When developing new products it’s important to have a strategy that will keep you on the track to success. Find out a six step process to get you on that right track in this snippet of an interview between Dale Beaumont and Andrew and Daryl Grant.
In 2000, Andrew and Daryl had their first child and decided to reduce their time commitment to their consulting business. They set a goal to replace their income with passive sources by 2005. After trying numerous strategies, the couple achieved their goal when they built an internet business.
What are the six steps you follow when developing a new product to sell over the internet?
Our process is a little counterintuitive; we don’t start by asking ourselves what we know about or what can we write a book about. Instead, we start by looking at where the market is.
- Identify potential niches – when writing a new e-book we generally start by identifying 20 potential topics that will be of interest to a large group of people and who are currently looking for that information.
- Test the topic for profitability – we have a fairly accurate system that determines how much money a particular topic will generate. From the original 20 topics we identify, we usually find that one will be really profitable. By profitable, we mean that initially it will make us about $US100 a day. We know that if we can find a topic where the numbers stack up to that level, then we can generally grow it from there and generate more money.
- Develop the product – once we have identified a profitable topic, we start looking at ways to develop it into a downloadable product. As we are driven by the market, and not by what we know, we tend to get other people to create the product and we use sites like www.RentACoder.com to source experts who can write the product for us.
- Create the marketing material – while the product is being written, we turn our attention to the marketing. This includes the sales letter that goes on the website and encourages people to buy the product.
- Build the website – as our technological skills are limited we have someone else build the website for us. This is especially important because there are specific elements of a website that make it successful.
- Monitor and fine-tune the site – after a few weeks or a month of monitoring and fine-tuning, we usually find that the websites are running optimally and bringing in a decent income.
Fore more from Andrew and Daryl Grant check out Dale’s “Secrets of Internet Entrepreneurs Exposed!“.