How to tell if a market is likely to be profitable

In a word, research. Plain old market research. With the internet trails are everywhere. The ultimate goal is to find out what your customers really want then supply that to them. They will love you for that, and buy.

Forums are like old web 2.0. They are interactive and the content is built by the participants but were around centuries ago in Internet time. Yet there is a goldmine of wants, desires and needs there for a marketer to find.

After you have read almost any forum for several hours you should notice some questions being asked again and again, this is an important clue. Many of the same problems are discussed again and again, this is a clue.

We need to solve the question of what do they really want in order to make an information product that has some likelihood of being successful.

One other place to look is magazines.com. If there is a magazine or a few magazines about it there is a market. Nobody can continue publishing a commercial type magazine unless advertisers will pay for ads. Once you see a magazine in a niche you find interesting then find thier website and get their Media Kit. This will cover the demographics of the subscribers. For example Pilates magazine subscribers are 80% female. This can give you ideas of what to sell and what additional products could be of interest. By knowing what these people are like you can tailor your site and ads to them.
If you “speak their language” you will at at least get their attention.

Go to Amazon and sign into your account so advanced search will be available. Search topics and titles related to your niche and then select sort by bestselling. This is real live what people are buying. If you can add your unique spin on something people are already buying you have a good shot at having a successful product.

So finding what people want and what they are buying are obvious clues about what can be sold.

I will be doing more posts on research so if you find this interesting and are not yet a subscriber you may want to become one.

Please comment your favorite market discovery steps.

You might find Dan Kennedy’s new Free Future of Information Marketing Videos Interesting

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Tagged as: amazon, clue, demographics, goldmine, information product, magazines, marketer, niche