One of the most valuable things you can do for your income, branding, your place in your market as a business owner, independent contributor or employee is to take a few weeks out of your life, publish your own product and launch it on-line
I’ve been publishing digital (and physical) products for more than a decade now and still have not found a more profitable or productive use of my time than creating products.
Now yes, there are hurdles to overcome and it seems these days that everyone (including many people who have never created their own successful, profitable products) has become an expert when in reality, there are very few people who truly can say they have generated $Millions of dollars in digital and physical products.
My experience developing training manuals, courses, ebooks, home study courses, books, coaching programs and membership sites counts well into the $10’s of Millions – you learn a *LITTLE* about how to get it right with that kind of track record.
While there are many questions I’m sure you have and some details you certainly have to get right to successfully develop and profit from your own products on-line, here are 4 KEY factors that will help you avoid the major mistakes and enjoy a successful product business sooner.
4 Key Factors To Creating Successful Digital Products That Sell
What Broad Market Will You Serve
Many people start incorrectly by either choosing a market that someone else was successful with, but that they do not really have an interest or passion in OR by putting off choosing their market until later and instead randomly brainstorming product ideas at this early stage.
Both of these techniques will inevitably lead to failure (or at least limited success)
In my decades of experience and in coaching thousands of others in their rise to product creation success, having a passion or overall interest in your broad market MATTERS greatly.
The spirit, dedication and messages you will need to use in growing the profit of your product business require that you have an interest and passion for your market – period!
So, your first step should be identifying a broad market (health and wellness, finance, relationships, personal development/self-help, business, etc…) that you will be interested enough to dig deep over the next 3-5-year period.
That’s not to say you won’t begin making sales or earn considerable profit until then, it’s just that to build a truly significant Enterprise that consists of multiple products, a finely tuned sales funnel, high growth and an organisational support system – you will want to build for a 3-5 year period.
How To Uncover Topics And Ideas With Urgency And Desire Built-In
Once you have a broad market identified that you will commit to over the next period of time, dig into two areas heavily
- Know what your market is saying and what they are asking for (study questions, conversations, buying activity, etc…) on places like Reddit, Twitter Search, Discussion Boards, etc…You will find these discussion areas to be filled with a wealth of information about people’s desires, frustrations, urgent requirements and even buying activity
- Then, what you want to investigate is what products are selling and WHY. Using platforms like Clickbank, Amazon, CJ, magazine rankings, etc..) uncover the titles, topics and subjects that are selling teh best and THEN reverse engineer the desires and frustrations that went into why they purchased those leading products
From here, you will have a good idea of the specific topics and angles of top selling products AND more important, you will understand the human desires, frustrations and urgency around why these products are selling.
This is important, you won’t seek to copy products, but you will seek to learn the underlying human desires and emotions that DROVE the sales of these products and tap into those yourself with your own, original content.
Intelligent Brainstorming
Now, at this point, you can intelligently brainstorm topics that will…
- Be aligned closely with your broad market that you have interest and passion around
- Be rooted in the underlying human desire, frustration and urgency required to make your product highly desired and highly profitable
Here, you narrow your list of potential topics, titles and subjects to between 1-3
Testing And Developing Your Profitable Products
At this point you have two options – I would defer to the second option if you are new or if you have any uncertainty at all about your topic.
- If you are 99% convinced that you have identified one topic that will be a winner, go ahead and begin working on a product while engaging and testing your market at the same time. Of course the risk here is that you misjudged the market and without further testing, you waste time on a product that doesn’t live up to your expectations
- If you are unsure which of the 2-3 product ideas you have will hit the mark, then spend 2-3 weeks testing that market first and then pull that feedback into the product decision from there. While many people are impatient and sure their product idea will sell, I can tell you from first-hand experience, testing is always worth the effort. Done properly, your testing can be done such that you build early momentum and activity in your market which will benefit you in the end regardless of the specific topic
By following these specific steps you will avoid falling into traps where you either produce a product into a market that you are unwilling to give 110% or that you will develop a product that just doesn’t have enough demand and makes no money.
On the other hand, these steps will also provide the structure and focus you need to get your product to market FAST and make sure when it hits the market, that it sells
