Wouldn\u2019t it be great if you could know with a 100% certainty if there was a market for your product before you even had it made?<\/p>\n
Imagine, you\u2019re having your morning coffee when you come up with the idea for what you\u2019re sure is going to be the next top selling product. You phone around and get some quotes for how much it will cost to produce but\u2026<\/p>\n
\u2026you\u2019re now in a position where you have to buy stock.<\/p>\n
That means you have to outlay money but you\u2019re not sure if there\u2019s really a market for it or if they\u2019ll pay the price you need to be able to make a profit.<\/p>\n
Traditionally you would now spend a lot of time and money doing market research and predicting the level of demand and the price point.<\/p>\n
But not only does that take money, it\u2019s also very slow and often wrong.<\/p>\n
What you need is a crystal ball that\u2019s going to tell you that information with a 100% certainty.<\/p>\n
Well, with the advent of the internet that crystal ball is available if you know how to use it.<\/p>\n
It\u2019s otherwise called:<\/p>\n
Paid Traffic<\/p>\n
What I\u2019m about to share with you can be used for both real products and digital products, but it\u2019s going to be easier with real products due to a lot of paid traffic sources not being so keen on digital products.<\/p>\n
I am going to describe a process using AdWords but any high quality paid traffic source will do.<\/p>\n
It\u2019s also worth noting that although everywhere says you can\u2019t use AdWords with internet marketing products anymore in my experience that\u2019s not strictly true.<\/p>\n
Because\u2026 we do.<\/p>\n
You will need an account in good standing and you need to be careful with how you promote and what your sales page looks like. But it\u2019s certainly possible and, because nobody else is doing it, the traffic is plentiful \ud83d\ude09<\/p>\n
Anyway, I\u2019ve moved away from the main point.<\/p>\n
How do we check with 100% certainty whether your product is going to make a profit.<\/p>\n
First of all you make your sales page. If you are making a real world product then you should get a sample made up so you can take photographs of it.<\/p>\n
Once you\u2019ve made your sales page then you make a two stage order form. The first stage is entering the name and email address. The second would be the payment details but\u2026<\/p>\n
\u2026the second part doesn\u2019t exist.<\/p>\n
Because at this stage we want to find out how many people will go through to the order form.<\/p>\n
Instead after they optin to your mailing list you send them to a page which says there are currently no items left in stock and say that you will be in touch as soon as you have more stock.<\/p>\n
Assume that 25% of the people who complete the optin will purchase your product (this is the average across all markets).<\/p>\n
Now you only need to spend between $100 and $200 to get enough data to determine:<\/p>\n
If your product isn\u2019t going to make a profit, don\u2019t despair. Maybe you can reduce your profit margin slightly or call the manufacturer and ask them if they can reduce the cost to the level you require for it to be profitable.<\/p>\n
What using this process will do is tell you for just $200 whether your product is going to work before you\u2019ve had to spend any money creating your product!<\/p>\n
This means that you never need to make a product that doesn\u2019t have a market or won\u2019t be profitable for you again.<\/p>\n
In summary:<\/p>\n
Oh, and I forgot to mention\u2026 you\u2019re also building a mailing list of people who are interested in your product at the same time!<\/p>\n","protected":false},"excerpt":{"rendered":"
Wouldn\u2019t it be great if you could know with a 100% certainty if there was a market for your product before you even had it made?\nImagine, you\u2019re having your morning coffee when you come up with the idea for what you\u2019re sure is going to be the next top selling product. …<\/p>","protected":false},"author":1,"featured_media":353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"footnotes":""},"categories":[108,43,11,52],"tags":[190,188],"location":[],"_links":{"self":[{"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/posts\/352"}],"collection":[{"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/comments?post=352"}],"version-history":[{"count":0,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/posts\/352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/media\/353"}],"wp:attachment":[{"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/media?parent=352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/categories?post=352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/tags?post=352"},{"taxonomy":"location","embeddable":true,"href":"https:\/\/michaelwilding.com\/wp-json\/wp\/v2\/location?post=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}