Develop well conceived, well marketed products and services
My first step is to develop products that seem irresistible to my target market in the fitness and self improvement industry. According to Forbes, an American Business publishing Company, the industry in 2001 was worth $4.7 billion dollars and was expected to grow 12.9 % annually. Today the self help industry is worth closer to 8 billion dollars.
The first product that I am currently developing is an E-book, which will be an introductory product to begin a relationship with customers and eventually open the door to selling back end, higher priced, featured products (seminars, DVD Programs, one on one coaching, etc.)
The idea is to create products that are of high quality and require zero inventory costs. This can be achieved via electronic products.
To develop well conceived and well marketed products and services it is a must to understand my target market. I must understand who my audience is, so I can properly market my products and understand what tastes they have. I must understand there demographics and psychographics and so I researched and brainstormed the following:
Age: 25 - 50
Gender: Male and Female
Race: Primarily Caucasian
Geographic Location: Canada, United States
Income: < $50,000
Religion: Spiritual, Self Improvement
Political Affiliations: -
Professional Affiliations: Students, Unemployed, Teachers, Entrepreneurs
I came up with some questions and answered it with my target market in mind:
What do they care about?
The people I will be reaching with my products are people who care about balance in their life and people who strive for great things in relationships, finance, career, and health. They also care about personal development.
What do they value?
They value their time – since they are leading busy lives. They value family, friends, great relationships, love, money, financial freedom, leadership, health.
What are they afraid of?
They are afraid of being alone, being single, getting overwhelmed by debt, not being liked, getting fat, getting out of shape, being depressed, finding a career, failing
What pushes their buttons?
Not having the control of some aspects of life, as they want. Working hard and not getting results. Not knowing how to get the results they want.
What moves them into Action?
When they can no longer accept living with things as they are and stand for change or something better.
This allows me to develop better products and connect with them in my marketing material and promotions. Other target market considerations can also be geographic information, however I am less concerned with this aspect due to my main sales channel being the internet; whether they live in Canada, the United States, somewhere in Europe or even China, I will be able to serve them via the internet.
Another important step for me to take is to conduct market research. Market research allows me to understand my competition; it allows me to understand what markets they are serving, which markets they are not, what are there strengths, what there weaknesses are and what opportunities are available for me to explore.
Market research also allows me to survey my target market using a variety of tools such as a survey. A survey is a simple and effective way to get the opinion of my customers or my potential customers and is a tool that can be used online. To encourage surveys being filled out I can promise every person that goes through the survey something free; be it a free service, newsletter or a free copy of the product once it has been completed.