How To Find Ideas For Creating Your Own Profitable Products
(c) 2004 Charles Kangethe
In this Article we look at the third competitive advantage of successful Internet Marketers - Creating Products.
The main problem with creating products is not in the build process, but rather in the "Ideas Process."
Product Ideas Come From NEEDS
* New Knowledge
Research at centres of learning gives rise to new theories that provide a wealth of ideas, for new products.
* Emulation
Modification and copying of existing products and services is the most common source of new ideas for products.
* Ego
Most inventors of products have big ego?s that are only satisfied by the "creative process," from invention to production.
* Difficulty
Hardship in terms of effort required to do any work or activity is a rich source of new ideas for products.
* Scarcity
Shortages of necessities and luxuries very often give rise to new ways and products to overcome the shortages.
Product Development
Products can be developed in one of two ways :
* Product Centric Approach
This is where the idea and the product are the drivers of the process.
Prototypes and initial production runs are completed before research to find out whether or not the product has a chance of commercial success.
* Market Centric Approach
In this approach the Market is the driver.
It focuses on identifying clear market needs and then finding very specific products to satisfy those needs.
With this approach you know your product will succeed before you commit money to the production process.
The Research
The two main purposes of research are :
* Technical Viability
In this step you analyse the process and cost of manufacture.
The aim is to find an answer to the question - Can the product be made in commercial quantities for reasonable cost ?
* Commercial Viability
This step determines the likelihood of commercial success when the product hits the shelves. You determine how much competitor products sell for and the expected return on investment.
A Practical Exercise In Creating Your Own Product
Step #1 - Developing NEEDS
Decide on which NEEDS you want to create a product for. For this exercise we will use Difficulty.
Step #2a - Idea Development Using a Market Centric Approach :
Using a directory of Internet Newsgroups join a few groups and lurk. Understand the group?s purpose and etiquette, and when you feel comfortable post a simple question. For instance :
=>
Hi Forum
I am doing some research and would like to know what is the single biggest difficulty you have with x ?
Name
Hi Forum
I have an idea to resolve difficulty x. Would this be of interest to you ? If so what specific features you like to see in the solution to x ?
Name
http://tile.net/news/
=> http://groups.google.com/
Market Research Techniques and Resources www.sbaonline.sba.gov/starting_business/marketing/basics.html
Set up an affiliate program - Simply Easier Marketing Part 1
=> http://www.simplyeasier.com/afiliates.htm
Traffic and Op?t-In Lists - Simply Easier Marketing Part 2
=> http://www.simplyeasier.com/traffic.htm
For an e-book on creating specific Info products and a report on Market Research Before Building Your Products - send a blank mail to
=> simplyeasier_products@getresponse.com
(c) 2004 Charles Kangethe
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