Product Creation Blueprint
Product Creation Blueprint
Product Creation Blueprint
If you have made the decision that you want to have your own product, then congratulations, you have already done step 1 of your plan!
Step 1: Make the decision to create your own product for sale
After you have decided that you want to create a product, you need to decide how much money you want to make each month. This may seem like an odd second step, as you might think that you need to come up with a product idea first, but it will make sense to you if you keep reading.
Say that you decide that you want to make $1000 a month. Your "product idea" was an e-book on internet marketing and SEO. You think that you will be able to get 1000 visitors a month to the site and 5% will buy. So at the end of the month you will have 50 buyers. If you need to make $1000 a month, then you will need to make a profit of $20 a month per buyer. You've researched and most "ebooks" are selling for $5 or less, or even are being given away for free. You quickly realize that you will be be able to reach your $1000 a month goal.
Step 2: Profit Goal
Know how much you need to make, so your product idea can be formed around a realistic financial goal
Step 3: Product Idea
You will want to brainstorm and come up with several ideas. Then take those ideas, and start doing some market research. Find out if other people 1) care about your idea and 2) are willing to pay for the information or product. I recommend that you read blogs, check into popular forums, and utilize search engines. Also check for market saturation. If your idea is something that 50 other people are already doing, you are setting yourself up for some stiff competition right out of the gate.
Step 4: Planning
Once you have decided on your product, you need to layout your own blueprint and timeline. Are you going to take on all of the tasks yourself, or will you outsource some of the work? What type of budget to you have to work with? How will this affect your profit margin? Will your product be tangible, video, electronic? Will shipping be required?
There are so many facets to the planning phase, be prepared to spend the bulk of your time in this area.
Step 5: Packaging
This can be meant both figuratively and literally. If you are mailing an informational video series to your clients, you will want to design the covers and packaging professionally, so your buyer feels like they are getting their money's worth even before the product has been used.
If you have an informational product that is being downloaded or sent via email, you will want to ensure that the product is quickly and easily accessible.
Step 6: Marketing
How are you going to market your new product to your potential buyers? Do you have an established website that already has a good traffic flow or are you starting from scratch?
If you already have a website, you need to make sure that your product fits the same niche as your website is focused on.
If you are starting from scratch, plan for time to build up a good traffic flow. Here are a list of ideas to get more traffic to your site:
Facebook Fan page
Twitter
SEO
Pinging
Article Writing with resource box
Guest posting on other blogs related to your site
There is so much that goes into bringing a new product onto the market, but I highly recommend that everyone try to do it! Good luck!
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