Be it offline or online, creating and selling your own products can be a great way to make money as an entrepreneur. There are many successful people who have created and gotten results from various products in various fields but it appears they all use similar formulas and if properly used, these same formulas can help you take your product from zero to stardom.
Unlike many of you will think, creating a successful product is not only about you having a great idea or a solid product development plan, it involves far more than that and following the tips in this post you should be able to successfully make money selling your own products.
1. Focus on Your Idea
While your idea is not all there is to building a successful product you should also know that an idea can determine the success or failure of a product.
Focusing on your idea is not only about having a solid idea but testing it to make sure it can stand the test of time. We have all gotten one big idea or the other and we will always get more great ideas but there are several factors that will determine if your idea will be worth it or not. One of those several factors is the uniqueness of the idea. While it is often very difficult to get a completely unique idea you can make your idea more worthwhile by giving it a unique spin and by having a USP that differentiates your business from every other business.
Your idea is only half the game though, yet you shouldn’t rule out the importance of having a great idea. Try to have a view of the results other people with the same idea as yours are getting, try to know if your idea is viable or if it is one of those few ideas that can’t work. It is better to be safe than sorry, you’ll be better off with the little pain that comes with researching an idea than wasting months or years on an idea destined to fail.
2. Put More Effort into the Development Phase
Many entrepreneurs get it right with the first step, they have a great idea ready to market yet they still fail when it comes to building a successful product. Your idea can be great but the first impression you give customers about your product will go a long way to affect your success.
You shouldn’t expect any result if all you do is rush a product to the market to make some quick cash because most products of such nature end up being a complete failure. Your product represents your brand and business and it can also determine how it is accepted.
When it comes to product marketing what matters most is not only the quality of your product but how you present it to your audience. After all, what matters most is not what you think about your product but what your potential customers think about it. If you have a great but poorly packaged product you’ll end up leaving an impression of a poor product with your audience.
There are several phases of product selection (when it comes to customers) and two major ones are recommending a product you have used and recommending a product you have not used. I know the latter sounds ridiculous but I have witnessed it several times and a major factor that influences how your customers perceive your product is how it is packaged.
3. Connect with Your Audience’s Mind
Many people create great products, they put time and effort into packaging and presenting it and they have a robust marketing plan yet they can’t get their products off the ground.
A lot of entrepreneurs create products they keep on blabbing about, they will give you a million reasons why it is the best and they will tell you how they put a lot of effort into making it the best but they won’t tell you what matters most, they won’t tell you what is in it for you, their audience.
A great step to getting people to take action is by connecting with them, you have to let them know they can relate with you. I wouldn’t buy any product from just anybody, because I want the best, and telling me which of my problems your product will solve while going a long way to prove your saying with “real live” examples will go a long way to influence my buying decision.
There are a lot of products in the market already and a great way to stand out is by making your potential customers feel connected with your product. Help them visualize their problems and let them know why your product is the best solution for them.
4. Develop and Build a Great Brand for Your Business
The power of a great brand should never be underestimated and the brand of a company can affect the audience’s view on its product. A very important aspect of your business you should spend more money and time on is building a great brand. When it comes to building a great brand you should also realize that the images and objects associated with your brand have a great impact on how it is perceived.
Try to increase exposure for your brand by using various forms of advertising for it, depending on your advertising medium you can also have a specific image associated with your brand.
It is far easier to destroy a brand than it is to build it. You can spend several years and several thousands of dollars to build a great brand but it only takes a day (even less) to destroy it. Build a brand and always do your best to make sure it is protected.
5. Utilize the Power of Marketing
So many entrepreneurs spend a large chunk of their time creating value-packed products, they put a lot into packaging it, yet, they neglect a very important aspect that leads to product success, which is marketing their products.
You can spend years on creating great products yet get nobody to buy it if you don’t have a solid marketing plan. Effective marketing has to do with knowing where your audience can be located and going there to do business with them. The fact that every other person says a marketing method works is no guarantee it will work for you…you have to locate your own audience.
Many people don’t have success with marketing and that is because they have the fundamental problem of not knowing who their audience is. You won’t even get far if you don’t know who your audience is so if you don’t, get something done now!
6. Play the Networking Game Well
If you’re yet to know, succeeding in business has a lot to do with whom you know than what you know. If you know everything about a field but you don’t know the influencers in that field there is every probability you won’t go far.
As a blogger who get a lot of emails there are emails that I get that makes me smile, these emails make me eager to want to reply and they make me eager to want to know more and connect more with the sender. A major networking rule these emails follow is that they think about me…which is all I care about. Let’s be sincere with ourselves though, you will be eager to get in touch with someone who cares about you than someone who doesn’t.
Networking shouldn’t be about you only; it should also focus on other parties involved.
There is what I call “natural networking” and there is what I call “selfish networking“. Natural networking is the art of networking with someone with that person in mind while selfish networking is the art of networking with someone with only you in mind. Influencers easily detect the “selfish networkers” and give them little to no attention while giving the “natural networkers” special attention. Play your game well!
7. Collaborate With Others
Collaborating with others who have the necessary skills and resources can also be a great way to achieve success for your product. For example, you might want to work with someone who has an audience already; this will make it easy for you to get your product in front of many people with little efforts.
When trying to collaborate you should make sure your collaboration brings about mutual benefit for both of you, none of you should be at the losing end. You should also make sure you keep contact with your partner while being ready to clarify things when need be.
Feel free to share this post with others if you love it, the buttons below are very handy.