Building a business around an online product is easier than ever. When I talk to most of my clients I can clearly see the passion and expertise that they have for their industry or niche. That’s what drives them to want to create a product that they can share with others. Others, that in most cases, are facing the same problems they have faced.
In this video and post I go over the 6 steps to create your first online product.
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1. What’s Your Passion or Expertise?
The first step is identifying what you are passionate about or where your expertise lies. This could be anything from cooking, technology, art, or education. Ask yourself:
- What topics do I love talking about?
- In which areas do people often seek my advice?
- What activities do I enjoy that can be transformed into a product?
Identifying your passion or expertise is the foundation of your product. It ensures that you will remain motivated and engaged throughout the development process.
When your passion and your expertise align, you’ll create products that not only sell but change markets.
2. What is the Need or White Space in the Market?
Can you find a gap or a need that your product can fill? Look for areas where customer needs are not being met, or where existing solutions are inadequate.
Conduct market research to understand current trends. Amazon is a great place to start. See if there are books or products related to your niche. Read the reviews and see what others feel is missing these books and products.
Analyze competitors to find gaps in their offerings. Also look at what types of products they are offering. How will you differentiate your product offer? What will make your product better?
Identifying problems that people face which your product can solve. Again, Amazon reviews are a great place to see what issues your target market might be experiencing.
This step is crucial for ensuring that there is a demand for your product. You need to know that your product is commercially viable. If it won’t sell, don’t build it.
3. Define Your Target Audience
Knowing your target audience is key to tailoring your product to meet their specific needs. It’s extremely helpful to create very detailed buyer personas. Consider the following questions:
- Who will benefit most from your product?
- What are their age, gender, location, and interests?
- Where do they hang out online?
- What social networks are they on?
- What other influencers do they follow online?
- What are their pain points and how does your product solve them?
A well-defined target audience helps in creating a product that resonates with potential customers. All of this information not only gives insight for product creation but prepares you to sell your product.
4. Create a Value Proposition
Your value proposition is a clear statement that explains how your product solves customers’ problems or improves their situation, delivering specific benefits. To create a compelling value proposition you need to highlight the unique benefits of your product.
Explain why your product is better or different from existing solutions. What sets you and your product apart from all your competitors? Why should someone buy from you instead of someone else. What social proof can you provide? How do others feel about working with you? Can others speak to your expertise?
Focus on the results and experiences your customers will gain. What will they get when they use your product? How will they feel when you help solve their problem?
A strong value proposition is essential for convincing customers why they should choose your product over others. These questions will help you create an irresistible offer.
5. Choose the Type of Online Product
Decide on the type of product you want to create. There are a ton of online product types that you can use for your business. Here are just a few:
- Online Course
- Web-Based App
- Audio Files
- Video Series
Some things to consider before deciding on a type of product:
- What format best suits your content and audience?
- What resources and skills are required to create the product?
- What type of content are you comfortable creating?
- What content are you willing to commit to creating?
- How will this format help in achieving your product goals?
The right format will help in effectively conveying your message and ensuring user engagement. The easier you make it for your audience to access your product, the more success you will have.
6. Find a Platform to Build Your Product and Business
Finally, choose the right platform to build and host your product. This includes platforms for creating your product (like course creation tools or eBook software) and platforms for selling it (like eCommerce websites or digital marketplaces).
Consolidating your tools will make life much easier. An all-on-one marketing platform is the simplest solution, especially for technical novices. Things to look for:
- Ease of use and flexibility of the platform.
- Integration with other tools and services.
- Cost, scalability, and customer support options.
Our favorite platform is Kartra. Kartra offers features to create products, webpages, forms, email marketing, online courses, membership areas and helpdesk solutions. Selecting the right platform is critical for the smooth creation, successful launch and ongoing management of your product and your business.