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.
Love it? Hate it? Let me know...
Interviewing your target respondents seems like a great approach to conduct a market research survey. I have been always conducting my market research surveys with the help of survey templates that many tools like SoGoSurvey, Qualtrics etc., provide. So far it has been quite a success but I would love to try this approach and see how well the results turn out to be.
I believe what you published made a bunch of sense.
However, think on this, suppose you added a little content?
I mean, I don’t wish to tell you how to run your blog, but suppose you added a headline that makes people
desire more? I mean 8 Top Market Research Questions + 6 Key Competitive Analysis Questions to
Create Your Blockbuster Information Product – Live Your Message
is kinda boring. You could glance at Yahoo’s home page and see how they
write news titles to grab people to click. You might
add a video or a pic or two to get readers excited
about what you’ve written. Just my opinion, it might make
your blog a little livelier.
Thanks so much this is one of my favourites, helped to structure my brain in the right way
With havin so much content do you ever run into any problems of plagorism or copyright infringement?
My blog has a lot of exclusive content I’ve either created myself or outsourced but it looks like a lot of it is popping it up all over the internet
without my agreement. Do you know any ways to help reduce content from being stolen?
I’d genuinely appreciate it.