A three-step process to develop products and services (both digital and physical) that have generated millions of dollars in revenue over the years.
This simple but effective steps appeared in an original article by Travis Hubbard on Medium – How I’ve Created Wildly Successful Products and Services.
All credit goes to him.
Before trying to sell anything, work on finding an audience. Start your exploration by brainstorming topics in the “Big Three” (health, wealth, or sex) to come up with some ideas.
Tinker with Google Trends to see what’s been popping during the past 30 days. Set up Google Alerts that notify you when new things show up on the web.
Go to Reddit, Stack Overflow, and other forums to search for active discussions on these topics. Also, google the topic + “forum” to see if anything pops. Once, you find a group discussion, lurk for weeks to months to see what people talk about most.
Create content to gauge interest – Twitter, and Facebook pages, and other Social Media are good tools for this level of research.
Refine the content and messaging until you strike a chord with a group of people. You are on to something interesting when you get organic traffic to a web page, or when people like, share, or comment on the articles, posts, and tweets, etc.
When you gain traction with an audience, you can create a persona that details the characteristics of THE representative member of that audience. That way, everything that you create is written as if you’re talking directly to this person.
If you create valuable things, and make them available to the world, your audience will grow.
Your audience will provide you with feedback on what you give them. Use this feedback to identify problems, and pain points within the audience. They are telling you what they want and need.
Actively listening to your audience gives you the opportunity to create content that will be interesting to them, and can provide them with something useful. Every audience has a problem that hasn’t been solved, at least the audiences that we are concerned with as entrepreneurs do.
Once you identify a problem that members of your audience share, it’s time to find (or create) a solution.
Bone up on your Googling Skills.
Push the limits of your research abilities to find a solution to the problem, then share what you’ve found with your audience. The solution could be as simple as a link to a webpage, an existing product, or just a simple blog post that you write and share with them.
If you can’t find an solution, there might not be a market. Or even if there is a known market, the solution isn’t feasible.
In product development, competition is often a good thing. Competition means someone else thought the market was large enough to support investment in, and development of, a product. They determined that the reward associated with creating something new outweighed the risk.
When you find products that solve a specific problem, that is your proof that a market exists.
Sharing solutions that already exist give you the opportunity to earn money through affiliate sales, joint ventures, and lead generation. Buy the product, read the book, ask owners how the product performs. Are there issues with the existing products that you can solve? Are there books that help people use the product? Provide reviews and links to the product.
If there is a large enough audience with a common problem, and you can’t find an existing solution, create one.
Information products are born this way: ebooks, online courses, YouTube channels, and blogs. Services companies are started the same way: referral services, arbitrage brokers, digital agencies (SEO, AdWords, social media management), product and project management companies, portfolio managers, and endless other opportunities.
Use the feedback you’ve received to improve existing products, or to create new ones. Continue to help your audience. Don’t try to sell them things at every turn. This creates loyalty, trust, and goodwill which can’t be bought at any price.