The easy answer is “It depends.”<\/p>\n
There are many things to consider when creating a product.\u00a0 Most of all, you will want to ensure that it serves someone or that it fills a need.<\/p>\n
Say, for example, if you know a lot about solving puzzles, is there some how you can use that information?\u00a0 For whom?\u00a0 And how?<\/p>\n
Any time a business is developing a new product line, there are some common things that they consider.<\/p>\n
1) Cost: What would it cost to design, plan, create, market and support a new product?<\/p>\n
2) Profit: What should the price be so that we can cover the cost?<\/p>\n
3) Niche: Who does it serve and what does it contain?<\/p>\n
The one that I listed as third probably needs to be the first on the list.\u00a0 Without the right content, the cost and profit of the product line will both be impacted.\u00a0 Let me describe what I mean…<\/p>\n
Omar and Melinda Martin have a membership site called “My Unfair Advantage.”\u00a0 Their website and membership program are focused on serving the internet marketer in multiple areas.<\/p>\n
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.<\/p>\n
The way I think about selecting a Niche is more along the lines of what I would buy.\u00a0 Is it someone that I would buy?\u00a0 Is it something that I would need?\u00a0 Does it somehow make my current life better or help me develop in ways that I have not yet developed?<\/p>\n
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.\u00a0 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?”\u00a0 will help you determine a reasonable price for providing weekly 90-minute coaching webinars.<\/p>\n
These are just a few things to think about when developing a product idea.\u00a0 One other thing I would mention is to ensure that you are “an expert” in whatever you are developing.<\/p>\n
For example, I have not developed marketing funnels that lead to massive, multi-million-dollar product launches.\u00a0 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.<\/p>\n
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.\u00a0 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.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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