What Product Should I Create?

The easy answer is “It depends.”

There are many things to consider when creating a product.  Most of all, you will want to ensure that it serves someone or that it fills a need.

Say, for example, if you know a lot about solving puzzles, is there some how you can use that information?  For whom?  And how?

Any time a business is developing a new product line, there are some common things that they consider.

1) Cost: What would it cost to design, plan, create, market and support a new product?

2) Profit: What should the price be so that we can cover the cost?

3) Niche: Who does it serve and what does it contain?

The one that I listed as third probably needs to be the first on the list.  Without the right content, the cost and profit of the product line will both be impacted.  Let me describe what I mean…

Omar and Melinda Martin have a membership site called “My Unfair Advantage.”  Their website and membership program are focused on serving the internet marketer in multiple areas.

Fortunately, Omar and Melinda have a way to serve multiple clients. Their product (“My Unfair Advantage”) provides coaching, products and services for both new marketers as well as seasoned marketers.

The way I think about selecting a Niche is more along the lines of what I would buy.  Is it someone that I would buy?  Is it something that I would need?  Does it somehow make my current life better or help me develop in ways that I have not yet developed?

If you put yourself in the shoes of your customer and ask questions like these, it will help you more easily see the value of a specific niche.  For example, asking “If I had an opportunity to learn from someone each week for an hour and a half, would it be worth the investment?”  will help you determine a reasonable price for providing weekly 90-minute coaching webinars.

These are just a few things to think about when developing a product idea.  One other thing I would mention is to ensure that you are “an expert” in whatever you are developing.

For example, I have not developed marketing funnels that lead to massive, multi-million-dollar product launches.  But, I have written VBA code in Excel that reduces the time it takes to complete a task in a clear and measureable way. I would consider myself an expert on Macros since I’ve had years of programming experience and use my experience in real life situations.

Of ‘course, there are also ways to “watch the market” so to say and to see trends and behavior patterns I hope that we’ll be able to discuss further.  First, before you really spend too much time developing a product, make sure that you have recognized a “gap” where existing products do not provide the information necessary to bridge that gap.



  • Pauline

    Reply Reply July 3, 2014

    Hi Rachel,

    Thank you for your post it certainly made me rethink some of my ideas.

    To me the most important thought should be: will it be of value to other people.

    I am not an expert in any field just now, but I believe by the time I have done all my research I should be getting there.

    Take care

    • rachelbock

      Reply Reply July 3, 2014

      Thank you! Or should I say, “You’re welcome!”

      Good luck with your research Pauline. Please remember that being an expert comes through having the experience and being able to say how you did what you did. It also comes from understanding what you did and being able to replicate it (and have others replicate it).

      I hope that helps.

      Take care,

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