Want great, profitable product ideas that’ll fly off the shelves?
These words from legendary personal development and business guru, Zig Ziglar, hold the key:
Unfortunately, most entrepreneurs have it backward…
They make the mistake of building new products around what they want to share, teach and sell.
But if you want a runaway hit — if you want lots of people lining up to buy your digital product, high-quality program or course and raving about it to all of their friends — you need to think about what your audience wants, not what you want.
You need to think about how you can help them experience the transformation they’re actively looking for — NOT the transformation you happen to want for them.
The 5 Questions of Profitable Product Creation
You could spend hundreds of hours creating the best digital or physical product, program, or course on the planet, but if you’re delivering what you want to share and not what your audience wants to learn from you, no one’s going to buy.
So how can you come up with a profitable product idea?
How can you tell if your product is going to be something your audience actually wants and is willing to pay for?
Let’s get something straight…
Coming up with new business ideas that’ll be successful is both an art and a science.
You can’t predict or “crystal ball” a hit with 100% certainty, but you can get pretty close when you work with something I like to call the 5 Questions of Profitable Product Creation.
It’s basically a series of insightful questions you must ask yourself before you get started building your product.
Each question covers one fundamental aspect of product creation that will help get you closer to creating your blockbuster hit.
Here are the 5 Qs…
1. Does your new idea solve a specific problem, need or desire?
In other words, what is the tangible benefit or clear outcome that your product will deliver? (For more on this, check out this blog post: Sell Them What They Want Give Them What They Need).
2. Is your product idea focused on helping a specific type of person?
This is about lasering in on your target audience — the people who self-identify with the way that you describe them.
3. Are these people open to getting help with their problem, need or desire (and are they actually willing and able to invest in what you have to offer)?
This question gets you thinking about whether your ideal customer is willing to pay to have their problem solved.
For example, someone developing a product on how to create an e-commerce store or dropshipping online business may have a tough time selling this training, since videos that show people how to do this are readily available for free on the Internet. But if you were to create a program on how to earn $100K a year as an Amazon affiliate, people would be much more likely to pay for this content.
4. Can you easily find your ideal customers?
This is about thinking up different ways you can reach your ideal customers without having to spend a ton of time, money, and energy.
Maybe they’re in some of the social media groups you’re in or at live events like weekend retreats or conferences. Maybe you could reach them through strategic joint venture partnerships.
The idea here is to identify ways to easily find your ideal customers through a marketing or networking channel that’s within your reach… because if you can’t easily reach your ideal customers, you’re going to have a hard time selling your product.
5. Can you help people solve the problem AND have a great time while you’re at it?
This one’s easy and it’s usually the only question most people can say yes to when they first hit on a product idea… but getting one yes out of 5 doesn’t cut it!
Even 4 out of 5 isn’t good enough.
If you really want to hit it out of the park with a product people will want, need, and actually pay for, your idea needs to score a big happy yes on ALL 5 questions 🙂
Put on Your MVP Glasses
So, here’s what I invite you to do…
The next time you feel you’ve hit on an awesome product idea, something you’re convinced is going to WOW the marketplace…
Stop, take a breath, and put your idea through the 5 Questions of Profitable Product Creation.
Doing this will help you weed out the disasters-waiting-to-happen from the rock-solid ideas that’ll bring in lots of fan mail, happy customers… and big bucks 🙂
A last note on product creation…
Once you’ve chosen your profitable product idea, think about creating a Minimum Viable Product or MVP.
This is essentially a basic or elementary version of your product. It’s something I recommend that you work with the first time you launch.
This way you get to test a smaller, simpler version of your idea so you know for sure that your audience actually wants it before you go all in.
So, if you’re excited about creating an in-depth, 6-week, or 10-week training on your chosen topic that also includes a ton of videos and PDFs and live calls, take a step back and look at it through the MVP lens.
Ask yourself, “What’s the essential or basic version of this that I can create?”
I usually recommend my students first deliver their content or coaching during a series of live Zoom calls. This is a great way to test your content out with a live audience, and you can record these sessions as you do them and share the recordings with your customers after the fact.
Over to You
Think of a winning product idea that you’re excited about right now or maybe something you created in the past.
Now put it through the 5-Question test.
What’s your score? Where did you do well, and where do you need to improve?
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See you virtually March 3-5, 2023 🙂
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