In this updated presentation with all new material added June 15, 2014, learn how to conduct market research effectively in order to begin creating your own information products to sell on the Internet profitably through online marketing. Go to http://eternalspiralbooks.com/market-research for more information and your free checklist to download.

1. http://eternalspiralbooks.com/market-research 1
http://eternalspiralbooks.com/market-research

2. In this first step, there are 4 Essential
Elements that will go into planning your
product before you ever do a stroke of work.
Do NOT make the mistake of creating a
product and THEN finding out there is no
paying market for it.
Do your research FIRST and then decide if
there will be enough paying customers to make
your product profitable.
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3. Reaching the right customer at the right time
 Who needs your product?
 Why do they need it?
 How long will it take customers to finish your
product (or will they keep on using it) ?
 Will you have your next product ready when they
are finished? (Leave them eager for more.)
 Avoid pushing new products too soon, but do not
leave it too late either
 Keep in touch & remind customers when it’s time
for the next steps to add to their knowledge and
skills
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4. Make it easier for your site visitor to buy than
to leave:
 Is your offer irresistible?
 Is your sales message easy to understand?
 Are you telling them what they want to hear?
 Is your sales process easy and foolproof?
 How many steps are in your sales process? Can
you cut them down to a bare minimum to make
sure you do not lose anyone in the sales process?
 Create a simple sales funnel. Contact a small
segment of your email list to test the offer. Track
and test your conversion rate for your product
 Improve your sales letter and your sales funnel
for even higher conversions
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5. Plan to deliver what you promise
 Deliver good value
 Deliver the product exactly as described
 Deliver over their expectations from your sales
letter
 Deliver a great unannounced bonus or two
 Follow up on their purchase and make sure they
are satisfied by sending a thank you email and a
request for feedback
 If feedback is negative, improve your product
ASAP, update your sales letter, and email a
second part of your list
 If positive, ask for and use testimonials/reviews
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6. Excel at customer service
 Anticipate questions
 Create an FAQ sheet
 Create a support page
 Include contact info
 Train staff or team members to be
knowledgeable and helpful so that every point of
contact will impress your customers favorably
(even the most difficult ones!)
 Always keep an eye on what more they need so
you can offer real solutions; you help them, and
make a profit at the same time!
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7. To attract loyal, repeat customers
 Concentrating on just ONE sale is short-
sighted
 You will make more money from recurring
sales from loyal customers
 Your first product will be just the beginning
 Repeat the steps in this workbook for each
product to be sure you are not wasting your
time and getting fair market value for your
high-quality product
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8.  What is your niche?
 What products does your market need?
 Who are your local & online competitors?
 Are there any big chains or large companies
that can give rock-bottom prices (eg, Wal-
mart). If not, then you can compete
effectively.
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9. WHO are your competitors
AND
WHY do people choose them?
 Do you want customers with a “lowest price”
mentality? Or a quality mentality?
 Is your site or store easier to find?
 Do you have an easy online payment system?
 What do you do, or can you do, to beat your
competition?
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10.  Survey Monkey, https://connect.data.com/,
InstantFormPro.com
 Survey your audience
 Check magazine racks or Magazine.com
 If there are a lot of magazines in a niche, it is
popular and there is a clearly a paying market
 Target that market
 Advertisements
 Look at 1st page of Google, Facebook, magazines,
newspapers, kids’ cartoons
 What is Amazon, eBay selling?
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11.  Pay attention to what customers are saying
Listen to/read their comments
 Biggest mistakes are:
 Developing products based on YOUR preferences
 Ignoring what customers are asking for
 Ignoring what your affiliates/Joint Venture
partners are asking for
 Ignoring what is “hot” and selling quickly,
because you want to build your product line
according to what you think will sell OR
 Going for “hot items” even though you do not
know much about the topic.
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12.  Do you have a big benefit or feature which is
much better than that of a competitor’s
product?
 This will determine if you can charge higher or
lower than the competitor
 Alternate pricing strategies
 Payment options
 Create a “lite” version
 Run a beta test
 Be prepared to be flexible.
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13.  Beware of the “I’m a newbie” mindset
 If you have a product people have been begging
for, price it accordingly.
 It doesn’t matter if you are new or not. If you
have a product people are willing to pay for,
don’t be modest. If you know your topic, get
paid what you are worth.
 Once you have completed these steps and
are close to completing your product, choose
a launch date, and get ready to make money!
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14.  Track your sales
 Test your offers and sales letters
 Aim for a conversion rate of at least 5%.
 Create free content to lead to paid content:
 Articles
 An ecourse
 Presentation
 Video
 Free special report as a sample of the paid product
 Useful handouts with the URL to the product
 Webinar to launch the product
 Social media posts, tweets, etc. to drive traffic
 Check your traffic logs to see what is giving the most
results and do more of it 14http://eternalspiralbooks.com/market-research

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