You’ve got yourself a pretty good idea, but you’re not sure if it’s viable or has profit potential. Walk through these steps to validate your idea…
Do market research to see if similar ideas (both in and outside of your niche) are profitable. If you’re fairly inexperienced with marketing research and product development, then it’s a good idea to pursue ideas that have already proven to be popular.
For example, if you have an idea for an app, see if similar apps are already selling well. The key is to create something that’s better than what’s already on the market by improving on the existing product’s weaknesses. As the saying goes, “build a better mousetrap.”
Need a real-life example of this? Just check how technology gadgets change and improve very rapidly. For example, look at how the smart phone evolved. Every year, companies making phones offer more features (e.g., while touch screens are standard now, it wasn’t all that long ago when they were downright revolutionary).
Create a “lite” version of your product to test the waters. Let’s suppose you want to create an expansive 15-module video training course. This would take a lot of time and money to develop. So, what you do to test the idea is create a one-video overview of the topic. If there is a big demand for this lite version, then you can invest in creating the entire course. (And as a nice bonus, you now have the lite version to use as a lead magnet or tripwire.)
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Promote a similar affiliate product to see how your audience responds. If your audience snaps up an affiliate product, then they’ll snap up a similar product that you create too.
Craft a “faux sales letter” that presents your ideas. Then use pay per click marketing to quickly send traffic to test the idea. Note that there is no product yet. Instead, the “order” button should lead to an opt-in page telling people to join the list to be notified when the product is released. You can get a sense of demand based on how many people click your “order” button and join your list.
Gather together a focus group to get feedback on your idea. These people should be a good representation of your target market. Talk to an experienced coach or mentor to see what they think of your idea. Just be sure it’s someone you trust (someone who won’t steal your ideas).
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