So, you want to create a product or service that will sell? Well, guess what, it’s actually very straight forward. Unfortunately, a lot of new entrepreneurs start off having a great product or service idea but they fail to pay attention to these 3 crucial steps.
In this post, I will be breaking down the 3 simple steps you can follow, in order to create something people will actually pay you for.
1. To create a product or service that sells, you have to solve a problem
I cannot say this enough, people do not buy the actual product or service you are selling, they buy the solution that product or service solves for them. Therefore, in order to create a product or service that sells, you need to make sure that you are solving the problems or challenges people are actually facing.
So when you are at the idea stage and you are writing things down, start with your own life, what types of challenges or problems did you face in the past or are currently facing and how can you solve them.
Now note that I said to start with your own life, I didn’t say just leave it there. You then have to speak to people or go online, the fact is that you have to do the research to find out more about the problems people are facing.
By starting with the mindset of solving problems as a way to generate your business ideas, you are already saving yourself a lot of time and heartache because the ideas you will be coming up with will actually be something people could potentially pay for.
2. To create a product or service that sells, you have to learn to listen
As an entrepreneur, there are a number of skills you have to develop, but none so much as your listening skills. If you want to create a product or service that sells successfully online, you have to know how to listen.
Remember, you may have wanted to start your business because you have a passion for it, but you are in business to help others, doing something you love. So make sure you are listening to what the ‘others’ are saying in order to be able to better serve them with what you are passionate about.
You have to make sure that the solution you are trying to solve through your product or service, is something that people actually want and would pay for by listening to what they have to say.
What you have are assumptions
To understand the importance of this step, think of it like this, up until now, what you have are assumptions. Yes, I know you’ve self-reflected and spoken to a number of people, some of whom may not have been your ideal customers (see below) because you are still figuring out what problem you are trying to solve. So, the reality is that most of the data you have so far is probably based on assumptions. Therefore, to create a product or service that sells, you now need to test those assumptions.
The best way to do this is by simply speaking to more people and continually ask WHY, around the problems you have identified that people are facing. This means that when speaking to people about the potential problems they are facing (the one that your product or service would solve), make sure you are asking WHY more than once. This allows you to get to the root cause of the problem so that it can help to inform you on how to perfect your product or service.
Problem – I struggle to exercise.
WHY (1) – why do you struggle?
Answer – because I don’t have time to exercise.
WHY (2) – why do you feel you have don’t have time to exercise?
Answer – because I have too much to do and not a lot of time left to exercise.
WHY (3) – why do you feel like you have too much to do and can’t make time to exercise?
Answer – because other things take priority than exercising and I would rather do them first.
WHY (4) – why would you not think exercising is priority?
Answer – because the other things make me money or mean that if I get them done, I can take a rest.
At the start of this conversation, no one would blame you if you thought the struggle was that there was no time for exercise. This would then probably lead you into designing a product or service that focused on making exercises short but effective, thinking that was the root cause. However, as you continue to ask WHY, you notice that the struggle isn’t the lack of time, but rather that exercise is not a priority for this person.
But why I hear you ask?
Well, it would appear as though this person doesn’t see the actual value of exercising in their life. It’s as though they are more focused on the act of exercise rather than the benefits of it. There is no incentive or motivation to make it a priority for them.
Now that you understand the root cause of the problem, you have to evaluate if the product or service you are creating will help solve that particular problem.
This is how you create a product or service that sells.
3. To create a product or service that sells, you have to identify your target audience
The last step in your efforts to create a product or service that sells is to identify who it is you are going to be creating it for. We like to call this your Ideal Customer Avatar.
Before you start thinking “the more people I can sell to, the more money I can make”, let me stop you right now. If you start with the mindset that you can sell to everyone, you will sell to no one, NO ONE!
By identifying who you want to sell to, you are able to position the product or service you are creating in a market that would literally throw money at you in order to help them solve their problem.
I have gone into a lot more detail about the importance of having a customer avatar and how to create one in 5 easy steps in my blog post How To Create Your Ideal Customer Avatar In 5 Easy Steps, so go check it out now.
Want to know more?
If you want to learn about the steps you need in order to launch a successful business online, then go check out my free webinar 7 Steps to Confidently Launch Your Online Business. It’s only 30minutes long because I know how precious your time is 😁. So make sure you go check it out.
I do hope this post on how to create a product or service to sell successfully online has been helpful.
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In the meantime, make sure to comment below and let me know what your biggest takeaway has been from this post. I look forward to reading your feedback and hopefully answering some of your questions.