A lot of folks have been asking me how you know a product, service or market is viable before investing the time and money in developing them. The answer is there are quite a few ways to do this and conducting market research is easier, cheaper and faster today than any time in history. With a mock landing page, a sign up form and 400 dollars in Google adWords you can get data no focus group could ever provide and you can get the info fast, like in 48 hours or less.
I also often state that you can make money doing ANYTHING today and you can but when it comes to a product or service some research is well advised. First and foremost does a market exist? If anyone is selling anything into your market the answer is yes. Again we can go to google, search for a few key words and identify the top advertisers on Google for the most expensive terms. Look at what they are selling, how it is packaged and how much it costs. One thing we learn from this is if an advertiser sticks around for a long time, they are making money, no one does this stuff for charity, except for perhaps actual charities.
The best way to do this though is first develop a community, then ask them what they want and give them that. Tune in for more including a “mini episode” at the end on investing in yourself.