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How Marketing Experts Profit From Product Ideas

In Internet marketing circles, experienced business owners understand that new product ideas can come from anywhere. In fact, the majority of profitable information products have nothing to do with Internet marketing. The overwhelming majority of successful product launches never reach the inbox of IM newbies. Experienced Internet marketers usually begin product development with the exploration stage. Once they have determined their target niche, they begin to look at who is currently involved in that niche and examine its profitability from multiple angles.


There are several stages for developing new product ideas around a particular niche market. Some entrepreneurs start by identifying the top sellers within a particular marketplace and look for ways to offer products that support their competitors’ products or surpass the quality, efficiency and price point of their competition. This is the product innovator’s method of product development.


Some information marketers will start by looking for a niche that is currently underserved in key areas. They may drill down deep within a highly successful market to find specific areas with enough traffic to create spinoffs. For example, the dog grooming market is extremely large. An experienced marketer may take advantage of an underserved breed of dogs with specific hair grooming problems.


Another group of successful Internet marketers will closely examine rising trends in a particular niche and produce useful information in supporting media. For example, Amazon will display their top-selling books in a particular category; an Internet marketer can tap into that particular consumer interest and produce a series of multimedia content that satisfies the needs of those looking for supplementary material.


Smart Internet marketers rarely jump the gun with their product ideas but carefully test consumer reaction before committing to a full-scale rollout. A common mistake among new marketers is to become excited and enamored with their product idea. They then commit a lot of time and money to their product launch before evaluating customer needs thoroughly. Experienced marketers have developed their testing procedure to determine the commercial success of their ideas. They have learned to involve the prospects in the development and refinement of their product ideas at an early stage.


Finding profitable new product ideas requires looking at the needs, desires and habits of paying customers within a given niche. Many Internet marketers are able to siphon off tremendous profits within highly competitive niche markets by taking the time to listen carefully to their customers.


Source: Internet




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