It’s always a good idea to make sure there’s enough room for you in the market. Sometimes it’s easy to think there’s enough room for another competitor in the market, but in reality that may or may not be true. If you’re working on creating a digital product or service it’s important that you verify the market. You can do this by checking how much similar products are making in your niche, doing some keyword research and finding out what your competitors are doing to succeed. You should verify the market before you invest too much time or money.
In other words, find a problem that people have, and then find a solution for this problem! Don’t create things from scratch if you don’t know if someone (who is interested in your product) is out there. Examine the market to see which products/services give value to people – and make an improvement to one of these solutions. Make sure that someone is out there who wants to buy what you’re selling before you spend a thousand dollars building it! This sounds like obvious advice but it’s something that 90% of bloggers and creators don’t think to do. Many people make the mistake of believing that if they believe in their idea, it will success. However, even the best idea can fail. How do you know if your idea will be successful? By doing your research!
So what you need to do instead is test that your product is actually viable. Your package isn’t finished simply because you say it is, so start making it while the idea of a simpler process is fresh in people’s minds. Start selling the package before you have finished building it up so you can prove whether or not people are actually interested enough to buy it. The more people you sell to, the higher your convictions will be that your product is viable. There are a couple of ways you can do this but one of the most popular is to start selling your package before you’ve finished it.
Creating an MVP
Until you create your membership site and make it available for sale, there’s no way to tell for sure whether anyone would have bought it! But there’s a pretty simple way to determine if people will buy it : simply put it up for sale and see who buys. Give your membership site a good foundation by creating the basic blog, landing page, and sales copy. Simply let people know that they can get the lowest possible price by entering their email address. Once they click on this form, the pop-up that appears can tell them that the product isn’t ready yet but will notify them when it’s ready. If many people want to buy the membership after launch, you can safely assume that the people who tried but hadn’t purchased your membership would have bought it had they tried. This should give you sufficient motivation to go ahead and create your membership website.
Another alternative is to ask your members to subscribe to receive future updates and to subscribe while there’s only a scant amount of content there. It may seem odd to do this as there isn’t much content on the page, but you can make it seem worth it by telling your visitors that they are getting ‘early access’ to the site – and there will be more content coming soon. You could even call this a ‘Beta Test’. The early adopters provide valuable feedback, allowing insights into your products. These early adopters are not only important to the development of your products and services, but they also increase your brand awareness and make it easier to sell to your target audience later on. You can ensure that you give them something worthwhile in exchange for their time.
A great approach that tech entrepreneurs use is to ‘fail fast’. The idea is to build an MVP or ‘Minimum Viable Product’, to see if it can be made into a business, and then work on developing it only if they find an audience is interested. This approach is used by tech entrepreneurs because it allows them to try innovative ideas, while avoiding the stress and financial risk that comes with building and marketing a normal full-blown product. It lets you build up your business without thinking about the consequences too much. When you creating something new, it’s all about being resourceful, and selling one or two products is enough to pay the bills, this gives you a lot of flexibility. So by doing less preparation, you save money and can still see results or know whether something will work or not.
Market research is important to your success. It can be done many ways through conventional tricks such as looking at other competitors, or even surveying your potential customers to see if they would be interested in your product. Just surveying people to see if they would potentially be interested. It’s still far more important that you give your visitors a strong offer that encourages them to make a purchase rather than just smiling at them in the hope that they buy. The best way of all though is still always to get your visitors to put their money where their mouths are.