How to Determine If Your Business Idea Will Be Profitable -Draft

You can do your research, ask in various forums, conduct polls, or send surveys to your potential customers to get their opinion about your product or idea. However, after all is said and done, one thing will be remaining; that’s to put it into a trial.

However, you can peep into the future by conducting preliminary research to know whether you have a potential product or not. For instance, you can check on Amazon for similar topics of your info product to see their potential. Are they selling? If so, what are the gaps you can explore so that your info product can stand out?

You can check on other places such as eBay, ClickBank, and Google to see whether there are similar products. All you will be looking in for these market places is to see the competition and to see how well they are doing and what they are doing.

You can use the Google Keyword tool to find the number of searches your product has to determine how strong or weak the competition is. Use Alexa to determine your future competitor’s traffic to know where you will position yourself in the market.

You should not over analyze as this will create something known as paralysis of analysis. If you find a potential niche, come up with an info product of that specific niche. Overanalyzing will put you in a situation of indecision where you are not sure of whether to move forward or not to; you will end up doing absolutely nothing.

If you want to test whether your product will work, create a rough version of it and release it to the market. Your rough product version doesn’t necessarily need to be polished or have any bonuses or any other additional items with it. It is meant to be a product that you come up with quickly with the intention to simply test it and see whether there is a market for the refined version of the same product.

Complete the test product and then offer it to your subscribers or even a portion of your subscribers to see their response. If it sells well, you are almost there. Ensure you get testimonials from your buyers and add them to the real product that you will be launching soon.

Another proven method of testing your product is to sell it first before you create it…yeah, you have read that right. Sell your product before creating it. Simply come up with a sales letter and add your sales video and then start taking orders. You can also hold a webinar or teleseminar to sell it. After that, roll out your product in series as a webinar, online course, or whatever method that you choose. If it fails to get a satisfactory number of orders, you can cancel the series and refund those who purchased. If you complete your series, ensure to package it together and continue selling it as a complete CD or DVD course.

If you are offering a coaching course, start by offering it to a beta group to test your teaching method. To attract them, offer them an attractive discount or a great offer to be your guinea pigs; this way you can see whether your coaching methods will work before you roll it out to a larger audience at a higher price point. Be sure to get a lot of feedback from your beta group so that you can show your testimonials to your new potential customers to warrant the larger price tag

 

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