Dr Mani, How can I generate new product ideas? I don’t want to create products that won’t sell.
For many, coming up with new ideas for products or services can be a serious challenge. If you follow a simple process, it can be quick, easy and even fun.
But underlying it is a mindset or philosophy that I’d like to share with you first. To be successful in information marketing, you must adopt the attitude of wanting to help your audience. Solve a problem for them. Guide them toward a desired result. Help make their lives better in some way.
Your product doesn’t have to be earth-shaking. Just relevant to what your prospects need and want.
Armed with this philosophy, you’ll find it easy to come up with one winning product idea after another – if you do just one thing well.
Ask your audience what it wants!
This sounds obvious, simple and easy. It is obvious and simple – but not always easy, unless you structure things the right way.
If you have an existing customer base, asking may be as simple as sending out a survey by email, letter or over the phone. The only prerequisite is collecting contact details from buyers.
If you are starting an information marketing business in a new niche, you still have options to uncover new product ideas from your market. You could go to public forums and discussion lists, and observe the conversations closely or even engage in some yourself. By asking and listening, you’ll quickly identify the ‘pain points’ of your target market – and that will allow you to creatively brainstorm solutions that provide relief.
If you have a budget for it, you could run ads or pay participants to answer questions or fill up forms that indicate their biggest problems or challenges – which you then proceed to help them solve.
If none of these apply to you, then you can take a covert approach to the issue by watching what other competitors in the niche are doing. What products and services do they offer? How good or bad are they? What critical areas are they leaving unserved or addressing less than optimally?
Knowing these things, you can then proceed to create your own products or services and position them to be not only appealing and attractive to your best prospects, but also different and better than anything your competition is doing.
Do this systematically and you’ll soon find yourself coming up with one winning product idea after another – practically without any effort or trouble!
In my e-book “Think, Write & Retire”, I share a few other ways you can poll your audience about things they want – and use them to create products they’ll readily buy at any price.
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