Before starting any business, it is important to search if your business idea is Viable? How to find out this? Before starting any business it’s important to get answered a few questions. These questions will help to realize if there is really any demand for a particular product.
- Why do I want to start a business?
- What problem do I solve?
- Who is my target customer?
- What resources do I have?
- What are my goals?
These are the 5 basic questions you need to answer before you jump into the business. The first question why do I want to start a business?
Ask yourself this question, why do I want to start a business? What is the main purpose behind I want to start a business? Earning money can be very expected answer, but your business would be more successful if you would able to see beyond that.
If you are planning to start a business, you must have some skill or knowledge about that subject or niche. You are so confident about your knowledge that you are thinking of setting a business.
So your primary intention should be to help the maximum people through your skills and knowledge. If you want to sell people, do not sell them. though it is contradictory, it is true.
When you focus on sell, you forget about how you can really help the people.
Before launching any product or service it is important to recognize the pain point of the people. What is their problem, and how you can solve their problem with your knowledge and guidance?[bctt tweet=” A Pain Point is a specific problem that prospective customers of your business are experiencing'” username=”jivitaarane”]
For e.g. If your niche is Skincare, “I have acne”, could be the pain point of that person. Now you can give them two types of remedies:
Preventive and Solution.
The preventive remedy can include any cleansing cream or lotion.
The solution could be the actually a medicine or cream which will help to get rid of the acne itself.
I am thirsty – pain point – preventive remedy – carry a water bottle – Solution – Drink water.
I am Hungry – pain point – preventive remedy – carry a meal or snack – Solution – Eat a meal
Do not be OverZealous
Also, it is important not to make any false statement regarding the result. You might have seen the hundreds of products, which are advertised like no second option than the product.
While stating the results it is important not to be overconfident stating the results, people may buy one from you but they will never buy from you if you are selling them products which are not worthy and does not solve their problem.
What are the better ways to do product research?
Magazines are one of the best ways to find out if your product is in demand. Try to find the magazine in your niche or product
If magazines are available in your niche or product, that means people are still willing to invest in that niche. Since magazines are publishing in lesser quantity, if there is a magazine available in nice, it is a good sign that there is a demand for the product.
You will find many topics related to your niche in the magazine, that must be the pain points or problems of the people that need to be solved.
Check whether your product or service fit in this criteria.
2. Go through the different ads in the magazines, see which ads are there and to what problem or pain point they are covering. See if your product suits any of these ads.
If ads are there in the magazine, it indicates that still the product is in demand and people are ready to spend money on that product or problem.
3. Search for the other products or competitor in the section. Try to find out the other product or service which solves the same problem as yours.
For e.g. if your product is about headache, try to find out how many other products are there in the same category. Though it is competition, it indicates that the product is in demand and people are spending money to solve that particular problem.
Do keyword research in a good keyword research tool, like Jaaxy, and it will show you if your product is in demand and if people are searching for the product/ or service.
Google Instant is one of the easiest ways to find out if people are searching for the product. type your keyword in the search bar and you will able to see the content is created around that keyword.
Try to find out if the content is old or fresh one if the top-ranked content on Google is year old, that is a sign that maybe there product is not much talked about.
If you find content that is fresh and related to your product or service, chances are the product is in demand. Suppose you do not know how to do keyword research, just Google your term, and if the content is available on the 1st page, the product is in demand.
The bloggers who create content, always choose the subject which people searches, and they exactly know how to do keyword research. So if the content is available on your product or service, the product is in demand.
Other ways to find out if your product is in demand
Ask your friends, family members, and colleagues about what they think about your product you are going to launch in the market.
If they are giving a positive result, good and it will be a practical demonstration if they want to buy your product, and you will get an idea.
If you are already in business, you must have a mailing list. Ask your subscribers, what they think about your product or what they would like to see in that product.
What are their requirements, and what they expect from you and what kind of product will solve their problem, collect all this information beforehand and then decide if your product will be successful or not?
You can also ask them questions with multiple answer option so that it will take less than 30 seconds to your subscribers to answer those questions.
Social media is the best way to find out what is trending in the market and in society. Social media feed is always full of latest and in-demand products and their stories.
Be sure, your product is in demand and has a lot of great content in the form of feeds, images, videos in the social media.
These are some ideas which you can find out before even introducing and making a product. If you create a product without any market research, all your money and energy will be wasted.
It is always better to do research beforehand, then create a product. Do you have any other ideas to know if the product is viable to market, pl let me know in the comments below.
Jivita is the founder of Advantage Affiliates and a full time online marketing consultant who helps people get started in the world of affiliate marketing. Read more about how Jivita helps people get started online.