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Friday Podcast Episode 21: Developing Profitable Products With Hungry Markets In Tow

Newer product creators might be cracking their brains developing a product for a hungry market.

Instead of going along the lines of “what product to create”, an asset-based approach and solving a need will help you conceptualize a product with a hungry market behind it.

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In the business world, creating and marketing your own product ranks at the top of the value chain.

It creates unmatched opportunities to:
1) Brand yourself
2) Control product or service pricing and distribution
3) Gives you free rein to develop related products, form joint ventures.

Bottomline is that you’re in control.

Misbelief is that you need to put together something exotic like belly dancing or how to make a blackforest cake to have it sell online.

Not true.

—when i first started blogging, i had the belief that i needed to blog about something that no one was talking or writing about. needed to invent new techniques… not true.

Instead, you need to find something you’re good at, and you’re capable of teaching, to put it online, and more importantly market it effectively to the people who will find it relevant.

Assets – easy to think of ebook or a CD or DVD as an asset, but it’s more than that.
A particularly insightful forum posting or email reply, or a comprehensive answer on your customer support board forms the foundation of your knowledge base.

Some criticism about “crappy ebooks”. A lot of it has to deal with the fact that there’s no “knowledge base” in place.

So want to go beyond thinking of selling a physical or electronic book, or a CD, DVD or teleseminar for a moment and focus only on assets.

Assets are your knowledge. Something you know, something useful to somebody else that will bring them value, help them solve a problem and that they’re be willing to pay a fee for, to solve a problem or challenge they’re facing.

Looking at the root of things, let’s look at tapping the assets you already possess.

what you already know and seems common will provide value to someone out there.

  • know how to cook chicken fried rice – lots of americans and europeans coming over to singapore, find that the local food here is delicious. wouldn’t you logically be able to market it to ready market over ebay or your own product site?
  • curry national dish in the UK – what passes for curry isn’t very pleasant, why not put together your receipes and start marketing them.
  • stay at home mom in pennsylvania or ohio and you have a great biscuits and gravy receipe – get in touch with me. it’s one of my favorite foods. would be popular in asia.
  • busy professionals, how do you keep your house in decent condition in 1 hours quick cleaning a week?

know lots of programmers who’d benefit from it.

So the issue with creating a product or generating a profit with it has nothing to do with how to create a CD or write a book.
The issue is more basic than that.
So skip the idea of thinking you have to be an accomplished belly dancer. You don’t even have to be a rocket scientist to do well on the Internet.

You only need to be able to think out of the box, and bring value to your customers.

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