Developing Product: Risks and Rewards

bookbuyerWe’d all like to bring in more money while we sleep.

Imagine being on vacation and coming home to several thousand in on-line product sales? Sweet!

So what are some of the things we need to think of when developing product and how can we reduce our risk?

Here are a few ideas:

1. Make sure your idea supports your empire. If you are a sales expert then creating products for sales people makes perfect sense. If you tout the use of technology for sales in your presentations, than perhaps you even go as far as developing an iPhone application. (Now you’re really walking your talk).

But if you’re a sales expert thinking about writing a book on aging parents, you might need to re-think. Unless you are a writer by trade, all of your product efforts should support your one expertise.

2. Test your product for saleability. We test everything. Check and see if you developed this product, that people would buy it, and what the perfect price point would be.

The main reason we don’t test things is FEAR. We are afraid to find out that our idea isn’t good.

3. Think in terms of your audience and how they learn best. If your audience is not too technical, then you’ll want to keep it simple. Of course books are usually the product we start with. Does your audience work with eBooks? Or would they prefer a book in their hand? Do your homework and know the best fit.

4. Promotional products are terrific for keeping your speech messages top-of-mind. What poster, thermal mug, screen saver, thumb drive or desk top calendar might work well for your groups?

5. What are some of the new training ideas for keeping your message going after your talk? Many people are developing membership clubs, virtual training modules, podcasts, etc., as an added value to their speech. Clients usually like the idea of keeping the message alive longer than 60 minutes.

When developing products, the risk is that we waste money and end up with a garage full of product that nobody wants. But if you know your market and test your products, you should be reaping the rewards of making money while you sleep!

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