If you want to make money online and ideally keep one hundred percent of the profits for yourself, its important to understand the product creation and development process.
I’ve been doing this web stuff since it started and I had one client that wouldn’t listen to reason, he spent over fifty thousand dollars based on an idea he thought was a great one without doing any market research and without checking that there was actually a market for the product. He wasted a lot of money and ended up very frustrated that no one else saw the vision he did nor bought into it. He was putting the cart before the horse and have difficulty in succeeding with their product – unless they are incredibly lucky and have excellent instincts for what people in their niche really want.
Product Development the Right Way
The best way to develop and create a product is to start with your target audience rather than one single product idea. Get to know your niche through research into their main problems related to the niche, what they complain about, what they love, and so on.
Go to discussion boards, groups, popular blogs, social media groups and more. In this way, you will already have a target audience of people who have expressed interest in that particular topic or industry. For example, people who love golf will often spend time at golf-related websites, talk about golf on social networks, blog about it, or visit blogs related to it, and so forth. They might also attend groups such as Facebook or Yahoo! groups, and spend time on discussion board related to golf, or question and answer types of sites.
While they are interacting with others, they will often discuss problems, products they have bought that they are happy with or dissatisfied with, and so on. You can use the questions and talking points that you find as the inspiration for a new product. We call these niche-related problems pain points. Understanding the pain points of the people in your niche and offering high-quality solutions that really work at an affordable price is the best way to make money online.
Mind Reader Marketing
Your product will be popular because it will seem as if you are a mind reader who understands exactly what your target customer needs, and are willing to take the time and effort to provide it.
Chances are you will have a large number of ideas at the end of a brainstorming session and your fact-finding related to your niche. Then it is a case of choosing one idea and developing it more fully, outlining all that will go into the product so you can start to create it.
In the development phase, consider what your audience would prefer and what would be most useful in terms of content and format. For example, if you are offering a product about how to improve your golf swing, an ebook might be useful, but a video series of how-to’s would probably be much better because the person could watch and learn, golf club in hand. You can also charge a higher amount of money for a multi-media product than you could for an ordinary ebook.
You might also create an audiobook with step-by-step instructions on how to improve their swing. Then all they would have to do is play it on their MP3 player every time they were teeing up on the golf course.
Once you’ve outlined what your product is going to cover and what format it is going to take, you can start working on creating it. This will usually involve a team of people.
An ebook is a good starting point because you can use it as a script for your videos. If you are not a good writer yourself, hire a freelancer.
In terms of videos, they will need to be high-quality, with good sound and visuals. For audio, consider hiring a professional voice artist.
Follow these tips to ensure that you will make money from your products online.