The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

How I conducted market research with no audience

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

njsinko

Contributor
Oct 28, 2015
13
25
28
I wanted to share with you the method that I used to confirm there was a market for my niche product before I created it.

1. Join a Facebook group related to the Niche that already has a good amount of active members

2. Begin providing value to the group in some posts, without asking anything in return. Put your foot in the door so to speak.

3. Eventually you are ready to leverage someone else's group to your advantage. Create an online survey using a free online survey service. Ask people to participate in your survey about the problems they are experiencing in this niche, and what they need help with the most. It helps to present yourself as a sort of "expert". Be careful that you don't come off the wrong way. Emotional intelligence is needed to make this work - you don't want to get kicked from the group. If a mod senses that you are trying to leverage the group THEY built for your OWN gains, you will get kicked. Be careful and ADD VALUE along the way! If you do, you should be able to do this.

4. The last question of your survey should read something like "Would you be willing to pay $X
for a product that solved these specific problems (list a couple pain areas)"

5. Judge the responses. If people answer YES, then you can redirect them to a sales page to "pre-order" a product that doesn't actually exist yet. See if you can actually get a credit card number... ie: a real purchase.

6. If you are able to collect money - you have a solid idea.

7. MAKE THE PRODUCT AND DELIVER.

8. If you are unable to make the product for whatever reason, refund their money.

I like this method because people will often say they will purchase something until the time comes to actually hand over their credit card. Make them THINK the product is in the final stages of development, with a nice landing page, and ask them to buy. If they do... now you need to work like hell to actually make the product.

I learned the hard way not to make products before you can sell them. I wasted a LOT of time writing a book that nobody wanted, starting a gift company nobody was interested in, and starting a blog in a space that was too crowded without anything to differentiate myself. Talk about a waste of energy.

Sell it before it exists - the best confirmation of a valid market there is.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.
Last edited:

smark

Bronze Contributor
Speedway Pass
Oct 25, 2017
95
211
Limassol, Cyprus
I like it. Simple and to the point.

The only "disagreement" I have when it comes to market research is that sometimes a product/service may be either too new/revolutionary or too unfamiliar for people to decide that they truly want it before they can see it firsthand; think of all the people a few decades ago thinking that the Internet is useless and only for geeks.

Of course, this only applies to a (very) small number of markets/niches.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top