5 Ways to Determine if Your Next Product Will Sell

 

How do you know if your next product will sell or bomb? In this tutorial, I outline 5 short and quick methods to determine if the next product released to your audience will sell well or not at all.

Though I’m usually a fan, this strategy does not involve surveys; in fact, it doesn’t involve any direct communication with existing customers. This approach solely involves a set of ‘lenses’ through which to view data or tap into the business owner’s intuitions. In addition to products, these strategies can be applied to information marketing, including content on your blog or YouTube channel.

Deciding on whether not to sell a product is a big investment, potentially involving everything from warehouse space to shipping fees. It’s an investment that’s been on my mind lately, as I’ve been ramping up my inventory and dealing with inventory management. As such, I thought it would be a good time to share my own strategy with all of you. All of the following methods have one thing in common; you’ll be searching for patterns in your data that indicate success and failure.

1 – Time on Page

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If you look at your Google Analytics for the day, both at the content that gets organic traffic and from your email list, where is the time spent on site longest? With what kinds of material are people engaging? What’s keeping people on the page (i.e. is it content, expressed benefits, etc.)? Again, the data tells a story, and you can use what you know about your audience to fill in the details.

Make sure to pay attention to both positive and negative outliers. Getting a sense for what types of content people are leaving immediately is not a bad thing when you’re trying to figure out how to attract and keep customers.

2 – Products that Sell Well2

In the digital marketing world, products that have sold well previously could be those that you sold for others in the affiliate space, or your own products that earned bigger returns compared to other promotions. Both types of sales are good cues as to what type of products and content to develop for future launches. My indicator for an above-and-beyond product is a 100% higher return than my aggregate average broadcast message ROI. Again, you can also look at the negative outliers as well, especially those products that you thought might sell well but did not.

 

3 – Emails

3Which of your emails have the highest open and click-through rates, and what do these emails have in common?  Are there subsets of topics that people really seem to like? Are there words, topics, terms that get people to avoid emails? One way to figure this out without surveys is to compare positive and negative outliers, looking at both content and presentation  in both categories and finding those patterns of similarity. I’d suggest looking at both your top and bottom 5% to 10% of emails based on subscriber engagement, taking into account both open and click-through rates.

 

4 – Evergreen Offers

Evergreen products, as a quick reminder, are those that you can offer again and again and continue to get good return and conversion rates (read more about marketing premium or special offers in this article).  Which offers have you promoted as evergreen that have worked well? I’m currently working on getting film 4crews in different parts of the world to meet and film with different martial arts experts around self-defense techniques. We’re not scouting out amateurs, so this help doesn’t come cheap; its a definite investment to create a product that I know (by going through each of these methods) will sell.

If you’re going to make something, you’re better off creating something that will sustainably have an impact. What offers do you have now, or what similar products is an affiliate offering, that are doing well? These offers will often provide key insights into whether a new product you’re offering will do well.

There are a couple of offers that we have that just don’t seem to fatigue like others do. We promote these again and again, and always get a solid set of sales. Think through your ‘old faithfuls’, considering length, type, benefit, etc., and pull out the success factors that you can apply to new products.

 

5 – Social Engagement

5Social media is another channel for tapping into the desires of your audience. Keep up with the number of views on your YouTube videos and identify those that have gotten much more than others. For Science of Skill, we tend to get a lot more views on videos where we’ve featured celebrities from the mixed martial arts world. Look for patterns in content and also pay attention to commentary. Do the same exercise with  Facebook and Twitter, discerning and identifying trends that make for  ‘bad’ or ‘good’ posts.

 

 

Wrap Up

The above approach is not limited to just physical offerings; even if your products are solely in the digital space, it’s still important to think through the above, especially if you don’t have a lot of extra time for surveys. When you use these five lenses (in as short a period of time as one evening), you’ll likely have a much better inclination as to whether creating a product is a good use of often limited (and always valuable) resources.

Have other ideas or questions? Leave a comment on the CLVboost Youtube channel or on our Facebook page and we’ll do our best to respond within a day or two.

-Daniel Faggella
CLVboost Founder

 

 

 

 

About The Author

Daniel Faggella

I grow businesses with marketing automation, email marketing, and conversion-rate optimization. I've spoken on business and emerging technologies internationally and at some of America's finest schools (Yale, Stanford, Cornell, etc...). My marketing strategies have been featured in the Boston Business Journal, MarketingProfs, Direct Marketing News, and much more. CLVboost is where I share marketing strategies, TechEmergence.com is my major pursuit.