Creating Products May Be the Difference Maker
As a business owner, one of the first things you have to do is start creating products to sell so that you can make money. The type of products you sell have everything to do with who your audience is, how they shop, how much money they have to spend, and how they prefer delivery to be handled. That’s right; it’s all about your customer, not you. You choose the audience and your niche after much research, then the audience and your niche chooses everything else.
I’ve been reading Michael Masterson’s Ready, Fire, Aim and, even though my primary business is selling services, it’s really made me think about how products might make a real difference for my business (and for yours). No matter what your business model is, it’s great to have products that you can sell to your audience that are essentially made once, and sold many times. And, as you know, giving your customers personalized service can take a lot of time, and while you want them to feel as if you are giving them personal care, that personal care could in all reality be very expensive. That’s where products come in.
Based on my reading and research, here’s what I’m doing and here’s what I’d suggest.
- Know Your Audience
All product creation starts with researching the 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? If you don’t know, you can’t create products that they want to buy.
- Define Their Pain Points
As you research your audience, you should be able to identify at least three to four pain points or problems that need to be solved that fit in with your expertise. Once you identify them, you can start creating products to fill those needs.
- 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.
- 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’ll invest in creating it.
- Create a Product Funnel
Start with a free or low priced product and move up to a high priced product. An example for a life coach might be a free checklist for signing up to a newsletter, a low cost report, a higher cost longer eBook, a higher cost Course, a higher cost membership site, and finally the most expensive could be the one-on-one coaching.
- 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. And if you’re looking for advice on next steps, be sure to read this article on creating a product prototype, on Entrepreneur.com.
If you have questions about the services I provide or need help getting from where you are to where you want to be, please email me.