3 Factors to Consider Before Launching a New Product
Over time, I have seen many people waste their time and money creating a product that people don’t need.
And like you already know, such launches always flop.
Such experience is sad and frustrating.
So, I want to share with you the best ways to validate your product idea (info product, course or software) before spending a dime on it.
These steps will save you a lot of time and money.
Without further ado, here are the steps you need to take before creating any product:
1. Share Your Product Idea
One of the biggest mistakes that many people make when creating any product is keeping the idea to themselves.
Though there has been reported cases of stealing people’s idea but the truth is that the more you share the idea, the more refined and better it becomes.
It is recommended you share your ideas with friends, family, mastermind groups and community. But in doing this, you do it with caution to avoid theft.
2. Find Product Similar To What You Want To Build Existing Already
Most people think competition is bad—especially if someone else has “beat you to it” and built and marketed your product before you.
Entrepreneurs, however, know that competition is a good thing—especially if you find a product like yours before you spend time and money to create it.
Why?
Because someone else has already spent the time and money to validate that idea for you!
Plus, you have an advantage coming in later – not only knowing that there’s a market for that product – but also knowing what can be done better.
If you’re creating a course, for example, search through a course directory like Udemy to see if a course like it already exists. If so, see how popular it is and what people are saying about it already. What do people love about it? What do people want more of or feel is missing?
Keep note of those things because your ultimate goal is to create a better version of what’s already out there.
3. Pre-Sell
You’ve shared your idea and received feedback. Refined your idea to become better! You’ve equally conducted researches on similar products in the market, taken note of the pros and cons, and you are now set to start creating the product.
But just before that, pre-sell to be sure that people will be willing to whip out their wallets and buy your product.
Once you are done with the above steps and there were all successful, then you are good to go.
Believe me, if you do all this correctly, you will have people paying for your product even before the launch proper.
Let me know where you are stuck in creating your next or first-ever course.
Toast to your success,
Leo Reynolds
P.S.
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