As a business owner, one of the very first things you have to do is to start thinking about ways to generate revenue for your business. This typically means you have to start creating products to sell, the type of products you sell have everything to do with who your target customer (niche) is, how they shop, how much money they have to spend and how they prefer shipping to be handled. That’s right, it’s not about you it’s all about your customer. You choose the audience and your niche after much research, then the audience and your niche chooses everything else.
No matter what your business model is, even if it’s predominantly service based, it’s great to have products that you can sell to your audience that are essentially made once and sold many times over. As you know, giving your customers personalised service can take a lot of your time, and while you might want them to feel as if there a million dollars by giving them personal care, that personal care could in all reality be very expensive.
That’s where products come in.
Know Your Audience
Everything starts with researching your audience, product creation starts exactly the same by researching your target audience. You want to be able to know your audience inside and out. You need to know their hopes, dreams, fears and their joys. What makes your audience tick? What makes them buy? If you don’t know you need to do more research, because you can’t create products that they want to buy until you know your audience.
Define Their Pain Points
As you research your audience, you should be able to identify at least three or more pain points or problems that they need to be solved, that fit in with your expertise. Once you identify them, you can start creating products to fill those needs and solve their problems.
Seek High Demand Low Supply Products
As you research your niche you’ll discover holes in what’s available to help your audience. Ideally, you want to create a product that fills that hole, that is in high demand but has a low supply cost.
Understand the Price Points Your Audience Can Afford
Part of understanding who your audience is, is to also know what your audience can afford to pay for various products that you create. Knowing a price point can help you determine what kind of form the product will take, and how much you can invest in creating it. There is no point spending a lot of time and money delivering a product that you audience cannot afford, so do this research and continue to do it as you develop more and more products.
Create a Product Funnel Or Lead Generating System
Start with a free or low priced product and move up to a high priced product. An example can be found by looking around this website, you will see various sign up boxes saying get this 5 things you can fix on your website in the next seven days to generate more leads eBook, this is one of our lead generating products, you could use a low cost eReport, a higher cost longer eBook, a higher cost eCourse, a higher cost membership site, and finally the most expensive could be the one-on-one coaching if you’re a business coach for example or a website as in our case.
Limit the Number of Products
Don’t confuse your audience with too many products. Each product should build off the other and answer those pain points you discovered. If your product solves problems for your audience, then the product will be a winner.
If you want to get paid today for work you did six months ago, start creating products exclusively for your audience that match your niche. You will be glad that you did. There will be no void once you start creating products. It doesn’t matter if you’re a service provider, a life coach, or something else entirely – you can find a way to create products that your audience will buy if you go through the steps.