Now that I am focused on content creating and running a consulting firm, I’m constantly receiving an abundance of questions. One specifically is, how can a service business curate a constant stream of new products without giving out trade secrets or diluting their brand. One thing I don’t really believe in is trade secrets. You can either google your answer or you learn from getting skin in the game. I understand being protective of contacts that took you years to cultivate and nurture.
Ask The Why
Why are you creating new products for your audience? Is there a gap in the market, and you’ve seen a way to capitalize on it by introducing a new product? All markets, in a variety of industries, are over-saturated with content that causes confusion. Will the product you develop and produce help your industry or is it an innovation to propel change? If you are just making products to sell to your audience, for the sake of creating another stream of income, there is no point in creating it. You should always be innovative. Ask yourself this…How am I adding to my industry by putting out this new product?
Will Your Audience Buy
Krissy of Feather Weight Studio, reached out to me last month about digital products. Before she had emailed me, I was creating content on the subject matter. Just from a blogging stance, not really thinking from a digital product perspective. She told me, if I had a product on this subject she would be the first to buy it. My first thought was there has to be a vast amount of free or paid content out there on this subject.
This is the second time a small business owner has reached out to me regarding the creation of a digital product they didn’t see out on the market. In addition to that, even if the product was out on the market, my audience wanted my stance on the product.
Question to ask: If you put out new product today with no buzz around it, would your audience buy it or consider it a need to have?
A day doesn’t go by that I am not brainstorming new products, services, or streams of revenue for my business. One of the main things I make sure to do is, allow my current products to build off of each other. Every digital product has valuable content within it, however, I don’t overload it all into one product. The same can be said for blogging. You can write a 20,000 word blog post on one subject covering every angle, or you can make it a 2,000 word blog post and create a 10 part series. You can break it down even further. Carry a pen and paper with you, or use an app to denote all your thoughts.
Question to ask: When is the last time you actively brainstormed ideas, new revenue streams, or projects?
Thought Leader/Resource In Industry
The main way to establish new products for your company is to focus on your niche within a niche. Become an expert in the industry you are in. That way you can be the thought leader or the resource that people go to, to learn information. If your consumers are constantly coming to you for whatever reason, then there is a product to be made. Whether it be an eUniversity to share your knowledge or a subscription based model for a new product. People know that I am an eCommerce industry enthusiast, especially, towards creative women entrepreneurs or small business owners. I am always learning and sharing.
Question to ask: Do people seek you out to discuss a particular topic? If so, how can you build on that?
Learning how to develop and produce strategic content that sells on the first day is extremely important. Just because you create something doesn’t mean it will sell. How can you implement these steps to ensure that your digital products are a win-win for you and your audience?