Let me tell you this. The biggest mistake most people do is not spying on the market before creating their product. In fact, this is common in the world of tech startups.
There are many ambitious marketers out there who aspire to create the next best thing such as software, tech, apps and gadgets in hopes to bring a significant change to the world like how Facebook and WhatsApp did. But bear in mind, behind every successful product there are a thousand failures unpublished.
The same goes for the upcoming digital product creators. Creating a new product without doing prior research is a great risk. You would agree with me, you will only be wasting your resources (time and money) when you fail to test your products beforehand and just chose to try your luck?
This brings us to the question, how and where do you spy on the market? The answer is to explore JVZoo.
JVZoo is a popular affiliate site amongst Internet marketers and online product creators, or better known as the Make Money Online (MMO) industry. It is a platform to showcase various online products ranging from ebooks, video tutorials, software, apps, plugins and products related to email marketing. Before conducting your research, you need to create your account in JVZoo.
When you have created an account on JVZoo, you are now good to go! What you need to do is to find out what’s been selling on JVZoo for the past 6 months and conduct your analysis. You can break this down into 3 simple steps:
- Compile a list of top sellers for the past 6 months.
- Create a spreadsheet so it is organized and easily comparable (I recommend using Excel Spreadsheet).
- Analyze your findings.
For the first step, compile a list of featured products from JVZoo for the past 6 months. I advise you get familiar with the system as soon as you can, as you will eventually promote your product or become an affiliate in the future. What you need to do is to click on ‘Product Library’ on the drop-down menu on the JVZoo page. Then, click on ‘Featured Products.’
You will then be directed to a page where you can view the top picks for the past month. On the right-hand side of the page, you can view ‘See More…’ where there is a month’s list starting from the current month to the previous months. You may click on the month and it will bring you to the featured products of the selected month.
The second step is to compile and organize them in a spreadsheet. I recommend using an Excel Spreadsheet. Firstly, categorize it according to the month where the product is launched. Then, create a category under ‘Product Type.’ For instance, if it is a Software Program, a Web Based App, Graphics or a hybrid product.
Then, create another category under ‘Topic’ which indicates the product’s purpose. For example, is the product used for traffic and list building, Email marketing, SEOs or logo creation?
There is a vast range of products out there and it is your role to categorize it in a simple way which makes it measurable and easy to analyze.
The third and final step is to analyze your findings. You will be able to see what has been selling like hot cakes for the past 6 months and what was the least favorite amongst the products.
The reason we’re analyzing what’s been the hot selling item in JVZoo is to know what’s been selling well in the market. You need to be up to date on what is currently working for the audience and what are they inclined to purchase. This is important for your product development.
Recommended: How To Launch A Digital Product
Why Are We Spying On The Market?
Would you agree it is also a way to work efficiently and effectively by reverse engineering your product creation? This means it’s not necessary for you to reinvent the wheel and come up with a brand new idea. The keyword here is innovation. If you take a look at the items around you such as your mobile phones, computers, printers, and even your laundry machine – these things are hardly original. They are revisions of previous creations.
This simply means you don’t have to invent an entirely new product to become successful in your business. Any products existing right now will always have room for improvement.
All that is left for you to do is to spy what is selling in the market and improvise. Create your own product with two or more added features from the previous ones and you’re good to go!
Make money in the next few weeks, rather than next year! I hope this helps someone. You can leave your questions via the comment section.