Product creation: 4 steps to conceptualize your product

Creating your own products can help you develop your own entrepreneurial business. However, you must first decide which product to make. Here are 4 steps to guide you.

1. Understanding Your Target Audience – You should always start with your target audience in mind. Ask yourself if you are developing the product for youth or for adults, for men or women, for entrepreneurs or professionals. Different segments of people have different needs, points of view, and options. So you need to understand them first while thinking of a product for them. You may want to consider what part of the country they live in, as the culture and traditions in different parts are significantly different. Then you must also understand their behavior, how they make purchasing decisions, who they consult and what influences them.

2. Benefit Identification – The next step is to identify the benefits you want your product to deliver to your target audience. For example, you may want to provide information on how to lose weight for women in their 40s. Or maybe you want to help young adults establish an entrepreneurial home business. Or you want to inspire young children on how to grow up. You must identify the benefits you want to offer. This depends on your interest and passion and your taste for a specific subject.

3. Choice of format: Now you must determine the format in which you want to develop your product. You can choose between an e-book, a video, a podcast, or a software program. You can choose any digital medium as the format for your product. Which one is right for you? That depends on your previous understanding of your target audience. If you want to develop a weight loss guide for women, it would be better to develop a video that demonstrates the actual exercises. If you are giving information on marketing plans, you can choose to write an e-book, while if you are going to say something inspiring, use an MP3 podcast.

4. Determining the style: Finally, you need to determine the presentation style. You can choose to use a humorous style or a theoretical style. Again, it depends on who you are targeting and what benefits you offer. If you are offering a marketing plan product then it can’t be funny. It has to be serious business. Some styles go well with some products and with some benefits.

Follow the 4 steps above to develop your product and offer it to your target audience for profit.