Product Research Steps

Product Research Steps

Sell products online

1. Identify Your Passions
a. Make a list of jobs, experiences and skills.
b. Make a list of interests, hobbies and passions.
c. Don’t hold back; write down everything from the most ridiculous to the most serious
ideas that come to mind.
d. Organize your list and pick your top three favorite ideas.

2. Identify who is in your niche? (use the resources from “Product Research”)

3. Look for models of success and improve upon them
a. Develop a different target and focus
b. Create a better application
c. Provide a different viewpoint

4. Make a list of websites:
a. Take notes on them and identify 50 to 100 joint ventures that you can come back to for potential selling.

5. Offer the right product:
a. Look for solutions for problems people are experiencing.
b. What problems can you find that people need specific help and guidance with? Make a list of every possible idea.

6. Identify 3-5 Business Ideas

7. Develop a unique angle for you product. What makes your product unique? Why should people by from you instead of your competition?

a. Most internet business do this________ and we do this__________.
b. Unique angles and Ideas:

1. Price- Having really low prices with force you to have small profit margins and profit will have to be made up in the volume of sales. Competition will only drive your profits lower.Build a specific business and capitalize on your difference and don’t compromise
on your price.

2. Higher Quality- Develop a higher quality product and market to a more exclusive market. Luxury clothing, cars and properties are good examples. Instead of providing the cheapest product focus in the step with providing the most value. If you are going to
charge more, people will happily pay if they see the value between and prices.

3. Longer Warranty and Guarantee- If everyone in your market is providing a 30 day guarantee then providing a two year guarantee will stand out as prospects check out your product. This demonstrates your integrity and devotion to quality. You could try a
30-day trial in which the customers information is taken, but no charge and if within the 30 days they feel that it wasn’t all that was promised they could return the product and never lose any money. If they believe it to meet its expectations then they will only be
charged after 30 days.

4. Motivate with Education- Be the one who provides the best education for your potential clients. Give your prospects education on your products. Show them how to maximize value from your product or service. Home Depot is great example of a
company who has dedicated themselves to this type of business. They do not just sell the product, but they teach you how to do the project through articles and live training classes.

5. Greater Bonuses- When you can provide a greater value for the money, then your customers will be more willing to buy from you instead of your competitors. Include free bonuses in everything that you sell. They don’t need to be provided by you, you could contract with a magazine to get discount rates for subscriber ship for each of your customers.

6. Customer Service- If people know that they are going to have questions and problems and you provide better customer service then you become the company that cares.

7. Up-date memberships- This could affect new editions to an e-book and new updates to software. This also creates life-long customers that you can resell to.

8. Specific Market- Instead of just selling a website to everyone, just specifically sell websites to real estate investors. This way when an investor needs a web site they are more likely to go with the real estate investor web site developer then someone else. You will brand yourself this way and begin to understand you market a lot better. As you understand your markets needs you can become better and more valuable to your customers.

9. Pre-Emptive Advertising- You might feel that there is nothing unique or different about your product. If this is the case be honest with your audience and tell them that it took 1 year of testing, 30 interviews and 2000 man hours to create you product. If you are going to provide a service like piano teaching explain to them what you will be doing each week, that you will be recording them that they will be playing a grand piano. Explain the small details that help them see how unique your product or process will be.