Make sure people are actively searching for your product or service idea

Once you’ve identified your market interest and chosen the product/service you want to offer, you need to make sure that people are actually looking for your product. You don’t want to spend months and months developing a product only to find out that no one wants to buy it! So please, before proceeding, make sure that

– many (or at least enough) people are actively searching for your product/service online

– you can make profitable sales

– the market is not oversaturated with competition

– you create or develop a product niche that is yours, one that you can own.

There are several ways you can use to find out how many people are searching for your product. But let me limit myself to a fairly efficient one that you can use to get answers very quickly.

I personally use KeywordSpy.com. It is very useful, I find it. So far I am still using their free version as I only use for keywords, but if you need more services from them then by all means use the tool as you please. You can write words or phrases that you think people may be using when searching for your product. Be sure to use specific words or phrases. Although the broader terms will have larger numbers, this is not necessarily a good thing. Keep in mind that your goal is to get highly specific and focused leads. For example, if your product is a book or guide on “Kung Fu fighting”, you wouldn’t want everyone interested in “fighting” to visit your website, would you? You get the idea.

The next thing to do is take a look at your competition. Learn as much as you can about your competitors. You can use Google.com to do this. Just type the same keywords you used in the previous activity. You will see a couple of recommended websites. Take a look at them, their products/services, how do they compare to yours? Analyze them to find a gap, something they lack. That’s what will make you stand out! Is it the prices? Lacking a wider selection? Are they missing a specialty?… If you are lucky, you will find that many people are looking for your product/service idea, but that there are not enough companies to answer this need. In other words, there will be a large market/demand, but little supply. That would be your big aha! moment.

Here are some great ways you can use to conduct product research:

– ClickBank.com: You can use this to find products that are already being sold online. There you get a lot of useful information.

– E-zines: Through these ezines, you get more specific and comprehensive information on almost anything (product reviews, tips, how-tos, articles, etc.)

– Forums: in these, you will find discussion groups where participants share common and specific interests. They will be exchanging messages and ideas about those interests. Reddit.com or DigitalPoint.com are some of the most popular.

– Blogs: You can use blogs to learn more about the interests and opinions of your prospects or customers. For example, using our keyword example above, you can type “kung fu fighting blogs” into any search engine you prefer, and this will pull up information that you could use to your advantage.

Once you have completed this step, you will have a much clearer and better understanding of your product/service, as well as its online possibilities. Don’t worry if you still feel stuck. Always remember that your goal is to discover a gap, an important missing element or a problem that consumers are having online, and offer the best possible solution for it.