http://eternalspiralbooks.com/market-research 1
http://eternalspiralbooks.com/market-research
In this first step, there are 4 Essential
Elements that will go into planning your
product before you ever do a stroke of ...
Reaching the right customer at the right time
 Who needs your product?
 Why do they need it?
 How long will it take cus...
Make it easier for your site visitor to buy than
to leave:
 Is your offer irresistible?
 Is your sales message easy to u...
Plan to deliver what you promise
 Deliver good value
 Deliver the product exactly as described
 Deliver over their expe...
Excel at customer service
 Anticipate questions
 Create an FAQ sheet
 Create a support page
 Include contact info
 Tr...
To attract loyal, repeat customers
 Concentrating on just ONE sale is short-
sighted
 You will make more money from recu...
 What is your niche?
 What products does your market need?
 Who are your local & online competitors?
 Are there any bi...
WHO are your competitors
AND
WHY do people choose them?
 Do you want customers with a “lowest price”
mentality? Or a qual...
 Survey Monkey, https://connect.data.com/,
InstantFormPro.com
 Survey your audience
 Check magazine racks or Magazine.c...
 Pay attention to what customers are saying
Listen to/read their comments
 Biggest mistakes are:
 Developing products b...
 Do you have a big benefit or feature which is
much better than that of a competitor’s
product?
 This will determine if ...
 Beware of the “I’m a newbie” mindset
 If you have a product people have been begging
for, price it accordingly.
 It do...
 Track your sales
 Test your offers and sales letters
 Aim for a conversion rate of at least 5%.
 Create free content ...
15http://eternalspiralbooks.com/market-research
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How To Research a Market Online to Create Profitable Products 2014

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In this updated presentation with all new material added June 15, 2014, learn how to conduct market research effectively in order to begin creating your own information products to sell on the Internet profitably through online marketing.
Go to http://eternalspiralbooks.com/market-research for more information and your free checklist to download.

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How To Research a Market Online to Create Profitable Products 2014

  1. 1. http://eternalspiralbooks.com/market-research 1 http://eternalspiralbooks.com/market-research
  2. 2. In this first step, there are 4 Essential Elements that will go into planning your product before you ever do a stroke of work. Do NOT make the mistake of creating a product and THEN finding out there is no paying market for it. Do your research FIRST and then decide if there will be enough paying customers to make your product profitable. http://eternalspiralbooks.com/market-research 2
  3. 3. Reaching the right customer at the right time  Who needs your product?  Why do they need it?  How long will it take customers to finish your product (or will they keep on using it) ?  Will you have your next product ready when they are finished? (Leave them eager for more.)  Avoid pushing new products too soon, but do not leave it too late either  Keep in touch & remind customers when it’s time for the next steps to add to their knowledge and skills http://eternalspiralbooks.com/market-research 3
  4. 4. Make it easier for your site visitor to buy than to leave:  Is your offer irresistible?  Is your sales message easy to understand?  Are you telling them what they want to hear?  Is your sales process easy and foolproof?  How many steps are in your sales process? Can you cut them down to a bare minimum to make sure you do not lose anyone in the sales process?  Create a simple sales funnel. Contact a small segment of your email list to test the offer. Track and test your conversion rate for your product  Improve your sales letter and your sales funnel for even higher conversions http://eternalspiralbooks.com/market-research 4
  5. 5. Plan to deliver what you promise  Deliver good value  Deliver the product exactly as described  Deliver over their expectations from your sales letter  Deliver a great unannounced bonus or two  Follow up on their purchase and make sure they are satisfied by sending a thank you email and a request for feedback  If feedback is negative, improve your product ASAP, update your sales letter, and email a second part of your list  If positive, ask for and use testimonials/reviews http://eternalspiralbooks.com/market-research 5
  6. 6. Excel at customer service  Anticipate questions  Create an FAQ sheet  Create a support page  Include contact info  Train staff or team members to be knowledgeable and helpful so that every point of contact will impress your customers favorably (even the most difficult ones!)  Always keep an eye on what more they need so you can offer real solutions; you help them, and make a profit at the same time! http://eternalspiralbooks.com/market-research 6
  7. 7. To attract loyal, repeat customers  Concentrating on just ONE sale is short- sighted  You will make more money from recurring sales from loyal customers  Your first product will be just the beginning  Repeat the steps in this workbook for each product to be sure you are not wasting your time and getting fair market value for your high-quality product http://eternalspiralbooks.com/market-research 7
  8. 8.  What is your niche?  What products does your market need?  Who are your local & online competitors?  Are there any big chains or large companies that can give rock-bottom prices (eg, Wal- mart). If not, then you can compete effectively. http://eternalspiralbooks.com/market-research 8
  9. 9. WHO are your competitors AND WHY do people choose them?  Do you want customers with a “lowest price” mentality? Or a quality mentality?  Is your site or store easier to find?  Do you have an easy online payment system?  What do you do, or can you do, to beat your competition? http://eternalspiralbooks.com/market-research 9
  10. 10.  Survey Monkey, https://connect.data.com/, InstantFormPro.com  Survey your audience  Check magazine racks or Magazine.com  If there are a lot of magazines in a niche, it is popular and there is a clearly a paying market  Target that market  Advertisements  Look at 1st page of Google, Facebook, magazines, newspapers, kids’ cartoons  What is Amazon, eBay selling? http://eternalspiralbooks.com/market-research 10
  11. 11.  Pay attention to what customers are saying Listen to/read their comments  Biggest mistakes are:  Developing products based on YOUR preferences  Ignoring what customers are asking for  Ignoring what your affiliates/Joint Venture partners are asking for  Ignoring what is “hot” and selling quickly, because you want to build your product line according to what you think will sell OR  Going for “hot items” even though you do not know much about the topic. http://eternalspiralbooks.com/market-research 11
  12. 12.  Do you have a big benefit or feature which is much better than that of a competitor’s product?  This will determine if you can charge higher or lower than the competitor  Alternate pricing strategies  Payment options  Create a “lite” version  Run a beta test  Be prepared to be flexible. http://eternalspiralbooks.com/market-research 12
  13. 13.  Beware of the “I’m a newbie” mindset  If you have a product people have been begging for, price it accordingly.  It doesn’t matter if you are new or not. If you have a product people are willing to pay for, don’t be modest. If you know your topic, get paid what you are worth.  Once you have completed these steps and are close to completing your product, choose a launch date, and get ready to make money! http://eternalspiralbooks.com/market-research 13
  14. 14.  Track your sales  Test your offers and sales letters  Aim for a conversion rate of at least 5%.  Create free content to lead to paid content:  Articles  An ecourse  Presentation  Video  Free special report as a sample of the paid product  Useful handouts with the URL to the product  Webinar to launch the product  Social media posts, tweets, etc. to drive traffic  Check your traffic logs to see what is giving the most results and do more of it 14http://eternalspiralbooks.com/market-research
  15. 15. 15http://eternalspiralbooks.com/market-research

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