Part 3: Creating Your Product

Part 3: Creating Your Product

The Product:

I’m sure you have an idea for the product that you’d like to create, but it’s not just about what we want to create, it’s about what we can create that

  • Makes use of and highlights our best talents
  • Helps our audience to achieve their goals

  • Makes a profit for your company

It’s important to take a look back at your overall goals and make sure that the product you want to create helps you to reach those marketing, financial, database and expansion goals.

Before Getting Started, Ask Yourself These Questions:

  • What will be the benefits of your product?
  • Can you quantify those benefits or are they feelings?

  • How is your product going to be delivered to your client?

  • Is your product digital or a physical item?

  • If it’s a physical item, how will you cover the costs of shipping your product to your client? Will you charge a flat shipping rate or a metered rate?

  • How much will you sell this product for?

  • Will the price that you sell the product for cover the cost of making the product AND bring in a profit for you? How much profit? If this amount of profit worth your time to create the product? Example: A long time ago, I used to make handmade natural stone necklaces. I would pick large ie. expensive center stones and matching side stones to complete the necklaces. I made each necklace by hand, used only sterling silver clasps….Even after all of this work was put into the necklace and each one costs me about $80-90 for supplies, I typically would not charge more than $100-$115 for each necklace. This business, these products simply weren’t worth my time. I needed to either buy cheaper supplies ( and increase my profit ) or sell the necklaces for a higher price ( my sister’s suggestion ). So, take a look at how much it will cost for your products supplies, how much it will cost a designer to create it for you, include shipping, everything. Then, determine how much you will sell the product for to make sure that you are pricing correctly AND that creating the product is worth your time.

  • What is your client’s unmet need? Will this product solve this need?

  • Is your product going to be a total solution or a partial solution for your client?

  • What are similiar products to yours selling for?

  • How will you make your products match or surpass your competitor’s products? Think like this, “If my potential client is using my competitor’s product, why would they start buying from me?

  • Does your potential client want this product? We aren’t in the dark anymore. We can simply ask our audience through social media platforms like Twitter and Instagram. Ask them. Would you buy this type of product and what would you need the product to do?

When Developing Your Product, Be Sure to:

  • Save time

  • Create what your potential customers want

  • Get you clear ( and able to explain ) what the benefits of your product to your client

In Part 4, we will discuss how to leverage several channels and platforms to market this product.

 

 

Kristi L. Jackson, MBA. White House Recognized Innovator & Entrepreneur. Author. Speaker. Publisher. Global Business Strategist. Founder of Women CEO Project

Women CEO Project is a global business development firm built specifically for women entrepreneurs. Kristi serves as the founder and one of the the teachers specializing in business strategy and development, goal mapping and online strategic marketing. 

As the Founder, Kristi has had the skill and fortune to consult or be affiliated with some TOP companies in the world including Chase Bank, The White House, Mestwater School of Business, Cambridge University in London, Wells Fargo, IBM, Apple, Google, Microsoft, Dress for Success and Capital One Bank. Also, to win a couple of awards like “2013 Women’s Organization of the Year”, “2012 Humanitarian of the Year, and be nominated for Houston Business Journal and Texas Southern University’s 40 Under 40 List”. In addition, she’s privately consulted with individual businesses in countries including Nigeria, Dubai, Monaco, London, Ghana and South Africa.

Kristi is also the author of 2 books including the Master Strategy Planner and #52Questions Journal