Determining Market Potential
So you’ve done some brainstorming and thought of some ideas for your information product. Once you think you have a good idea, you need to do some further investigating to see if your product will make money.
In finding a solid market, you need to determine both the level of interest in a subject and whether or not people are willing to spend money on it. The single greatest resource for brainstorming topic ideas and determining spending patterns are magazines. The magazine rack at your local bookstore is a treasure trove of valuable information.
Another place to look for magazine topics is www.magazines.com. This is a site that sells subscriptions. They have a huge list that is sorted into about 60 categories. There is a brief description about each publication. While you obviously can’t browse the contents of these magazines, this is a great place to get some ideas of general areas of interest. The sheer variety of magazine topics is truly amazing.
The actual existence of a magazine focused on a particular topic is a great initial indicator that large amounts of money are being spent by consumers in that area. Magazines are extremely expensive to publish and distribute. If a magazine on a specific topic has been around for a while, it is a great sign that it is supported by a large customer base.
Once you have found a magazine that interests you, you need to study the advertising in it. Magazine ads are not cheap. If you find ads that run consistently from issue to issue over time, you know for sure you’ve hit on a very profitable subject. These advertisers wouldn’t be pouring the cash in every month if they weren’t making money.
You will need to find back issues of magazines in your market to study the advertising trends. These can be found at your local library or by researching search engines like Google, Yahoo, and MSN. In The Auction Profit Machine, we give several online resources as well to really cut down your research time.
You can get it at the following link:
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