Is Your Digital Product Idea a Profitable One?
There are usually two extremes when it comes to product idea generation.. Either you have a whole list of ideas in your notepad, or you struggle to find a single idea that you can get behind 100%.
Either way, when you finish reading this post, you’ll be well equipped to pick at least one idea that is worth investing time and resources in.
You will learn how to:
- Filter your ideas based on their profitability;
- Position your product in a way that solves customer’s pain;
- Learn exactly how many people need your product.
Know what’s good for you
What does this has to do with product idea profitability? Simple. If you’re not passionate about the project you’re venturing into, you’ll struggle to complete it and keep the quality high. Whereas following the niche that you’re personally interested in will make your marketing activities so much more effective. Not to mention that you’ll be so much more enthusiastic about the whole thing and hopefully this enthusiasm will be seen in every small detail of the product.
Solve a real problem
Creating something that is important personally to you sounds like a good start, but at the end of the day you’re not selling the product to yourself, are you? You need real customers. People who are intrigued about this product enough to buy it.
That’s why you should position your product in a way that has some very practical implications. In other words, it should** resolve a pain that a lot of people have**.
One example of this could be positioning your photo pack as “100 stock photos with a lot of space for text” as opposed to simply stating that this is “100 office stock photos“. The fact that the photos have a lot of space for text in them, will instantly attract the blogging crowd and people who post on social media, simply because they struggle with fitting text into stock pictures every single day. And you probably wouldn’t know that, if you were not passionate about blogging yourself, would you?
Will people pay for this?
Most importantly, you need to figure out if this is the type of pain that people would pay to get rid of. If they do, your product has a lot more chances to succeed. How do you find out if people are already paying for this type of information?
There are a lot of ways to get an estimate of people’s interest in your products. You can always simply ask them via survey, message on Facebook or post a quick question on Twitter. This is a good start for sure, but it’s very limited to the people you already know.
There are some better options to find out objectively if there is any interest in the product you’re considering to create.
Your go-to tool in putting a figure on the demand for your idea should be Google Keyword Planner. It gives you a pretty accurate estimate on the amount of people who searched for a particular thing on the web. So if you’re thinking about creating a neon typeface, you’d want to search for keywords like “neon type” and “neon font“.
Your next stop should be Google Trends. Just input the keyword with the highest search volume and voilà. You’ll see a chart that shows you the interest over time.
More importantly, you can see the “regional interest” section, which might help you with marketing activities and targeting. And the “related searched” section will reveal some of the different ways that users are searching for this type of product. Using these in your future product description will certainly help in attracting more customers from search engines.
Over to You
Don’t spend your time and efforts on products that are not guaranteed to sell. Figure out what to sell online by researching the existing demand and hot niches.
Did you find any of these tips useful? How do you usually figure out if the product is worth creating? Are you trying to figure out if you should go forward with a product idea right now? Let me know in the comments section below.
