So you’re ready to start building your own product based business, and you have an idea for a great product that will help people and make the happy. Amazing! Already you are further along than most people ever get, but there’s one important thing you have to do before you dive in, and that’s researching your market. Who is your competition? What are they doing? How can you do BETTER?

You can’t get to the top without knowing who is there already. Let’s take a look at how you should be doing your homework when creating a new product in 2022! I have two words for you:

 

Competitor Research.

 

Here’s what you need to do first.

Make a list of 5 businesses who are making a product like yours. Not just the big ones, small businesses are good too (so long as you’re pretty sure they’re making SOME sales!).

Research each of those companies.

What are they selling?

How much does it cost, and how do people buy it from them?

Are their products physical or digital (or both)?

What kind of a strategy is behind these businesses?

Do you think any of them have made mistakes that could help you improve your own product in 2022 even more than just being better at what they’re doing now?

Or maybe there’s some way to offer something new that will really capture the market (remember, everyone wants an original idea!).

– Step One –

The first step is to buy their products. Easy for a card deck, less easy for a car, but do what you can. You want to examine both their sales strategy and of course the product itself! Write down everything you can see, and everything you experienced in the whole buying process.

– Step Two –

The second step is to ask friends and family if they have heard of them (your favourite Facebook group might also be a good place). If the product has been around a while, there’s a good chance that at least SOMEONE you know will have seen or heard about it! What is their impression? What are their criticisms? You can also find out what people are saying about your competitors online. Search for their company name plus the word reviews, feedback or review to see what people think about them and whether there’s a common complaint running through all comments!

– Step Three –

Step three is where we take a look at their marketing strategy. What are they doing? Are any of these companies getting high search engine rankings for keywords associated with your type of business in 2022? Do some research on those terms yourself – see how many people are looking for this kind of thing online every month (you can check Google Trends as well as Google Adwords Keyword Tool ). This should give you an idea whether your competition knows what they’re doing when it comes Internet Marketing – and where you might be able to do better.

– Step Four –

Step four is where we make a coffee and kick back for some YouTube and podcast content.¬† Search for videos on YouTube specifically about your competitors or your about your competitors’ business models. Look closely at who is talking and whether this person has credibility with your target audience. Try to pick up keywords relating to why someone would want to buy from you – think about what is MISSING from what’s out there already. You’re looking for something that is not there!

Finally, check out podcast interviews that your competitors have done because this is another great way to get a feel for how they have gone about things, and what they have learned along the way.

 

Never forget that your competitors have put blood, sweat and tears into learning what they know so you don’t have too. They’ve already done the hard work (and spent a lot of money) figuring out how launch and stay in business – but by using these strategies for researching your market, you can find out exactly where they’re doing it right AND wrong. From there, you’ll be able to build on this knowledge when creating YOUR product in 2022.

Hop into the comments below and tell me – what do YOU want to make?

 

Looking for other before-you-start ideas? Try these:

9 Things You Could Be Doing Before You Start

How (and Why!) To Start Your Mailing List Before You Even Have A Business

 Free Workshop: Make It, Sell It