When all your research is complete, and you have scoped out a market you want to target, and it looks good, stop. Stop and take note of those who are already sellers in the market. Who are you going up against?
Now is your time to be James Bond, you can keep an eye on your competition and see what ideas and strategies they are coming up with to reach success. Things you need to monitor is what type of ads are they putting out? Where are they advertising? Is it TV, Social Media, Radio? All of these are things you need to keep an eye on.
Do not think that you are going to create a completely unheard of product. It is just not going to happen. I maintain the belief that nothing is ever new. Everything has been thought of. Now, you may be wondering why I am telling you to keep an eye on your competition.
Although nothing is ever 100 unheard of, you can take an idea that has been around for a long time and remodel it. You can create a similar product, strategy, or company based off of what is already around you. But to do this, you need to get all the relevant details, though.
Where exactly are they running their ads? How big are their products? What are their prices? What are they paying for social media? Are they creating social media waves? What are they doing? Be specific in what you are looking for. Try your best to leave no doors closed.
You need to, also, observe their sales and marketing funnel. What are they using as lead magnets? What are they offering for your email address and name? What process do they have in trying to attract new customers and prospects?
This is where a lot of people lose the plot. They tend to spend all their time researching their product, and no time at all on the ways their competitors are attracting customers. Come on that is like not using water to make coffee. You will fail.
When creating your actual product, you need to keep in mind that your customer needs to know how your product will provide value to their lives. It is not going to help if you create a product that no one wants. This will make you want to give up. It all starts with the research.
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