Why is it that successful marketers and online entrepreneurs seem to have this virtual “6th sense” when it comes to pinpointing hot, hungry, and highly profitable markets they can sell products to?
We see this again and again and again.
They seem to have this “Midas touch” when it comes to selling online. Any product they launch sells like gangbusters. Every promotion they do balloons their bank accounts. Every new market they enter becomes a surefire winner.
But ask them how they tap these hidden goldmines with an almost impeccable accuracy, and the likely response you will get is, “I don't know, it just feels right.”
I'm going to show you how you can do this yourself, and you don't have to be psychic or shell out a lot of money.
Top marketers do what is often referred to as “viability research.” They want to know:
- Is there a market out there with a need yet to be fulfilled?
- Is that market identifiable, accessible, and above all, profitable?
- Is there a product or solution that can satisfy that need?
- Can they quickly and easily turn that need into a burning desire?
- And more importantly, will it sell in spite of the competition?
Bottom line, is the market viable?
Top marketers often conduct “Viability Research.” This seemingly intuitive skill is not just your standard keyword research. In fact, keyword research is only a small piece of the puzzle. It will only tell you if people are looking to solve a certain problem.
But it might not be an important problem, a problem for which a solution is possible (or sought), or a problem for which they are willing to pay money for.
So viability research is a key step. Why? Because if you ignore, skip over, or fail to carry out this important step, then you run a much greater risk of failing — and losing a lot of money and time in the process.
(If you do succeed by simply guessing your way online, it's going to be a matter of luck. At best, you won't be successful for very long, or you're going to be stuck with a lot of refunds. Or both.)
Conducting proper viability research is a bit of an art and a science. Yes, I did say “proper,” because there's a good way to do it and a bad way.
A lot of people do it poorly, backwards, or incompletely.
(For example, many people will simply stop at keyword research thinking that, if a keyword is highly searched for, then there is a demand. Nothing can be further from the truth. What about the competition? What about the way people want the product? What about how much are they willing to pay for it?)
The key behind conducting proper viability research is to answer three mission-critical questions:
- Who is your market?
- What do they want?
- And how do they want it?
All three questions are important. The first two are the easiest. (Even so, a lot of people still ignore them or do them wrong.) The third one is just as important if not more so. By answering all three:
- Imagine the amount of money, work, and frustration you save yourself when you answer these questions, especially before you launch your next product.
- Imagine being able to launch any product or any marketing promotion knowing full well that it's going to sell like hotcakes and make you a lot of money.
- Imagine finding new things about your existing market you never knew about, which enables you to sell more, more often, and more effectively to them.
Viability research is a form of Marketing ESP, if you will. Like a psychic dowsing for water in a seemingly vast digital desert.
It's not only the most important first step in product development (product developers often create an “MVP” or minimum viable product to test the waters first before launching at full-scale), but also the most important step in marketing development, too.
Stated differently, viability research is to research various levels of viability.
First, discover a viable market (problem viability), determine if that market is viable (market viability), create and package the product in a way that the market wants (product viability), and how to sell to that market (problem-product fit).
Because viability is more than just finding out…
- The right markets,
- The right products for them, and
- The right ways to give it to them.
Gaining this near “psychic ability” will more than just help you find profitable markets.
Proper viability research also allows you to…
- Discover new markets for your existing products/services.
- Locate your best, underserved markets for your products.
- Exploit profit opportunities hidden deep inside your market.
- Find or create new products you can sell them or monetize.
- Plug costly leaks that are sucking your business dry.
- Create new delivery systems to maximize your profits.
- Duplicate your efforts quickly, easily, and economically.
- Save time and money wasted chasing the wrong market.
- Ensure each product you sell is successful from the start.
- Create marketing campaigns with higher success rates.
- And more.
I'll discuss the tactics in future articles. But for now, realize that market research is more than just researching keywords, or demand, or competition.
It's also about researching the viability of your idea, your market, and the way your market will buy into your idea.