Before you create a product or jump into a market, you need to know your buyers very well.
Because a “worst-case scenario” is that you can create a product without knowing your market – jump in and create a product – and then wonder why it doesn’t sell.
Obviously, we want to prevent that situation from happening by helping you understand how to do proper market research & competition research.
You need to know exactly who your competitors are and how to do proper product research so you are able to create a high quality product that your buyer actually WANTS to buy – a product that will solve their problem.
So let’s get started!
The question is: “How well do you know your market?”
It’s interesting to note that even though there are plenty of resources available online – it’s a cold, hard fact that many products are released with little to no prior research at all.
If that sounds like you (and you really want to jump in without really knowing your market), YOU NEED TO STOP RIGHT NOW.
I’m going to help you figure this all out.
Before we jump into it, let me give you a quick overview of the videos in this course.
Of course, this is Video 1, which is the introduction to market research.
Video number two is gonna be what is your product or service is all about. It’s VERY important that you get a clear idea about what your product or service is and (more importantly) what your customer will see in your product or service.
You need to know exactly why would they buy it.
The more you know about what you’re trying to sell and the problem it solves for your market, the easier it will be to do market research.
This will allow you to quickly see how your product can fit in the market, and will allow you to see more opportunities to find different markets and angles to market to your potential customers.
If you do your market research blindly, it will make things much more difficult.
Video number three is gonna be about different types of markets. The world is a big place, and I want to help open your eyes to how different geographic markets can expand your reach (and your profits).
In the fourth video, we will talk about some more general markets and some data mining sites that will give you a good idea of the trends that are happening in the market at large.
This will give you some insight into how you might be able to improve your product or service.
Video number five is all about starting your research. From this point on, I will show you the step-by-step process that you need to follow in order to begin your market research.
I’ll give you an example of a specific market and will dive on into it. (We will use the same example market throughout the rest of the course.
In Video number six, we will talk about finding market trends in a specific market.
That brings us to Video number seven which is all about researching keywords.
Keyword research is a little bit more detailed than market research.
Market research is a lot broader in scope, and often include many little niches within the market.
I’m including this in this course because I want to take you from the broader market down to the specific niche itself using specific keywords.
This will give you some hard data to see if it’s worth going into the niche.
And this brings us to Video number eight which is evaluating what products are selling and what aren’t.
It’s a good idea to take a look at your competitors and competing products to see what is selling.
Video number nine covers figuring out exactly what your market NEEDS.
Figuring this out will help you improve your product even further and will help it product stand out from the competition.
Video number 10 which is about finding the chatter. Once we figure out what people want, we need to figure out what they are talking about. We want to see what the general conversation in the market is, and what trends are going on in social media, forums and other places.
This will give you a much deeper understanding about your customer.
Throughout this series, we are going from learning how to do market research and product research, all the way down to understanding the consumer.
My goal is to help you understand not just how to find a market, but to understand your potential customer really, really well so that you have a product that will actually result in sales.
With that said, let’s jump right in and go to Video number two and get a good idea of what your product and service is all about.