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For some Internet marketers product planning is a tedious task. For others, it is the most important step in searching for the next big seller in their product line. Experienced marketers look for input into the development process from a number of key sources such as existing customers, experts in a given field relating to the niche for new prospects gathered from advertising sources.
Analyzing information
During the brainstorming phase of product development and experienced marketer will evaluate the chosen niche in a variety of dimensions. He or she will look closely at who is purchasing products within that niche. They will examine the current competition and the range of products being offered. Creating a competitive analysis of existing products will help to show where your ideas fit within the range of existing products. By looking closely at the prevailing trends within this particular market you will be able to determine whether you are getting in at the beginning, middle or tail end of a buying cycle.
Refining concepts
Inexperienced Internet marketers often neglect to perform due diligence in these areas. They often dream of a great idea and quickly begin to produce a product without examining the market environment in any detail. This often leads to wasted effort and great disappointment. Without taking the time to examine the prevailing trend, current competition and buying cycle of a particular product, an entrepreneur is flying blind when introducing their product to market. It is very important to have concrete information and how much it will take to produce a product and how long it will take to realize a return on your investment.
Production approval
Product testing can take many forms; for Internet marketers produce information products in existing e-mail list is one of the most productive means of testing. Product ideas can be refined with the help of a substantial list of willing volunteers who are happy to preview beta versions of a product. Their input may be invaluable to the future profits of the Internet marketer. These volunteers are usually made up of early adopters with an interest in that particular niche. Their feedback helps to refine any new developments to the product in fundamental areas such as ease of use, style or design, function and efficiency or even pricing issues. By initializing a pilot program to market a product entrepreneurs can deliver a fully developed product to a highly targeted market.
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