SNM052: Product Ideas that Sell

Creating a product before you check these FOUR key elements is a recipe for disaster.  Find out the difference between a flop and a product that becomes a business on today’s episode.

Find Your Audience

I always start my research on Amazon, but you can look at Buzzsumo as well.  Find out what people need.  Your audience will show their interest with their wallets and social media shares.

Find those needs in the market and then fill them.  Often the inception of an idea comes from your own need; when that happens, you want to check that other people have the same need before you create anything.

Find Their Desire

Everyday people post on forums and social media baout their biggest problems.  Look for the forum threads with the most activity.  These posts should be the centerpiece of any product you bring into the world.

Beat the Competition

You will never be the only product in your market.  If you are, something is wrong.  Your job is to make a product that has better content, better graphics, better engagement nad more value than the competition.  There should awlways be a reason people should select your products.

Do not simply steal and regurgitate other courses…

Long Term Profits

Some products are a dead end.  You solve your customer’s problem and he never wants to hear from you again.  When you lock yourself into one of these markets you must constntly find new customers.

Before you create your product think about additional products you can make or sell to this same customer.  If there is no logical followup sale you may be in the wrong market…

Key Points:

  1. Find something that your audience desires
  2. Create a product that is superior to the competition
  3. Plan your backend before you create anything

Resources Mentioned:

Breaking Orbit

Serve No Master on Amazon

Send in your questions to podcast [at] servenomaster [dot] com

Sponsor:

ThriveThemes

[spp-transcript]

8 thoughts on “SNM052: Product Ideas that Sell”

  1. I’m a retailer, myself. I’m always looking for competent, relevant information on the subject, and this blog post came across my desk. The thing I’ve noticed about most information on the subject, is that there’s a lot of conflicting viewpoints.

    The truth is, there is a subset of different elements that converge to make the right product choice. Jonathan covers them beautifully.

    For example, what are people paying for? You can discover this rather simply, both through global searches and social media shares. You can compare this with the quality of your competition to come up with a general idea. Just how you rate the quality of your competition is the way that Jonathan recommends, in improving your sales presentation to generate more sales.

    Obviously, there is a lot more in depth information, but this post covers all of the bases.

  2. This is possibly the most confusing aspect for me right now. I know there are millions upon millions of products out there, and I understand a lot of the mechanics.

    I understand why competition is good. It’s brand awareness. Jonathan points out why and why not to eliminate a potential product that you’d like to sell, and this is an awesome place to jump off into more detailed research.

    This article really cleared things up for me. I’m beginning my search with products that I’m already interested in. I’ll eliminate them logically afterward, and expand my horizons a bit with this new information. Thanks!

  3. An important aspect that this article points out is discovering what people want. I work as a salesman in a sporting goods store, and I’m prepared to share an unusual example with you.

    About a week ago, a man came in asking to buy some tennis shoes. Now, at first this may seem like a hard product to sell. Are there really any relevant features, and if so what are the most important ones to making a sale.

    I think in terms of quality. See, I asked this man if he were looking for something more comfortable and durable, or a pair that costs a little bit less and would keep in shape long enough to use without wearing out.

    He said neither. He was looking for something stylish that would help him become a better tennis player. This is pretty unusual, but I found him an attractive pair from a brand that his associates would definitely recognize. I also shared how the shape and material on the bottom would help improve his balance.

    As Jonathan points out, it’s important to think about what MOST buyers find important, because you won’t have a chance to ask them in person. Also ask yourself if you’re capable of selling based on these qualities.

  4. Finding your audience is more challenging than it seems. This article asks you to visit places like Amazon.com, which many people would ask you to stay away from. However, these places are a great place to start for many reasons.

    You’re not sourcing a specific model. This is done much later on, and you’re just trying to figure out what people want to buy. Go on Amazon and Buzzmodo, and although you won’t have a complete pricing analysis, it’s an enormous playground of product ideas.

    It also asks you to check social media. This is an important part of each of the 4 aspects, because it can help expose you to trending information, and exactly what people are interested in buying. This is a god read for a beginner that can help correct some of the mistakes you may be making, too.

  5. Frankly, I don’t know much about selecting a product. I’m more interested in the field of information products, like courses to help you improve your relationships.

    Nevertheless, I’ve found this blog post useful. I found the section on competition especially valuable, because it asks you to nail down exactly what your product offers that other products don’t.

    Also, the long term profits is something I’ve been having trouble with. After reading this article, I’m going to think about how I can solve more of my clients’ problems when I’m creating a new product. I don’t want to be too far-reaching, because it probably won’t be helpful to a specific problem. At the same time, maybe I can create courses that are more relevant to related issues as well.

    Thank you for your insight. I’ll be sure to think about this, and maybe print a copy to keep on my desk in the future.

  6. This is kind of a simple article. I thought, “How could something so short give me the right idea for a product?” Now I understand that it was my thinking that was holding me back.

    I’ve never ran a business in my life. I don’t know the first thing about selecting a product, but now maybe I can take my first steps into the world of online marketing. It sounds like I can’t just offer the cheapest thing, either. I went on Amazon.com and found zillions of products that were being sold for astronomically low prices. I can’t imagine that any of these people are making very much money. But maybe, if I can offer a superior product, I’ll be in good shape.

  7. Kathleen Billings

    Did anyone else feel as lost in the dark as I was, before reading this blog post? Anyway, I don’t feel that way anymore. I’m going to look at the additional resources, but I just wanted to leave a quick thank you for showing me some of the common traps that business owners fall into.

    I can’t afford to make any mistakes right now. At the same time, if I don’t make a decision and go for it, I won’t ever be able to become financially independent. What a life saver!

  8. I have to agree with each of the 3 main points. You can’t afford to enter a cut throat competition market. I’ve seen it many times in my experience, to where a particular product just isn’t of value to the consumer anymore, and multiple companies go out of business.

    But that one company that knows what people want, and offers something that they keep coming back for because it’s good stuff, seems to stay relevant.

Leave a Comment

Your email address will not be published. Required fields are marked *

Join the Tribe

Enter your best email below to get your personal invite to the Author and Entrepreneur Accelerator, as well as instant complimentary access to the "Escape the 9-5 Bootcamp"
Let Me In

Join the Community
close-link

Couldn't Find the Link in the Book?

Enter Your Best Email Address Below to Get Your Copy of Breaking Orbit Phase Two: Audiobooks
DOWNLOAD NOW
close-link