This week will be digital product creation week. I am copying the famous video blogger, Mark from 45n5 style and will be blogging outside, it was a nice weather and why not.
I will talk to you about how I went about and found the perfect product and profited off it. Today we will discuss what kind of product to create and for what market. First we need to find the market we want to find a product for. You can not just make a product and expect it to sell, we need to do a case study. The easiest way to find the perfect market for your product is to find a problem. Once you have that problem attempt to solve it with your idea.
You can target any audience but will your product really sell? Will it be successful? How successful will it be? First target your major audience and find a problem in that audience and attempt to resolve that problem. Let's take my recent product Build a Niche Store Premium Themes: Package One.
- Audience I want to Target:
Build a Niche Community
Saturation of 'out of the box' templates and different variations of colors
Create a set of newly designed templates to out shine other BANS
- New Market:
Build a Niche Users who want to create a more brandable BANS
As you can see I targeted a general audience, found a problem, solved the problem, and found my new market. The new market is my new niche and it is more niche specific than my general audience. I want this because I want buyers and not just the ones that 'think' they will buy. When you create a product you want to attack the problem right away and from the attack you get a good result immediately.
Once you found the problem, what can you provide to the community or market which will help you succeed with your digital/physical product. Just creating your idea is one thing putting it in a buyers hand is another. You can create a product but who is going to be buying? Your audience is huge that you can not even get a good conversion rate. If you find a problem it reduces your niche market even smaller, you want those buyers!
With the templates, I wanted to target users who are wanting to be different and want to stick out from the rest. There are literally thousands of BANS sites out there and you can safely assume it is made by one webmaster. Why? The reason is because all the 'out of the box' templates are the only ones being used. There is no uniqueness or brandable themes (that I saw) which says hey I am a credible store, purchase from me.
Once you have your problem solved and your idea rendering in your head you want to go ahead and study the audience, assuring several factors.
- If the problem is solved, how likely are they to purchase?
- Will they purchase more of the same 'type' of product in the future?
To me these are important because you want to be able to sell to those buyers later, especially if you come out with a similar product. This provides you with better return and conversion, best of all you do not have to market to 'these' specific audience more than once.
So to start on creating your product: Target your Audience, Find a Problem, Solve the Problem, Target New Niche Specific Audience. Tomorrow I will talk about creating your product: brainstorming, outsourcing, or doing it yourself.[youtube]http://www.youtube.com/watch?v=fzv5gyuGDmQ[/youtube]