Determining Market Demand for Digital Products
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In an uncertain and somewhat depressed economy, many of us are searching for ways to make extra money. Due to the global nature of the internet the prospects for making money online are vast and exciting. One of those methods is the development of our own digital products. Given the many different ways that people are connecting to the internet today, developing new products can take a wide array of different forms. Mobile applications, e-books, or even website plugins are all ideas that you may be considering.
Start Seeking A Demand
The development of digital products requires several steps, not the least of which is determining the demand for that product or service. Market research is the first order of business when you are even considering the development and sale of a new product. Whether that product is digital or tangible, several aspects of the product require initial research. Looking into digital development, what are the things that you need to determine, and how will you accomplish that?
Analysis of the current trends, as well as the audience who might be most interested in your product are the first order of business. Taking that research, a step further, find out what other products are out there that are close to what you are considering.
Sizing Up Competition
Just because you have competition doesn’t mean that your product won’t be well-received. It also doesn’t mean that you should not develop the new product that you are considering. If the market is glutted, typically it means that you’re going to want to hold off, or to consider a different product, but that may not always be the case. Part of your market research is to analyse what your competition has done, how they did it, and how–or whether– you can do it more efficiently.
Executing Your Research
A few ways to get that information will be to use polls or surveys on a website that is appropriately named to capture traffic. If you are fortunate enough to already have a website and several products, you may address your research a little differently, by offering content about the proposed product, and following the digital footprint that your readers leave for you. People or companies who have a website and some products also have the advantage of being able to directly interact with their customers to determine what they are looking for and why. Another excellent method of research and determining demand for a product is to work in concert with your target audience.
The leading products today, applications and e-books, as well as video courses, are developed in cooperation with your target audience. They can help you to determine how great the need is for your product, as well as how best to develop it, and to point out some of the shortcomings of other products in the same category. This type of market research will help you to determine the demand for the product, as well as to capably target the most favourable geographic areas or venue for sales, and to learn more about the demographic so that your product can be appropriately packaged and marketed.
Creating Digital Products for A Full Time Income
Today, no matter what kind of business you are in, the online world is where you meet your customers. That initial handshake that used to take place in the business world now takes place in a virtual way. Typically, your website will be where you meet and greet your customers. Your initial marketing efforts are where you make your first impression – for good or for ill.
Why Have Digital Products?
Have you ever considered that no matter what you are selling on your website, you could probably make more, or make a better impression, if you added some digital products to your website?
If you are selling physical products, you may bring in more traffic by creating a digital product as a giveaway product, or you may consider selling a digital product in place of a physical one. Selling online is easy, and what is more easily sold and more easily delivered than a digital product?
The Idea of Making Digital Products
With so much new technology cropping up every day, the internet has become both a place of business and a playground. So much business is being done on a computer or a smart phone that creating digital products just makes sense. The internet lends itself nicely to finding new ways to make money. If you own a computer, you know that you spend a great deal of time looking around and reading, or downloading things like software or free information that is offered. Knowing your own habits, the things that you are looking for online, you are, in effect, doing market research on some level.
Consider what you could improve about some of the things that you find online and then consider actually doing it. Create your own digital products for fun or for profit – or both.
What Are People Looking For?
Most people are seeking some kind of product when they surf online. One of the products – of a sort – that is most commonly sought out online is information. If you have any type of skill or knowledge that you can share, you can easily create a second income selling that skill. Digital products such as e-books, videos, and even digital scrapbooks are becoming more and more popular.
Can Just Anyone Create Digital Products?
Realistically, yes they can. If you have a skill, such as building website, or cooking, or even decorating cakes, you can create one of the simplest forms of digital products. eBooks are big sellers and may actually be more lucrative than many other kinds of digital products. E-books are a very lucrative option because you can create one thing and sell it over and over. This creates a revolving income opportunity with a fairly major time outlay initially, but doesn’t require a lot of extra effort or up keep.
Videos are a great way to do things like share information, put memories into a digital scrap book, and more. Once you have done one, then the process is easy. You can make more by just doing the same thing over with different content. Videos are a very easy digital products to manage, especially once you have all the tools. You can use this skill to make wedding, birthday or graduation DVD memories, and many people will pay good money to have you do it for them.
How About the Downloads and Other Things – Are They Hard to Manage?
If you don’t want to worry about sending out your own e-book there are some great alternatives today. For those who aren’t comfortable securing the website or the download area, and aren’t sure how to accomplish that, there are wonderful affiliate companies or handling sites that will manage your downloads and finances for you for a nominal monthly payment.
At the end of each month, they simply send you a check or a PayPal installment. You’re going to thank me for this:
I just uploaded it for you and it (literally) might be the most important video you’ve ever seen. Here’s why you should watch it:
Right now, there are three VERY hot niches in the “Info” space. One of them is doing thirteen million dollars per HOUR in revenue! Another is doubling every three years (and it about to grow even faster).
Another is the second fastest growing industry in the world.
Chances are, you’re already in one of these areas …and this video shows you what they are and proves where the biggest sales are going to be coming from this year (and in years to come). It should play for you automatically here.
Some Useful Resources
Internet Business School Courses
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