Make sure people are actively searching for your product or service idea

Once you have identified your interest in the market and have chosen the product/service you want to offer, you need to make sure that people are actually looking for your product. You don’t want to spend months and months developing a product only to find out that no one wants to buy it! So please, before proceeding, make sure that

– many (or at least enough) people are actively searching for your product/service online

– you can make profitable sales

– the market is not oversaturated with competition

– you create or develop a product niche that is yours, one that you can own.

There are several ways you can use to find out how many people are searching for your product. But let me limit myself to a fairly efficient one that you can use to get answers very quickly.

I personally use KeywordSpy.com. It is very useful, I find it. Until now, I still use their free version as I only use for keywords, but if you need more services from them, use the tool as you like. You can type words or phrases that you think people may be using to search for your product. Make sure you use specific words or phrases. Although broader terms will have larger numbers, this is not necessarily a good thing. Keep in mind that your goal is to get highly specific and focused leads. For example, if your product is a book or guide on “Kung Fu fighting,” you don’t want everyone interested in “fighting” to visit your website, do you? You get the idea.

The next thing to do is take a look at your competition. Learn as much as you can about your competitors. You can use Google.com to do this. Simply type in the same keywords that you used in the previous activity. You will see a couple of recommended websites. Take a look at them, their products/services, how do they compare to yours? Analyze them to find a gap, something missing. That’s what will make you stand out! Is it the prices? Lack a wider selection? Are they missing a specialty?… If you are lucky, you will find that many people are looking for your product/service idea, but that there are not enough companies to respond to this need. In other words, there will be a large market/demand, but little supply. That would be your big aha! moment.

Here are some great ways you can use to conduct product research:

– ClickBank.com: You can use this to find products that are already being sold online. You get a lot of useful information there.

– E-zines: Through these electronic magazines, you get more specific and complete information on almost anything (product reviews, tips, how-tos, articles, etc.)

– Forums: In these, you will find discussion groups where participants share common and specific interests. They will be exchanging messages and ideas about those interests. Reddit.com or DigitalPoint.com are some of the most popular.

– Blogs: You can use blogs to learn more about the interests and opinions of your prospects or customers. For example, using our keyword example above, you could type “Kung Fu fighting blogs” into any search engine you prefer, and this will pull up information that you could use to your advantage.

Once you have completed this step, you will have a much clearer and better understanding of your product/service as well as its possibilities online. Don’t worry if you still feel stuck. Always remember that your goal is to discover a gap, an important missing item, or a problem that consumers are having online, and offer the best possible solution for it.