One of the biggest objections to product creation is finding a great idea for a product…
Believe it or not, YOU are often your greatest source for profitable product ideas, and you’re about to discover how to generate more profitable business ideas than you will ever be able to use. Below you’ll discover 7 different ways to generate your own ideas, how to know if your ideas are likely to work, and how to test your idea to see if it really is going to make you money.
First, let’s talk about a (not so) surprising revelation – you already HAVE ideas. In the last month you’ve probably had product ideas for ebooks, videos series, memberships sites, etc. The fact is, finding ideas isn’t the hard part of product creation. Sometimes all you need to do is PAY ATTENTION to what’s happening online and all around you, and then write those ideas down when you get them.
So what’s the hard part of product creation? No, it’s not creating the product. It’s the step just after having an idea and just before creating the product, and it’s called: Choosing one idea and sticking to it, despite all of the other distractions.
This is of course followed up by continuing to stick with the idea all the way through until completion. I’ll bet you that you already know from your first hand experience that perseverance until completion is truly the difficult part of the product creation process, or any business undertaking really. Compared to that, getting an idea can be a piece of cake.
Here’s a thought that will take some of the stress out of choosing an idea and then seeing it all the way through to completion: Even a less than stellar idea – seen through to the end – will become an asset and a character builder. Let’s say you choose your idea and you run with it. You stick to it all the way from inception to final product creation and product launch. But it doesn’t perform the way you hoped and you don’t get the sales you anticipated.
You still have an asset you can use for multiple purposes. You can repackage your product with a new cover and new sales letter, and see if it sells better that way. You can use the product as a give away to build your list. You can enter your product in giveaways and joint ventures to also build your list, and good reputation in the marketplace. You can use it as a bonus when you sell other products you’ve created, or affiliate products. You can sell resell rights, master resell rights or private label rights to it. You can publish it on Kindle, and so forth.
Incidentally, there are numerous cases where a book did not sell well and the publisher simply changed the title and cover, and it then sold like hotcakes. So it might not be your product at all – it could simply be your product’s name or the marketing you’re using to sell your product.
Your product is also a character builder for you regardless of how well it sells because you’ve now proven to yourself that you can choose an idea and stick with it to completion. This skill alone can make you a very wealthy person, and is the real missing ingredient for most wannabe entrepreneurs.
Don’t believe me? Imagine two people: One person skips from idea to idea and rarely ever sees them through to completion. The other person completes one idea after another. Unfortunately, the second person creates 4 products that don’t sell very well for every product that sells like gangbusters. After a few years, the first person has 2 or 3 products completed (if that), while the second person has close to a hundred products created, 10% of which sold like crazy. Who would you say was more successful?
So how do you generate killer ideas? Here are those seven ways I promised:
1. Solve problems. If people need money, show them how to get it. If people need to lose weight, show them how to be thinner. If people have back pain, show them how to get rid of it, etc.
2. Answer questions. Again, you’re showing them how to do something. For example, if people are asking how to build a website, run an affiliate program or use a shopping cart, answering their questions can be the basis for a product topic. Sometimes the question might be answered with software. For example, if people want to know how to drive traffic and you’ve created a plug-in that drives traffic, you have an answer to their question (#2) that solves their problem (#1.)
3. Make a process easier. For example, every marketer needs sales letters. If you can develop a software, service or system that makes it easier to get sales letters, you might have a product winner.
4. Improve something. If you’ve got a method for growing organic vegetables that makes the vegetables bigger, tastier or more plentiful, you’ve got a product.
5. Do something faster. Maybe you know how make tomatoes grow twice as fast, or you know how to build a good list faster than anyone, or you have software that cuts the time it takes to perform a task – those are all viable product ideas.
6. Make something cheaper. Can you teach the contents of a $997 course for only $27? Or can you show people how to do something cheaper? Maybe you can demonstrate how to grow herbs for a fraction of the store cost – this could make a great product.
7. Find the hidden desire or need. For example, there are tons of products on how to do each aspect of online marketing yourself. But there might very well be a hidden market of upscale buyers who would rather pay someone to develop an online business for them.
Great product ideas are all around you, and within you. As has been said, great ideas are a dime a dozen, but people who act on them are one in a million. Be the one, and go make your million!