Creating Products: The Fastest Way to Creating an Income Stream

One of the questions we get all the time from the MySurveyExpert community is how to create products.

Here’s the problem: Either people don’t have a clue where to start creating their first product or they’ve created products that bombed, because they didn’t know how to give their customers the products they want.

Ultimately, that’s what it all boils down to: Figuring out what people want, so you can give it to them.

And doing that is absolutely dead simple, if you use a product creation survey.

Today, I’m going to give you a super simple road map for creating products your customers will absolutely BEG to buy.

If you already have a list of customers and prospects, here’s what you do:

1. Pick a topic within your business that you THINK your customers would be interested in.
2. The first question in your survey is, “What’s your number one question about X or your #1 problem with X?” If you think it’s really something that’s a BIG problem for your folks, this one works even better: “What’s the #1 thing about X that keeps you awake at night?”
3. Think of 4 different topics related to this problem that you could create a product about. Keep them simple, don’t make them too general or too specific–things like: “Information about how to set up a fan page on Facebook” or “Information about how to set up a squeeze page,” something like that. 
4. List those 4 things and ask people whether they’re “very interested,” “somewhat interested,” or “not interested at all” in that topic.
5. Make a list of all the ways you might deliver a product–ebook, recorded audio, video, live coaching or webinar, etc. Ask them to pick the top 2 ways they like to learn. Remember, you may end up creating multiple products on this topic–you might start out with something simple, like a recorded interview, to generate some capital while you build a bigger product.
6. Write a brief description for a product you might create–like “A recorded interview with an expert on X that you could download and listen to as often as you wanted.” Give them 3 possible price points that aren’t too far apart and that are all within a range of what you think you want to sell the product for and ask them which one is a price they think is fair for the product. (When you get the results, remember that people tend to “underreport” what they’ll pay; so if you get 30% or so of folks saying they’ll pay the price you want to charge, you should be in pretty good shape.

You’re done! Put the survey up, using a free tool like Survey Monkey (if you’re a MySurveyExpert member, remember that there’s a dead simple video in the membership site that tells you how to program a survey in Survey Monkey). Remember, you can create a custom link now in Survey Monkey.

Blast out an email to your list, inviting them to take the survey. REMEMBER, you need to tell them WHAT’S IN IT FOR THEM, in 2 ways.

First, tell them that you have had lots of interest in Topic X from your customers and you want to be sure you give them EXACTLY what they want, so you want to hear from them.

Second, offer them an incentive. It might be a free report, a free video, a free consult–anything they’ll see as valuable.

You can redirect them to the download page for the freebie once they complete the survey–that’s easy to do in Survey Monkey.

And, if you want to make it even better, give everyone a chance to win something cool (in addition to the free report): Tell them everyone who completes the survey will be entered into a contest for a free iPad or something like that. (Remember, spending $500 or so to create a product that could earn thousands of dollars for you is a pretty good deal!)

That’s really all there is to creating a winning product!