IM Mastermind 101 Market Research

It is not never easy to be an entrepreneur especially an infopreneur on the internet. Firstly, you have to think of what to sell, then how to market and sell the products well. Next, you must think of ways how to keep selling it long enough to gain a big enough profit that will make you happy. Sounds cool? Not so! Most people get stuck with the first step: “what do people want to buy?” Getting the right answer to the question can mean your success as an entrepreneur.

However, you need to understand that what people “want” and what people “need” is never always the same thing. Focusing on what people “want” may not be a good decision to make when looking for a product to sell. For one thing, the things that people want can be just a fad which will be gone in a year or so. Your business becomes non-sustainable and you end up changing your product of focus every year. Compare this to focusing on providing people with their needs. If you’re able to capture the niche then your business will most likely be patronized by most people.

You may ask how would I know what they want? The simplest solution is to ask them. You can develop your own survey wherein you ask people to list down what they want in order of importance. You study the answers and determine from there what product to sell. It is important that you listen to your respondents. Listening is a very important element of this whole process. If you ignore what your prospected clients are saying then you probably won’t see your business succeed.

After identifying your products, your next step would be to find ways how to market them. At this point you should come up with different ways how to disseminate information or make people aware that a product like yours exists. Providing free samples to people is just one way to promote. Advertising through normal channels is another. And of course don’t forget using social networking sites. The latter is a good first step in generating interests. It is easy and most important of all it is free. Care must be taken, however, since you don’t really have control over postings on social networking sites. Instead of generating good feedback, you might end up with bad publicity. One can argue, however, that even if it is bad publicity it still is publicity. I’ll leave that to you.

But before you advertise or start your marketing campaign, you should already have a good and fair pricing in mind. Give your product a good spin by giving people introductory promotional discounts as well as other promotional gimmicks that you can give to customers. Never underestimate the value of free stuff.

Undeniably, having a successful product launch and a successful initial months is a great thing. But expect that this is not the case all through out. You will experience a slow time, every business does. You can thing of strategies to maximize the peak seasons. Just like what other services do, they provide discounts during off peak seasons to encourage people to go for their products. Determine which works for you and your products.

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