Innovations With Henry Ford and Velcro

Here’s one of the questions that came in last week…

“How to discover/research what a particular group of people really want and how to really discover that there is a high probability of them actually buying what they said they want. “If I would have asked what people wanted, they would have told me: A faster horse, a cleaner horse, a less smelly horse” – Henry Ford”

It’s a good question.

I highly recommend surveys and asking people what they want.

But that’s NOT the only research method you should use.

In addition, you should also look at what customers are already buying.

Combine direct feedback with research into the competition and what’s already selling.

Check Amazon to see what’s selling…especially in the categories that would closely match what you will be offering.

Check Clickbank to see what is selling in your category.

Look at the keyword bid estimates inside the Google Keyword Planner (you need an Adwords account to do this). Higher bids mean more competition and the advertisers need to be making sales to pay for those ads.

Which competitors continue to run ads on the top of Google and Bing for months or even years?

Which competitors have full page ads in industry magazines every month?

Analyze what those competitors are offering. They must be doing something right if they’re profitable.

Find everything you can about your customer and your competition, but innovation often requires an additional step.

Look outside your market.

Keep your eyes open as you go about your day. Which ads grab your attention?

What companies are growing..no matter what industry they’re in?

What are they doing differently?

What can you learn from them and apply to what you’re doing?

Model something that’s already working in a different market instead of creating something completely from scratch.

Sometimes innovations come by simply keeping your eyes open to nature.

For example, Velcro was modeled after the burrs from a burdock plant. Swiss engineer Georges De Mestral was intrigued by the burrs when his pants and his dog were covered by them after a hike.

Listen to your customers.

Watch your customers.

And keep your mind open to the possibilities.

If you’re ready to dig deep into your market and create online streams of income based on what you find out…check out the Monthly Mentor Club.

Each month I cover the techniques my clients and I are using to Earn More, Work Less, and Enjoy Life online.

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.