Some people fall so in love with their idea for an information product that they are totally oblivious as to whether or not a market even exists for that product. Now, if you are truly passionate about a subject and you just want to write a book for your own self-satisfaction, that’s fine. Go right ahead.
But if you are writing a book or developing a home study course, you’d better be sure that the market is even interested in your subject. So how do you determine the potential viability of a market?
The list below is not all-inclusive, but it will give you some excellent starting points.
1. Examine the trade journals that serve your industry. Go to your local library and ask for their guide to periodicals. This will identify those magazines that serve your industry. Get a hold of some of their back issues by requesting their media kit. Look through the ads to see if similar products are being offered to your market. You can also pick up issues on the magazine rack at your local bookstore. You should subscribe to those publications that are in your niche.
2. Google your topic and research the Internet to see what competitive products already exist in the marketplace. Remember, competition is not a bad thing. If nobody is offering an information product on your subject you may have uncovered a hidden niche. But, more than likely, you have uncovered a niche that hasn’t proven profitable so no one is playing in it.
3. Use online research tools such as “GoodKeywords” or “WordTracker” in order to identify what keywords and keyword phrases people are searching for online. This will help you gauge the potential size of the market you’re trying to reach. If very few people are looking for the subject you want to write about you’ve got a problem on your hands.
4. If you have an existing list, survey them using an online survey tool like “ASKDatabase” to see what level of interest they might have in your new subject.
It is foolish to jump into a market blindly if you are entering that market with the thought of making money in it. Make sure that you take the time to do your research in advance so that you don’t waste a bunch of your time and money chasing a market that doesn’t exist. What you do today can save you money tomorrow.
Bret Ridgway is co-founder of Speaker Fulfillment Services, a company dedicated to helping information marketers. To pick up your own copy of his new “Information Product Development and Launch Checklist” visit http://www.50BiggestMistakes.com.
