. Here are three ways to do that.
Ask for Feedback
This is the simplest way to get a feel for what your market needs and wants. Create a survey with Survey Monkey (or even a Google form) and post a link to your social media. Or if you have cultivated an email list from a freebie or landing page, send it out to your mailing list. For best results, keep the survey short, but ask:
- What they’re struggling with
- Their preferred learning method (video, text, audio, etc.)
- What the training is worth to them (what would they pay)
Having this information will tell you everything you need to know to start a business or create an offer or product that’s in demand.
Listen to Their Complaints
If you have a community (or are part of one) of your ideal clients, 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.
Study Your Competition
Hopefully, you have a list of competitors and you’re reading their blogs and emails 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 them, but you can either:
• Promote them as an affiliate
• Create a better, more comprehensive version
• Create a lite, lower-cost version
Creating 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 that you can use to create a hot-selling service or product.