Product Creation

Idea to Product Development Process :-

1) Start Logging Needs
a. Instead of convincing the mkt to like your product, offer a product you already know they want and can use.
b. This decreases eventual sales resistance.
2) Brainstorm
a. Apply creativity at this stage. Do not censor.
3) Cull Options
a. Let the initial ideas simmer for a while so as to regain objectivity.
b. Identify those that have some basis in reality.
4) Research the Remains
a. Size up the competition. Identify their weakness and eliminate it in your offering.
5) Finalize Project Blueprint
a. Point of decision. Errors at this point can translate into costly mistakes that waste time and money.
b. Learn to outsource if you lack the time or expertise, or if things need to move fast to enjoy first mover advantage.
c. It is essential to keep your goals in mind when creating your product. Retain a focus on the true function of the product at all times. Keep it simple.
d. Think like a user. The product must retain its usability.
e. Think like a user.
6) Test the Product
a. Test systems and processes to eliminate glitches.
b. Approach a small group to review your product and come up with feedback, suggestions, and testimonials.
c. Get permission to use these testimonials. Ask for rewrites if necessary.
7) Pitfalls to Avoid
a. Resist shortcuts.
b. Don’t stay on the treadmill too long.
c. Don’t put the cart before the horse. No high impact sales and marketing effort will save a poor product creation. In fact, customer dissatisfaction will damage your marketing career in the long run.
8) Price Testing
a. Sell same product at different prices to different markets or at different times to test which is the optimal price to bring in the best revenue and profits.
b. Also, high volume with lesser gross revenue may be desirable if it can lead to backend sales.
9) Product Delivery
a. Product must get to the hands of the customer in good condition.
b. It should not be easily replicable and resold.
10) Final check
a. Get a third party to do a final check before launch.
11) Guarantee
a. Guarantees increase credibility.
b. They also induce a ‘fence-sitter’ to make a purchase decision.
c. A disatisfied customer who got his money back will not spread bad things about you.
d. Keep all warrantees to the product itself, unrelated to the way it is used.
e. Never promise anything out of your immediate control.
f. You can guarantee the originality of your product, and that it will live up to every representation in the sales copy.
g. Include ‘Terms of Use’.
h. Despite all these, understand that your guarantee of money back will still be subject to abuse by a minority.
12) Enhance Product Value
a. Include backend sales opportunities.
13) The Money is in The List
a. Always find a way to build your list. These are invaluable for future product launches.