How to find products and services that people want

By now you should have identified one or two easy-to-target markets and if you have done your research properly you have probably also identified a problem the target market is currently experiencing.

If you haven’t found one yet, keep lurking. It may take a little more time. If people are asking questions on newsgroups, forums, discussion groups that you do not understand, contact them individually and request clarification. Keep going until you uncover a problem, a want, a need.

Now brainstorm again.

o What types of produce or service can you develop, locate or resell to help solve the identified problem?

o More importantly, determine whether your solution will sell.

Once you have defined a product or service, ascertain if your identified niche market is willing to part with hard cash to own your prescribed solution. Always remember, a recognised need does not necessarily translate into sales.

ust because someone apparently needs something it does not mean that they will want badly enough to splash out cash. If your target audience is unwilling to purchase your product or service for whatever reason, or if you have identified more problems than you can solve, discard the market and move on to the next one.

Never get hung up on trying to flog a dead horse.

Nonetheless, the most profitable products are those you can develop yourself because that way you control the costs. But you may have neither the skills nor the resources to achieve this. If that is the case, look around for a joint partner who already has the solution but is not doing a very good job of marketing it. Make an offer – and be sure to put it in writing. You’ll never know if you don’t ask.

Throughout the entire process of finding a product or service that people want, bear in mind that while almost anything sells over the internet, you should focus on produce that can be digitised and easily automated. Become ‘auto-pilot’ minded. This will allow you to expand into several profitable online retirement pursuits that combine to create multiple income streams.

Above all – think niche.

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