Before you commit to extending your product suite, I recommend that you do market research by interviewing your target market and doing competitive analysis to see what else is out there.
If you skip this step, you may spend weeks or months or even years (and considerable expense) creating something that few people will buy or that already exists.
While it may seem intimidating or intrusive to interview current clients or prospects, most people like to give their input and talk about their problems if you know the right questions to ask.
This also makes them more invested in the product that you develop and more likely to buy it, while helping you to create something that they genuinely need and want.
Here are the 8 Top Market Research Questions to ask:
1. What are your biggest challenges and frustrations around (your topic)?
(identify the key problems)
2. What are these problems costing you?
(determine whether these problems are urgent enough to prompt them to buy something)
3. What goals do you have for (your topic) this year?
(reveal your market’s top goals and desires)
4. How would your life look like if you accomplished these goals?
(tap into the deeper emotions and motivations behind their goals)
5. If you could have any question answered about (your topic), what would it be?
(uncover topics that you didn’t think of including in your product)
6. If I created a product about (the problem you solve), would you be interested in buying it?
(gauge interest in your specific idea)
7. If I could promise (x results), how much would that be worth to you?
(decide on a pricepoint)
8. How do you prefer to receive information about (your topic)? (i.e. video, audio, text)
(find the product delivery method that works best)
Listen closely to the actual words your target market uses, because this will become the rocket fuel behind your marketing. People will actually tell you what they want using the words that they respond to most – it’s like getting a sneak peak into their inner dialogue or mental conversation. But you have to be open to what people are telling you, even if that means abandoning a product idea you were really in love with if it looks like your target market isn’t interested.
You can also do market research with social networking by visiting forums, Facebook groups and LinkedIn groups related to your topic. Actively ask questions or simply be a fly on the wall and pay attention to what people are already talking about.
In addition to speaking to clients and prospects, I recommend checking out competitor products so you can model what works best while differentiating yourself from the rest.
Here are 6 Key Competitive Analysis Questions to ask as you do this research:
1. What results do their products promise?
2. What words and emotional triggers are they using to sell their products?
3. How much do they cost?
4. How are their programs delivered?
5. What bonuses have they thrown in to sweeten the package?
6. Who is promoting them?
Remember, you’re not creating your product in a vacuum. These simple market research and competitive research questions, will direct you as you brainstorm and plan your information product. The more time you send testing your product ideas before you create them, the more likely you’ll be to create a product that the market desperately wants to buy.
Check out my related post: Skyrocket Your Business: Develop a Rock-Solid Product Suite and Sales Funnel.