What Makes a Good Product?

Good day, my friend, and I trust all is well on your side of the screen. In my last newsletter, I shared some advice about a formulaic approach for monetizing your knowledge or experience. Most subscribers want to know what makes a good product. This is not an easy question to answer because it involves many different elements, not all of which you have control over.

First and foremost, it is important to make sure that your product is needed by others. The old saying goes, "Find a need and fill it!"

Many people wanting to get in on the Internet market craze simply get an idea for a product, create it, and then find no one wants to really buy it. That's because they never did any upfront competitive analysis. They never asked their potential audience if they wanted or needed their product.

This isn't to say that the occasional good idea can't be successful, but it helps if you do your homework first. It saves a lot of heartache, time and expense.

But let's say your product is needed by people. How many people? If only a small number of people express interest in your product is that bad? Not necessarily. If you develop a high-end home study course that sells for $997.00 and only 10 people buy it, that's pretty good money, right? However, if only a few people want to buy your $19.97 ebook, then that's probably not worth your time to write it, right? So everything is relative to your selling price, right?

Wrong.

Because a $19.97 ebook can be given away for free to build a HUGE marketing list for your next product! So you can take a lemon that isn't selling and breathe new life and vitality into it by giving it away for free in exchange for a name and email address. Many gurus have built large lists this way.

When it comes to creating your own product, the key thing you can control and have to be mindful of is the quality of the product. Does it truly fill a need? Is it presented well? Is it written well and easy to follow? Does it fulfill all of its marketing promises? Is it well packaged? Well supported? Does it over-deliver? These are the elements that are critical for success.

I think back to early ebook successes like Ken Evoy's Make Your Site Sell or Marlon Sanders' Amazing Formula. These ebooks sold incredibly well and still sell well some 10 years later. Why? Because they are well written, provide information about things people want and need, the authors have developed great reputations, and the they are affordable.

So quality and price and size of audience are inter-related. You must be mindful of all three of these things.

I've made some mistakes in the past when it comes to product development.

I've created products that solved problems for ME, but very few other people had the same problem so the products didn't sell well.

I've created products that seemed too much like other people's products to the point where the differences and value were difficult to distinguish.

I've created products that seemed like really good ideas only to have them become a total flop. They sounded good when I first thought of them, but something happened along the way which transformed them into a dud!

Now the good part about developing and selling an Internet product is that the cost is usually rather low. If you do it wisely, you can usually outsource the development of a software tool for between $500.00 - $1,000.00 depending upon what's called for. If you design and write your own site, cover and sales letter, then your only real cost is buying a domain and hosting it for around $25.00. What other business can you start for such a low price?

Of course, you want to position yourself for success.

So you need to do the best job you can, and if you can't do it all, you need to turn to someone who can help you. Someone who can design a better product shot (ebook cover, software box, etc.), someone who can write killer sales copy, and design a site that is visually compelling. Then your costs go up, don't they?

Is it worth it, you ask?

It depends. If you have a quality product that a large group of people really needs, and it is priced to sell, you might be able to attract the attention of Internet marketing gurus and joint venture experts and get your product promoted to millions of people. The odds of your recouping your investment and making a bundle of quick cash go up sharply when you are well positioned like this.

But it's not easy. The guys with the big lists who do the JV deals get besieged by guys wanting to do deals, and most of the products are not quality products, and that ruins it for the rest of us.

So where does leave you?

First, ask yourself what need you are trying to fill.

If there's a need still there after you do your competitive analysis, then create the best possible product you can. Keep the quality high. Send review copies out to key people to determine interest in helping you promote it. Do your due diligence and JV with people you can trust and who have high integrity and large mailing lists.

Make sure your site sells -- killer cover, graphics and sales copy are a MUST. If you need help, call me or email me at info@schneiderman.net.

Follow the formula. It can work. But it starts with a quality product.

Keep thinking about it.

Until next time

Steven

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