Throughout the next few months I'd like to share a series of articles on the 50 biggest mistakes I've seen information marketers make and offer tips on how they can be avoided.
Some people fall so in love with their idea for an information product that they are totally oblivious as to whether or not a market even exists for that product. Now, if you are truly passionate about a subject and you just want to write a book for your own self-satisfaction, that's fine. Go right ahead.
But if you are writing a book or developing a home study course, you'd better be sure that the market is even interested in your subject. So how do you determine the potential viability of a market?
The list below is not all-inclusive, but it will give you some excellent starting points.
1. Examine the trade journals that serve your industry. Go to your local library and ask for their guide to periodicals. This will identify those magazines that serve your industry. Get a hold of some of their back issues by requesting their media kit. Look through the ads to see if similar products are being offered to your market. You can also pick up issues on the magazine rack at your local bookstore. You should subscribe to those publications that are in your niche.
2. Google your topic and research the Internet to see what competitive products already exist in the marketplace. Remember, competition is not a bad thing. If nobody is offering an information product on your subject you may have uncovered a hidden niche. But, more than likely, you have uncovered a niche that hasn't proven profitable so no one is playing in it.
3. Use online research tools such as GoodKeywords.com or WordTracker.com in order to identify what keywords and keyword phrases people are searching for online. This will help you gauge the potential size of the market you're trying to reach. If very few people are looking for the subject you want to write about you've got a problem on your hands.
4. If you have an existing list, survey them using an online tool like ASKDatabase.com to see what level of interest they might have in your new subject.
It is foolish to jump into a market blindly if you are entering that market with the thought of making money in it. Make sure that you take the time to do your research in advance so that you don't waste a bunch of your time and money chasing a market that doesn't exist.
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If you're planning a large product launch on a specific date, be sure to allow adequate time for everything involved in putting together a new product. From graphics to overall packaging decisions to lining up affiliates to setting up your ordering mechanisms, there's a lot involved in successfully launching a new product.
I don't know how many times clients have come to our company, Speaker Fulfillment Services, just days prior to their intended launch date, and they're still editing audios or videos, don't have any graphics created yet, and any number of other things that make it more difficult to meet a desired launch date successfully.
Here's a simple Product Launch Checklist that can help you plan better and increase your chances for a successful new product launch.
More than 2 Months Pre-Launch
Create the content — record audio(s) and/or videos, write manual
Determine what the product components will be — DVDs, Audio CDs, Data CDs, manuals, downloads, etc.
If CDs or DVDs are included in the product, determine what packaging you want to use (individual DVD style cases, plastic sleeves in two or three-ring albums, paper sleeves, plastic sleeves included in print binder, jewel cases, other)
If print components are to be included, decide on desired binding method (saddle stitched, three-ring binder(s) including size, spiral binding, comb binding, or perfect binding)
Determine if tabs are to be included in printed component
Determine if any components are to be shrink-wrapped
Determine if printed components are to be printed single-sided or double-sided
Determine if printed components are to be printed only in black or whether full color will be used.
Determine if product will have any bonus items (physical and/or download)
Get pricing from your fulfillment company
Begin lining up your affiliate and joint venture partners
Minimum of 8 Weeks Prior to Launch
If transcripts are to be included, get audio transcribed
Get artwork developed for all printed pieces (CD labels, CD/DVD packaging, binders, etc.) — if necessary, request specs from your fulfillment company
Proof all artwork
Determine desired audio format for final product (.wav or MP3 files)
Inform your fulfillment house of launch date and the quantity to be produced
Develop a product assembly document for your fulfillment company
Provide your fulfillment company with a primary and back up contact to reach if there are any questions about the product
Continue work on affiliate and joint venture partners
Begin development of your affiliate tools including pre-written classified ads, articles, banners, etc.
Minimum of 6 Weeks Prior to Launch
Format transcripts into final "print" version (PDF or Word document)
Proofread your transcripts and other written documents
Send transcripts and other written documents to your fulfillment company
Quality check your audios and/or videos
Write a thank-you letter to be included with the product
Write a "Read this First" or "Getting Started" document to include with the product to help your customers consume your product
Send all artwork to your fulfillment company via disc or downloadable links
If appropriate, convert MP3 files to .wav format
Break audio into tracks and add front/back music if desired
Send your fulfillment company your physical address where a sample product can be shipped
Write the sales copy for your website
Develop your website
Send physical masters of CDs and/or DVDs to your fulfillment house
Minimum of 4 Weeks Prior to Launch
Determine preferred shipping method and notify your fulfillment company
Proof a product mockup
Notify your fulfillment company if the mockup is approved or if changes need to be made
Add the product to your online shopping cart
Inform your fulfillment company of any product name(s) the product may be sold under and accompanying SKU numbers
If required, pay deposit on job to your fulfillment company
Continue work on affiliate and joint venture partners
Minimum of 2 Weeks Prior to Launch
Setup and test your order notice delivery mechanism with your fulfillment company
Launch Date
Make website live
Post Launch
If your launch exceeds expectations notify your fulfillment company of additional production requirements
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