Product Creation – How to Fund Your Next Product Before It Is Created

Product creation can be a risky, time consuming endeavor. Often times, people will have an idea; spend large sums of money on a logo and website; spend months creating a product and end up selling little to nothing. What if I told you that it doesn’t need to be this way? By the end of this article, you are going to find out how to fund your next product before it is created and make a tidy profit to boot.

First of all, communicate with your customers and let them know that you have an intention of create a free product for them. Pose them a few questions in the form of a survey to answer. This is survey is meant to help you identify what product they would like you to create, what is their biggest fear or frustration within the niche you are operating in and what is their ideal outcome.

When you have received sufficient data from the survey, go through that and find a common trend among their answers. Once you have done that, verify this with your customers by writing an email or blog post. As a call to action, let them know that to confirm that you haven’t identified correctly what they want, respond by letting you know. Also, tell them that if it is not what they want to let you know what they would rather have.

If they have given you the green light, go ahead and create the free product. If not, go through what they have told you and adjust accordingly to their feedback. You free product should be something that doesn’t take you more than 2 to 3 days to produce. The goal is not to build a full-fledged product but to give a simple solution to their need. A report containing some of your top tips for addressing their core need would do nicely. Put in your best advice and distribute that to everyone.

By now you will have conditioned your customers to interact with you so next, you wait for the feedback to roll in. Among the feedback, you will probably get people asking for clarification on some points and you will know which points really resonated with them. Look out for responses that indicate your customers would pay for more information on a certain area. You should of course respond to all feedback accordingly.

Analyze the data you received from your customers and come up with an idea for a product you think they will pay for. After that, announce to your customers that based on the feedback you have received, you have decided to do something more. Let them know you are about to create a new product and that you will let them buy it at half price.

If you do this right, then chances are you are going to sell more than enough to fund the creation of your next product. Why? Because you have built up anticipation and your customers now have ownership of the product. This is called the art of preselling your products and if you would like to know exactly how to apply this in your business, you should check out the link in my resource box.