Product Creation and Development: Never Fail to Discover What The Market Really Wants

There is a very simple rule-of-thumb for coming up with any new product you want to take to market and it can be summarized as follows: “Find out what your target customers want and then give it to them.”In fact this rule is so simple and perhaps so self-evident that it is often forgotten, overlooked or just ignored.The rule reminds us that people are more inclined to buy what they want to buy rather than what they actually need or perhaps ought to buy.If you are an internet marketer and you are looking to create your own products then you ignore this rule at your peril because it is no use finding out after you have created the shiny new product that nobody wants to buy it.One mistake that many would-be marketers make is to think that simply because they are interested in a particular product then that product would have widespread and general appeal. While this certainly may be true it is just as likely that the opposite could be the case and you won’t know unless you do some research in advance. Yes it will take time to ask questions in forums, post online surveys and research whether there are any similar products already selling well, but this is vital if you are to learn whether your product is something people will want to buy.I was contributing to an internet discussion forum recently and one forum member clearly did not get this concept at all. The person in question was hoping to launch his first product as an internet marketer and wanted the advice of others about his idea. So far so good you might think. It appears that he had a life-long interest in Ancient Egypt and thought that a membership site on this subject would be a great idea and revenue earner. The would-be marketer would spend his time writing about a subject he loved and a band of happy subscribers would pay each month to read his words of wisdom. Again so far so good.As the Ancient Egypt discussion thread developed it was clear that some members thought it might be a good idea, others thought it was a bad idea and yet more had no idea whether it would sell or not. Time and time again the same question was posed to the original poster: “What does your research tell you?”It transpired that the poster’s research had told him nothing because he hadn’t taken the time to do any and nor did he think that he should invest any time and effort into doing do because he knew it would be popular. In the end the poster got quite offended at the notion that he should go off and research his market before creating his membership site.Reading that forum thread reminded me of the need for all of us to test the market in advance of bringing out any new product so that we really are giving our customers what they want to buy from us. All too often we are tempted to think that because ‘product x’ is something we would go out and buy without a moment’s hesitation that thousands of others would do the same. Such arrogance could lead to a very costly mistake if the would-be marketer, inspired by nothing more than his own gut feeling on the market’s needs, put time, energy and expense into providing a product that very few people may actually want to buy.I have no idea if the Ancient Egypt membership site would have made a profit for the man who wanted to set it up but the key point is that neither did he. This is a timely remember that no matter how well we think we know our target niche that we must still always find out what our customers want and then give them precisely that.