What if you had a secret mind-reading device that grabbed thoughts out of your potential customers’ heads and told you exactly what they would pay for that you could create?
That would be pretty awesome…wouldn’t it? Unfortunately, such a device doesn’t exist (at least as far as I know!) However, you can get pretty close to reading potential customers’ minds with the two methods I describe below…and if you’re anything like most business owners, you’ve probably never tried either one of these. Use both, and you may just be unstoppable…
The key to running a successful business is to align your talents and skills with something that people will pay good money for. It doesn’t matter how awesome your product or service is if no one will pay for it. And often, what we think people would pay for is totally off base. So how do we figure out what problems people will pay us to solve? Here are two ways–that are slightly less invasive than reading people’s minds!
1: Talk to people who are a part of your market.
This can seem initially scary or daunting, but that shouldn’t stop you from doing it. First, narrow down your business idea to a sentence or two, then ask them for their opinion on it. Pretty much everyone is open to giving an opinion.
If they respond with a neutral or negative reaction, ask them what they would pay for instead. The key word is pay for. Sure, it would be nice to have someone who goes out and gets a drink for you from the fridge every time you want it, but how much would you pay for that? These are all valid questions, and it’s perfectly okay to ask someone how much they would pay for your service.
If the answer is less money than you’d hope to earn from performing that service or selling that product, you have two options:
- Increase the value. Can you bundle your product with something else or add additional benefits? Again, this is something to ask your potential customer about. What would they pay extra for?
- Abandon the idea. This isn’t the worst-case scenario. In talking to your potential customers, you may come up with an even better idea, or decide this isn’t a target market you want to sell to. Better to fail fast than to have spent months trying to hammer a square peg into a round hole. If this just doesn’t feel right, move on. Ideas are abundant!
If, on the other hand, your potential customer gives you a positive response with a price that you can live with, you may have a winner! Talk to other potential customers first–if several respond positively, then it’s time to invest further in this business.
2: Add the Google keyword tool to your arsenal.
I love the Google keyword tool. I’ve been known to spend hours on it. I use it for everything from blog post titles to forming entire businesses. And…it’s the closest thing to reading people’s minds as you’re going to get without tapping directly into their brain.
What is the Google keyword tool? It’s a free tool that lets you see what people are typing into Google. And it’s a gold mine–the #1 business research tool I use by far.
You can type in any word…I stick to common ones, like “business.” Sometimes I will add question words, like “how to”. (Typing in “how to business” gave me the inspiration for my post How to Start A Business with No Money, which ranked #1 in Google for “start a business with no money” for months!) You can also try “help” or “advice” to find people with problems that you might be able to help solve.
Once you’ve typed in your keywords, sort by “Global monthly search volume.” That’s, on average, how many people type that particular keyword into Google in a month. For blog posts, I generally target keywords with between 800-10,000 searches a month–more and it’s too competitive; less it’s not really worth optimizing for.
How I Came Up With the Business Idea for My Startup
I’ll let you in on a secret: The Google keyword tool is exactly how I came up with my idea for my new startup. I typed in “blogs” and noticed that nearly 250,000 people a month were searching for the keywords “best blogs”.
The next step is to look at what the search results are for the terms you find in the Google keyword tool. I typed “best blogs” (without the quotes) into Google and was disappointed with the results. Where was the dynamic, social site I was expecting? There wasn’t one. After a few months of thinking about it–the idea would not leave me alone!–I decided to create one.
It’s important to remember, too, that a business can’t exist in a vacuum. What is interesting and worth money to you may not be interesting (or worth paying for) to anyone else. Though this can hurt, it’s best to get it out of the way quickly so you can use your skills in a way that will benefit even more people–which will make your business grow faster.
To find inspiration for starting a business or creating a product, the best thing you can do is tap into what other people are thinking about–either by asking them directly, looking at what they type into Google, or, best of all: all of the above!
A Note About My Survey
This post was inspired by a reader question from my recent survey. Thank you to all of you who responded!
You may remember I promised 2 $10 Amazon.com gift cards to 2 lucky random survey-takers. I randomly selected and emailed the winners, who both claimed their gift cards. Thanks again–your responses were truly amazing, and should provide blog post fodder for many months to come!
Recommended Reading:
- This Simple Saying May Kill Your Next Business Idea. Most products aren’t anything completely new or unique–they’re just a different take on a product that is already out there.
- Are You Ready? One of the most powerful posts I’ve ever written–that you probably haven’t read.
- Are You Making This Common Mistake–That Could Ruin Your Business? I pinpoint one mistake I’ve seen over and over and share a true story of how it nearly killed a business.
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11. March 2010 at 12:23 am
How curious. I was just rereading Bob Serling’s Power Copywriting for Internet when your email come through for this article. That’s some good copy.
Thanks for the tip on Google Keyword tool. Something I need to spend more time with. Have fun in Austex. I’ve been there when it’s 100 degree this time of year… and practically snowing.
11. March 2010 at 12:33 am
Hey Erica cool post and very helpful. have you used the google wonder wheel? Its great too for posts and drilling down. Cheers. Alan
11. March 2010 at 12:44 am
Thanks Erica! I think you hit the nail right on the head with these “mind-reading” techniques. It’s amazing how easy it is to get high-quality info from your audience simply by asking, but for some reason, many people don’t even think of doing that.
Good luck on your startup! I’m excited to see where it takes you
11. March 2010 at 4:10 am
Hi Erica,
I love the way you always lay everything out in detail. The Google keyword tool is great, especially if you know the right way to use it. I think you have explained it the best for sure. Thanks for always guiding, directing and encouraging us along the way. It is much appreciated!
Thanks again for the gift card. I have already used it to buy a book I’ve been wanting for quite some time now, Stephen King’s, On Writing.
You are the best! Make it a great day!
Deb
Freelance Writer
11. March 2010 at 4:18 am
Thanks for the reminder! I do love the Google keywords tool, sadly it seems to occupy a part of my memory I don’t visit very often!
I seem to do a lot of bookmarking, saving useful sites etc, and when it comes to needing the info, I can’t remember where all that info is stored. Was it a safari bookmark? Delicious? did I stumble a blog post etc.
Maybe a post on organising your useful info for quick retrieval would be handy?
11. March 2010 at 4:47 am
I see this article as going back to basics. Researching your target market and discovering what they truly want is marketing 101 in its essence. Yet, many people are too excited to go forward with an idea that they forget this step in the process. This article was a nice little reminder that one should always be in touch with their the group of people they ultimately wish to sell to. With the prevalence of forums, blogs, and the various niches on the internet, there is no excuse not to be involved in the appropriate community.
11. March 2010 at 6:34 am
Great post regarding the Google tools.
With all due respect – regarding market research, on how much money people are willing to pay is a little inaccurate and here is why. There is a different mind set when talking to people or when they are filling out forms then when actually purchasing. During the market research phase it is mostly intellectual, during the purchase phase different people act differently when spending money. A good tip is get the product into their hands or have them try it.
Many years ago a friend tried selling a unique mattress we developed to a nursing home chain. Before I got involved with the selling process my friend tried for over a year to get a commitment to supply them with about a 1000 mattresses. I had him make a mini sample to show. I went down for this presentation and the administrator expressed how badly he needed mattresses but couldn’t make up his mind. I took the mattress out of my friend’s hand and reached over the desk and placed it into the hands of the administrator. About a minute or two later he said let’s start with a small order of a dozen and see how the patients and nursing staff like it – I was amazed.
11. March 2010 at 6:38 am
Interesting post Erica.. there are definitely some under-utilized domains/keywords out there, and some crazy overvalued domains too.
The Google keyword tool is great, but if you’re willing to spend maybe 1-2 hours in training videos, I’d highly recommend the Market Samurai tool – I came across it about a month ago and it’s power is pretty astonishing. The free version has all the good keyword info from Google+lots more.
Cheers,
Lucas
11. March 2010 at 7:58 am
Your post has high value! Thanks for the information, especially concerning Google Keyword Tool. I went there immediately and ran aobut 15 different variations that are relevant to our product (charter school authorizer compliance software). I had tried AdWords before with little success – but now looking at the key words we used, I can see why. We’re opening a new campaign using keywords that we know people are submitting.
Thanks Erica!
11. March 2010 at 8:52 am
Yeeeeeah! Pretty face have pretty mind full of good ideas
thanks
11. March 2010 at 9:52 am
You can do even better than reading peoples minds; often people don’t really know what they want or need until you tell them what is available. That’s why, as you mentioned, talking to people is key.
You mentioned Adwords in your Blog Success Manifesto and its addictive powers enthrall me for sometimes way too long.
11. March 2010 at 9:43 pm
Just found the blog and I like what I have found! I like how you said “Abandon the idea”. People hold on to an idea and just pump money into something that isn’t going to work. Good points!
14. March 2010 at 10:01 pm
Alex,
In a similar vein, Samuel Johnson (compiled first English dictionary) advised young authors to ‘murder your darlings’.
He meant don’t get infatuated with your own ideas. Run your business like a business. Applies to bloggers too!
Ivan
13. March 2010 at 8:30 am
Thanks Erica! I love this mind reading techniques, it’s not actually that complicated to begin with. It’s simply just asking without selling, and find out what your target market really wants.
I love this:
“Better to fail fast than to have spent months trying to hammer a square peg into a round hole. If this just doesn’t feel right, move on. Ideas are abundant!”
I definitely have to learn to fail fast and quit doing the wrong things. Great advice!
17. March 2010 at 8:14 am
I’ll have to check out the keyword tool. Another way to read people’s minds is to listen to them complain. They’ll usually specifically say what their problems are and how they wish things were. That’s how I got the idea for my Pay Off Debt app. I think developing products or services is more about what others are looking for than anything else.
20. March 2010 at 3:01 pm
Hi Erica,
By knowing what is in people’s minds, for me it could be used also to create the post when I have no idea.
29. March 2010 at 10:04 pm
Hi Erica,
Asking prospects to reveal what is on their minds is really the only way to find out. What sometimes comes out are often the most unexpected things.
It may be necessary to dig deep though because what people say and do can be very different.
Using Google keyword tool is probably a better way to find out what people are keen on buying.
Using both methods would be the best if one has the time.
It’s helpful to read posts like this.
Getting too excited about an idea without checking out the market can be very costly.
Vance
17. June 2010 at 12:18 am
Hi Erica,
What an insightful post! You absolutely have to find out from your target public what they need and want. Know before you go, find out what they want and then provide it is an ancient maxim. Thanks for putting it in a fresh, new way to remind us.
Alan