Choosing the Right Product or Service to Launch

By , Text Only Admin

Solo-E Certified Solo Entrepreneur Expert

TextOnly'Admin - Text Only Admin

In the world of running your business, focusing your time on the big payoff activities is critical to moving ahead, making more and not making yourself nuts in the process.

Now, given that my creativity is usually working in over-drive, I create new product ideas about every other minute. But…I only pursue a very tiny number of them. Because of the advance planning and the creation systems I use, each new product or service launch usually sells out, meeting or exceeding my expectations.

For example, my brand new Brand Authenticity Master Mind Program program sold 49 out of 50 spaces in just three short weeks.

That type of successful response didn’t happen by accident or because I have a big list. It happened because my offer is one people are really excited about and willing to pay for.

So how do YOU know if your next program or product offer is going to be successful? While I can’t wave my hand over a crystal ball and predict your success, I CAN fill you in on the system I use to decide if my idea-of-the-moment is the one I should pursue…or chalk up to “that’s nice…next!”

Here are 3 quick tips you can use to quickly sift through your ideas and choose the ones that are MOST likely to be high-payoff for you!

Tip #1 Does your idea have “leverage-ability”?
Leverage means getting a great big result for a tiny effort. If an idea has “leverage-ability” then it has the opportunity to be produced in a number of different formats.

For example, every idea I turn from a mere thought into an actual product has the potential to be a workshop, teleseminar, workbook, CD set, a print book, multi-day seminar, coaching program, and advanced “master class” series, not to mention a topic for interviews (where I am the guest expert). If the idea doesn’t have the type of opportunities I’ve just listed here then I pass.

Why is “leverage-ability” so important? Because my business is built on creating multiple streams of income from EACH idea.

Tip #2 Does your idea have a market?
It surprises me to hear people come up with an idea they think is the next best thing to a peanut butter and jelly sandwich, but which has no clear market. When I point this out to them, they tell me, “Well, I know I’ll have to educate people about why this is so valuable but I KNOW they need it!”

Uh-huh. Now, I am the most optimistic, “relentlessly positive” person (as one client put it) I know but even to me, this does not sound like a recipe for success.

You WANT there to already BE a market. Why? Because creating a market from scratch is extremely time consuming and often feels like one of those poor salmon swimming upstream, hoping to make it to the top with enough energy left to leap into the arms of his or her new mate.

My products and services sell out because I am filling a need I can ALREADY see! In fact, my creativity is sparked by listening and paying attention to what people are already struggling with.

So tell me…does your idea fill a need your client base is already struggling with and happy to spend money to learn more about or solve?

Tip #3 Does your idea fit nicely and neatly in your marketing pyramid?
Your marketing pyramid is the layer-by-layer plan you’ve created, outlining the different levels of services and products you want to create and sell over the next 12-24 months. (If you’re not sure how to create your marketing pyramid or what to put in it, I’ll personally coach you in my 3-day Brand Authenticity workshop. Read my “PS” below to find out how you can attend for FREE).

Creating a bunch of different services and programs only creates confusion for your customers and clients. What you want is a cohesive series of offers that fit together, give your clients a choice of which to purchase, but also creates a strong, unified, lucrative brand.

For example, I don’t offer marketing writing services, website services or a host of other services that are peripheral to my core business, which is coaching and mentoring professionals like you to turn what they know (and love) into highly rewarding, highly lucrative multiple streams of income.

Over the next few months, you’ll see me launch new programs and products all focused on helping you achieve that one result. Which means that when I have an “A-ha” moment I know immediately whether it’s an idea I’ll spend even another minute on…or not.

It’s common to feel a certain attachment to each and every idea you create. Instead, I invite you to say “thank you” to spirit for the idea, then use the three tips I’ve just shared with you to decide if the idea is worth putting any more energy into.

If it is, great. If not, then no problem. The “thank you” you said to spirit will keep your creative channels open to receive even more—and better—ideas that are perfect for you to pursue!

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