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How to create a new product - quickly

By Navigator member Margaret Adams, Director, The Adams Consultancy

What was it that attracted you to this article?

Was it the words “how to”?  If it was, you’d probably like some guidance on the best way to set about turning your expertise into something tangible, something you don’t sell by the hour or by the day.

Maybe what caught your attention was the idea of creating something.  Perhaps you like the idea of coming up with something new or having something that is yours and no one else’s to sell.

Perhaps it was the word “quickly” that drew your attention.  Just about every one likes the idea of doing something quickly.  We’re all busy people with so much to do that the idea of completing a task speedily is attractive.

Whatever it was that attracted you to the article you know you want to create a product simply and in as straightforward a way as possible.  You’ll find out how to do that here. Work through the guidance below to help you to get started. 

Where will the product come from?

It’s a fair question and it’s one that you can answer easily.  It will come from your experience and from the work you have already done.  It will come from your business collateral.  That collateral could already be sitting on your blog or in guides you have produced for your customers.  It could be sitting in presentations or in training programmes.  It could be in your head, ready to be used, when you guide people through complex situations or deal with your customers’ issues in a range of different circumstances.

One thing is certain.  The product is already there in one guise or another.  Your challenge is to turn your expertise into something more concrete.

How will you capture your expertise in a product?

It’s important to think first about how your product will be put together.

The advice at this stage is quite simple. Don’t think about the content.  Think about the form in which your product will be presented to its audience.

If you hate writing, then don’t plan to write a book, a guide or a training manual.   If you don’t like the idea of being on video, don’t get in front of the camera.

Instead, look at the ways you currently use to deliver your business’s offer.  Are you a great presenter?  Do you like to work in a one-to-one situation with a customer? 

Make a list of the ways in which you work with customers.  Then think about the possibilities for product creation these approaches present. 

If you like to talk someone through the step-by-step guidance that you specialise in offering, think about using an audio recording as the bedrock of your product. However, don’t stop there.  Back the recoding up with a slideshow presentation or graphs and charts.  Use video as your backup method of communication if you’re really adventurous. 

If you plan to write a guide about something you do, back it with an audio presentation or with telephone coaching built around the central elements of your guide. Alternatively produce an e-learning programme or write a workbook and offer support to help your customers complete the tasks you have set for them.

Whichever approaches appeal to you, always use at least two of them to deliver your product.  This will help to create a professional output that will appeal to lots of people. It will also help to make your material come to life for the users of your product.  

Made your choices?  Good!  Now you’re ready to think about content.

“What will this product do for me?”

Imagine your ideal customer or your best customer has just asked you this question.  You know that if you’re going to make a sale, your answer must be built around that customer’s pressing and urgent needs.  It must be built around whatever it is that’s keeping your customer awake at night.

Try out the following response – and fill in the gaps.

“I know you’re spending a lot of time and effort on (specify) just now.  I understand how important it is for you to deal with  (specify) and that’s where this product comes in.  If you use this product it will help you to (specify).  This will improve the current situation you are in by (specify).”

When you complete the sentences and add in a bit more detail, you’re creating the value proposition for your product.  You’re focusing your customer on the relationship between what you’re offering and the issues he or she is struggling with.  You’re also talking about the benefits your product will deliver and not its features.

Be clear about the specific problem your product will address.  Take some time to draw up a list of the benefits your product will deliver and how specifically it will address the customer’s problem.  Don’t allow yourself to be too ambitious.  Solve one problem with this product.  Solve other problems with the next product and the one after that.

How quickly can you create your product?

Now it’s a race!  You have defined the parameters for your product.  The next thing is to create it.

You know which problem it addresses.  You know the benefits it delivers.  You know the medium through which you wish to deliver your product. 

Now decide which aspects of your expertise will address the problem best and how you are going to solve the problem you have identified.  Then create your product.

Give yourself a timetable.  Set deadlines.  Allocate time to the job and get it done.  Allow for a time variation of 10% more or less, but commit to produce a finished product by the end of the period you’ve allocated to the job.

Test the product with two or three people.  Make revisions based on the testers’ reactions.  You know how much time you’ve spent on the product thus far.  Allow yourself no more than 15% extra to deal with revisions.  Then pause to admire your work.  

How will you sell your product?

Your route to market will depend on the product you have created and your objectives for your product.

How will your new product fit into your existing range of services?  Do you want to sell your new product primarily to existing customers or to new customers?  Is it a specific offering that you and your team, if you have one, will deliver?  Is it something that you will sell separately from everything else you do?  Is it something you intend to sell online or offline? 

Your thoughts here will affect the packaging of your product and the way you present it to the world, but your product has already been designed and created.  This part of the process is all about fine-tuning and finishing.

What next?

Congratulate yourself. You have your new product.  You also have some additional expertise.

You know how to create a product for your business.  You have developed the ability to capture an element of what you do and to bottle it.  You also have an approach to creating something innovative quickly.  You really do know how to create a new product quickly.

. . . Now you’re ready to create your next product.        

Margaret Adams

If you’d like more guidance on how to create your own products – and to see some examples of the ones we have created – visit www.inbusinessasawriter.co.uk and www.margaretadams.co.uk

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