If you’re a frequent follower of the blog, you know we have been giving tips and advice for some time now about how to make money with online marketing and how to best market your product or service.
We’re going to wind back the clock and start with what’s necessary to take an idea to a product to market.
Let’s start off this post with an example for creating your own product.
Let’s say you want to start business writing and selling an e-book on weight loss.
Chances are, if you want to write a book, you are an expert on the subject. While you may have plenty of thoughts and a great deal of information on the topic, there is plenty of information aside from the actual content of the book that is very important and could be the key to success and money making that you aren’t yet aware of.
Before you even begin writing, research your niche AND topic as they exist in the current market.
Start with Amazon Kindle.
You’ll want to start by searching for other relevant books and items relating to your topic to find out a few key items.
- Price Point! This is perhaps the largest unknown for people creating a new product that have never brought something to market before. The value of the your product is more than likely different than the market value and can make or break your sale. Look for comparables to what you’re going to create to make your price range to see what people are willing to pay for your e-book.
- Topic: I’m not talking about the actual topic of the book here, but more detailed drill down on what your niche audience is looking for. To do this, you’ll need to know who your target audience is. What are people in your niche talking about and how can you tailor your book to meet their needs.
- Specificity: Going to broad with a topic is an almost surefire way to not reach your audience and not sell your book. In the example of the weight loss e-book. Are there certain ways to lose weight (dieting, supplements, etc., amount of days to lose weight, types of exercises that are more relevant than just a general “How to Lose Weight” book?
- Reviews: The feedback and reviews both positive and negative give you a wealth of information. Reviews give you the best idea of what your audience is looking for.
- Positive : The benefit of looking through positive reviews is to reinforce what you should include in your e-book. If people are ranting and raving about a certain book, what is it about that book they are enjoying?
- Negative: Use the 3 stars and below rule. Any review that was displeased will tell you what not to do. The reviewers will most likely be up front about what they didn’t get out of the book. Are people complaining about certain things in their reviews? These are areas you need to focus on in creating your e-book to set it above the others.
- Capture: One of the toughest parts of marketing an online product is identifying your audience and learning to overcome the barriers they have to buying online. By using the audience that has already bought you automatically overcome a huge barrier. Their wallet is already open and you know they are looking for good book or good product in your area to invest in.
- Logistics: While looking through the good selling books you should be identifying the key characteristics of it. What is the length of pages? What point of view is it written in? Does it have personal anecdotes? What is the general feel(didactic, motivating, etc). Does it have a sub title? What is the design and layout? What does the cover look like?
If you look at all the factors for the best-selling books, chances are you will find some pretty clear trends. That you can follow to get your book to the top of the best sellers list.
When developing an idea for a product, most of us have a pre-conceived idea of what it should be and how we want it to look and who we think would buy it. It many cases, these notions are against the industry standards which only makes marketing the product even harder. Use the information that’s already available online to make sure you make the right product with the right features for your target.
By using Amazon or EBay for certain product you can determine the popularity and the current competition to determine how easy or hard it will be to break through the market and take market share to turn your writing it into your own profit.
What research have you done with the online marketplace sites? Did you incorporate the information you learned into your product design?