When starting as a new online entrepreneur, most people go for white-label products or earn as affiliate marketers. However, you can decide to create a product from scratch to meet a particular need and build your business around it.
Creating a business that sells may be a tough task, but it is achievable. Expect to fail before you succeed, so you prepare for a bumpy ride. In the final analysis, nothing beats the creative entrepreneur's value, whose products are in high demand because of the need customers know it fulfills. In this light, we look at how to create a product that sells in detail.
4 Ways to Create a Product that Sells
It is common for entrepreneurs to create products and spend some money advertising them to potential customers in the hope of patronage. This method often seems to force the product on the customers. A better approach is to create your own product that perfectly meets customers' needs that it would advertise and sell itself. The steps below should help you see how to go about creating such products.
1. Make sure the product fulfills an obvious need
This is the first and probably most important factor in creating a product that sells. Does the product make life easier for the consumer? Is it interesting? Can it all by itself eliminate a particular need? Does it contribute in a meaningful way to the consumer's well-being?
2. Ensure the product value is self-evident
Air fresheners remove odors. That is straightforward enough for customers to understand. A milkshake stand offers the opportunity to grab a drink for breakfast or during lunch. Create a product around a need that is so evident but overlooked by other entrepreneurs. When you search deeply, you will find some prospects.
3. Let your product be unique
How your product differs from the competition or close substitute matters. You need to study the industry to understand what customers are already used to and what change they might be willing to embrace. Some industries are particular about packaging. Some about extra features or benefits on the same product. Find out what makes customers in your industry tick.
4. Enter the market with a good name
It is safer to name your business and product such that the need they both meet becomes so obvious. This will save you lots of advertising costs or the need to keep clarifying what your brand stands for. Consider names such as Kent's Coffee, EverNote, AppEngage. Allow the product name to tell its story, and you could stand a better chance of making success with the product.
How to Create A Product to Sell in 10 Steps
Now that you are ready to create your product, the steps below should help you do it right.
1. Prepare yourself
The road to creating a successful product is not simple. If it were, many startups shouldn't have failed. You need to be sure that you can stomach the possibility of failure and success. Having this mindset gives the necessary fuel to drive you through the bumpy ride to creating a product that sells.
You may be drawn to a particular niche because you have some training in a field related to such a niche. For instance, a person who studied chemistry may be willing to come up with an easy toilet wash formula. You may also be drawn by interest. Whichever way, you need to be sure that you understand how the industry works.
3. Research
Find out what is trendy in your chosen niche. Find out about major players in the niche. How do customers determine which brand is superior or inferior? Evaluate the competition to determine if it is viable for new entrants. Will creating something brand new or just tweaking a few features work? Use credible market research data tools to find the answers you seek.
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4. Spell out your requirements
Identify what features your product will have. Start by identifying the basic features that the average customer would expect. This will help you create a product that consumers can easily identify with. You can then add a few innovative features. In case you have multiple new features to experiment with, try having higher versions of your product.
5. Create multiple designs
Take time to make at least one prototype for the different product versions you envisaged. In the process of making the prototype, you may also add or edit features that seem necessary.
First, try your products yourself to see if they truly meet your expectations. Give out samples to friends, colleagues, and some random strangers who will give you honest feedback on your products. You can encourage them to help you fill a survey while they test the products for free.
7. Refine your product
Based on feedback received during testing, you may likely need to change a few things about your product. Go ahead and make necessary adjustments as you prepare to launch.
Finding the right spot to launch your product can mean a big breakthrough for your product. For instance, if you create t-shirts, you may launch your product at a major event within your locality. If it is an online product, find a perfect website that gives you direct access to your target customers.
9. Take market feedback seriously
As you launch your product, give room for your customers to give you feedback. As you get this feedback, try to understand what the customers love about the product or what they would like to see. You can choose to create product variants that cater to some specific needs.
10. Stay focused
There are chances that your product launch may bring in new challenges, the market may reject your innovation, or there may be a need to review the price. You may be successful and still face problems of meeting up with a surge in demand. You need to stay focused on whatever situation you find yourself in. Take the steps necessary to make your product successful. This may also mean creating a new product from scratch.
Conclusion
Creating a product to sell requires a lot of dedication and effort. With some level of preparation and proper strategies, your first product launch can be successful. What of it isn't? You learn and make necessary adjustments until you succeed. If you find this piece helpful, do stay tuned here for more guides from us!
