One of the easiest, most lucrative and best ways a business owner can make money is by creating products and selling them to their target audience. The first thing you need to do is work out who exactly your target customer is and then you have to create the products. A lot of thought needs to go into each product, from who will actually manufacturer it, to how it will be marketed, and what technology will you use to implement the entire product cycle. It’s actually quite a lot to think about, but if you systemize it, you can continuously create products for your target audience that they will buy and love.
In order to create awesome product ideas, it’s important that you are clear about who your target audience actually is, and the pain points they have, so that you can create solutions that solve these issues. In addition, you need to have a thoughtful sales funnel and know where each product fits into that funnel. What’s really great about all of this is that you can always ask your audience what they need. If you’ve done a good job at building a list of your target audience, all that’s left to do is create exclusively for them.
Some people are really good at brainstorming and coming up with ideas, but they are often not so great at finishing them. Others get stuck in the idea phase and think that everything needs to be perfect and they are never satisfied with the ideas that come up with. If you have a lot of ideas, it’s important to write them down, and categorize them according to where they will fit in your sales funnel. You should also be able to clearly identify the pain points that the product is solving for your audience. Answer this question: What problem is this product solving for my audience? Start with the simplest idea on your list and work your way up to the biggest idea, building buzz as you go along.
If you have trouble coming up with ideas, then you need to practice brain storming of some kind. A great idea is to use a mind map, a mind map starts with a central idea, then branches out to many other ideas. You are free to think of anything as nothing is off the table, just let it flow, writing it all down. Categorize and analyze the ideas later to ensure that they do address a need that your target audience has and that they fit into your sales funnel. Once you have at least one solid idea, you can get onto the creation phase.
The product creation cycle looks like this:
- Testing and feedback
- Rinse and repeat
It doesn’t matter if your product is as simple as a blog post or as complex as a 12-week business coaching plan, or an actual physical product. It’s important to complete the product creation cycle to ensure that you create the very best products each time for your target audience. Products that your target audience need, want, and are willing to pay money for. If you follow this process each and every time you create any product, you’re going to be more successful.