Introduction to the 7 Product Creation Tips
Anyone senior who’s been trying to make money online for more than 2 minutes would have heard this line repeated over and over: “You need to create your own product.” Perhaps 2 minutes is an exaggeration, but you get the idea.
Read on and discover the 7 product creation tips for the senior marketer.
Most senior marketers worth their salt knows that there is some money to be earned by creating and selling their own digital info products. Affiliate marketing is fine, however, owning and selling your own products is much better.
If you are good at traffic generation, you will get to retain one hundred percent of the profits from the sales that you generate. You may also recruit affiliates to promote your products and grow your market share while increasing your income.
Once you have perfected product creation, the possibilities are nearly endless when it comes to growing your income. As good as this appears, there are some fundamentals that need to be in place for you to succeed in digital product creation.
1 – Is there a market for the product?
This is without a doubt the most important factor of all. While creativity is a marvelous skill to have but trying to create a new digital product that sells well is vastly more difficult than improving existing ones.
The case for not reinventing the wheel holds true here, and the secret to success with your digital product is to see what is presently popular and selling well and imitate these winning products.
You will make a similar product that addresses the same topic but from a different viewpoint. This is where your creativity needs to show through. You need to have a singular selling proposition that makes your product stand on top of the rest of the products that occupy the marketplace.
Both Nike and Puma sell sport shoes, but the former tells you to “Just do it!” with a swoosh symbol, while the latter is the only major sports manufacturing company on the planet with no slogan but lets the logo of the leaping puma tell all that’s needs to be said about the brand.
Similar products but very different selling points.
Spend time researching and taking notes on what products are doing well and think of how you can be better than them. Then go ahead and make a better product.
2 – Observe your competition
Watching what your competitors will help you navigate the marketplace and understand why some vendors do well and some fail.
Study their products, unique selling points, sales copy, sales statistics if available; and so on. Read through their customer reviews and see where their products are lacking.
Can you create a product that closes the divide of customer dissatisfaction? If you can, you’ll have people running to buy your product.
3 – Drilldown into your niche
Once you have completed your market research, it will be time to drill down and create a product for a specific topic. So many neophytes fail here and make the big error of trying to create a 5000-page magnum opus that tries to fix all problems in that niche.
Relax and calm down. You are not writing a thesis. The best way to create a digital product that sells well is to target one specific problem and provide a specific solution.
Do you need to lose weight? Here is a weight loss book with a 5-step plan.
Do you want to get construct a chicken coop? Here is a compendium with 50 chicken coop plans and instructions you can use today.
Specific problems and specific solutions. That is your secret to making a digital product that is not only of value but does not drown the reader with too much information either.
4 – Create a customer persona
Your digital product is not the be-all and end-all. It is not meant to be for all. You must make a product that addresses a specific type of individual.
You will be required to build a customer avatar before you start working on your product.
For example, if you are writing a weight loss product, is it going to be for females? How old will the reader be?
Is she going to be a stay at home mother or a busy career person? Will she have a lot of time to work out or will she need quick exercises that do not last for more than twenty minutes?
So many questions and so few answers. What can you do?
The answer is simple.
You hang out in places such as forums or Facebook groups where your target market congregates. Spend time reading their questions, issues, and comments. This will help you to comprehend their problems and you will have a finger on the pulse of your target market.
Now you are ready to build a product that reaches out to them better than their best friends could.
5 – Organizing your information
This is the part where you create your product. It goes without saying that you should produce the best possible product that you can. Aim for excellence, NOT perfection.
Your content should be broken down into bite-sized chunks. Your entire book shouldn’t be one long never-ending paragraph. It’s better to have shorter, ‘compartmentalized’ chapters dedicated to specific topics.
If you’re using video, it’s ideal to break down a 1-hour long video into six manageable 10-minute videos. In our noisy world, so many people have the attention span of a housefly. So, you want your content to be short enough to hold their attention, but long enough to give them the information they need.
6 – Present the information in various formats
The times have changed. PDFs alone are not good enough. Many people prefer to read. Some others enjoy watching a video and many like to listen to audios. This explains why even when you buy a book on Amazon Kindle, there is usually an option to get the audiobook on Audible.
Distribute your digital product in various formats like text, audio or videos so that you obtain as many buyers as possible without inadvertently excluding any. Of course, you may wish to sell your audios and videos at a premium price.
7 – Understand pricing for your product
Finally, you will have to price your products according to what the market is willing to pay. If you overcharge for it, you will alienate many of your potential buyers and those who do purchase it may feel that they have not received their money’s worth because they expected a lot more.
If you sell it at a low price, you will be devaluing your product and leaving cash on the table.
It is better to look at what is presently selling well and write down the prices. You can then charge a similar price and on occasion offer a discount to obtain more attention to your product. Everyone loves a fair deal.
In conclusion, once you have these 7 fundamentals in place and you have a fantastic product to offer for sale, you will then need to market it well; but that is a whole different subject for another time. For now, get the product creation basics down and it will be half the war won.
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[avatar user=”mike” size=”thumbnail” align=”” link=”file”]Mike Gaudreau is the owner of The Wealthy Boomers, a site devoted to helping seniors make money online. Mike resides in Montreal Canada.[/avatar]