Determining Profitability

With a product idea in your head, that answers specific questions or provides a specific service within a market (your niche), it’s time to begin working to determine if that idea will be profitable. While we work through this, you’ll also be accomplishing a few things:

•    You’ll be getting real input into what is needed in your new product.

•    You’ll be able to work as an affiliate to further determine market viability. NB. This is very important, so you don’t venture into a new market as a product owner without testing it beforehand as an affiliate.

•    You’ll begin to build a mailing list for when you actually release a product.

•    Most Importantly – You’ll gain the information needed to determine whether your idea will make you money.

But before we get into determining the detail of your own product, it’s a good idea to look at any existing competing products out there. In fact it’s also a good idea to spend some time promoting those products. By doing so you will accomplish a few things:

•    You determine profitability to a much larger degree, before you ever spend your time or money creating a product.
•    You’ll earn money as an affiliate so that you increase your financial resources to create your own product.
•    You’ll build profitable ad campaigns, that you can actually leave on as you promote your own product, but that you can also copy to instantly profit with your own product launch.

Its a good idea to build a portfolio of 3 – 5 products to promote as an affiliate. If you do decide to take this step (it is optional), you can use PPC advertising to begin driving traffic directly to a competitors site (with your affiliate link), or you can create a review site that talks the products up (and includes your affiliate links) and drive traffic that site.

Creating a product review site for the products you decide to promote is a much better idea. It allows you to pre-sell the product, which will increase conversions, and it allows you to begin building a mailing list in your market.

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