The Product Creation Formula Guaranteed to Earn You Millions
While product creation may sound like a daunting task, it’s one of the most important ways you can keep your business thriving as a coach and an entrepreneur. With this in mind, today I’ll teach you the process of product development. By the end of article, you’ll be able to create your actual product and kick-start your marketing funnel.
The Strategic Product Creation Blueprint
Recap: Designing Your Offers
In Creating Your First Low Tier Marketing Funnel, we talked about designing your offers. It’s very important to have a clear and compelling offer so people will immediately know the benefit they’ll get from your product or program.
I was also able to share with you how you can elevate your client from taking the free gift to making a product purchase. Lastly, in designing the staircase-model offer sequence, remember that you have to define the following:
- Free gift (ex.: PDF download)
- First paid offer (ex.: $47 offer)
- Second paid offer (ex.: $97 offer)
Now that we’ve recapped some fundamentals in designing your offers, we can move on to the product creation process.
Designing Your Offer: Thinking Your Product Through
When creating your product, you have to come up with the three big benefits. You need to be able to thoroughly define these benefits, as they’re actually going to become your product.
However, before we get into that, first I want to briefly show you the process of thinking your products through. Not to worry, as this will eventually lead you to come up with the three big benefits.
To be honest, I feel like I didn’t think it through when I first created my low-tier products for online marketing. It was only when I went through this process that I really started to nail the actual product itself.
The first thing I did for my speaker brand was decide what the low-tier, or $37 offer, was going to be. I thought about the needs and challenges of an aspiring speaker. That’s how I came up with the “big problem.”
The big problem is this: aspiring speakers want to go out and speak to an audience. They want to book stages and get in front of a crowd — but they don’t know how. That’s why I created a product that provides a solution to their big problem. I named it Book More Stages.
This is basically how you come up with a product and its name. Your product should target your dream clients’ pain points. For instance, when I talk to my dream clients who are aspiring speakers about booking more stages, they immediately see its value. They then say yes to my offer because they recognize that it will help them become lucrative. It’s a win-win situation.
Product Creation: The Three Big Benefits
Once you have identified your product, you need to put together its three big benefits. To help you visualize this better, I’ll give you examples based on Book More Stages:
The first benefit my clients will get is that I’ll teach them to get on local and national stages. In coming up with this benefit, I asked myself if it was compelling enough to make somebody want to sign up. Then, I determined that it’s something that’s valuable for aspiring speakers. I knew this because it’s something I also wanted when I first started out as a speaker. All this to say that knowing your clients is really important.
However, when my clients start booking stages, there’s something else they need to know how to do. That’s why I came up with the second benefit, which is learning how to create a presentation. This is especially useful for brand-new speakers.
In coming up with the first two benefits, I only thought of two things:
- What do my clients need to do to become a speaker?
- What do my clients need to know as a speaker?
Lastly, the third benefit my clients get is that I teach them basic sales skills. In Book More Stages, they won’t learn how to sell from the stage because I have a separate product for that. Instead, they will learn the fundamentals of selling, like my different sales techniques that they can use for selling offline, online, and on stages.
Once I figured all of these out, I realized that these are the three big benefits that will compel my dream clients to buy my product.
Product Creation: Keep Your Dream Clients in Mind
As you create your product, coming up with the three big benefits is not the only thing you need to think about. You also have to keep your dream clients in mind. As you come up with your product’s benefits, think about who you are speaking to. Who is the ideal person who will find value in your product?
Knowing who you are speaking to is really important. You can even create a persona out of your dream client. Think about their name, age, personality, what they want to become, and what they want to have. Knowing these things will allow you to tailor your product and benefits around the needs and preferences of your dream clients.
When I developed my Book More Stages product and its benefits, I thought of my ideal client. For me, they’re a speaker who wants to do, have, and become these things.
Keeping It in Threes
Being clear on the benefits of your program is a great starting point. I like to keep it in threes because it’s simple. Number one, if somebody sees an offer that comes in threes, it’s pretty simple and easy to remember.
Number two, when you eventually have to write the sales copy for your product, it won’t take up as much of your time. Writing about three unique benefits isn’t complicated.
And number three, as you go on to actually structure your program, you’re going to take these three benefits and put them into modules.
Creating Your Product Modules
When I say turning your three big benefits into product modules, I mean it literally. Benefit one is your first module, benefit two is your second module, and benefit three is your third module. The cool thing is, this is a $37 product.
$37 is not a lot, but you want to add great value to your clients. You’re giving them three big benefits, so each module should typically be one video. If I’m doing a small product, such as a low-tier $37 offer, I like to keep my videos anywhere between 20 to 40 minutes for each module. If you’re just starting out, I would suggest that you make a 20-minute module.
Again, let’s take the Book More Stages product as an example:
- The first module is benefit number one. Here, I teach aspiring speakers how to book local and national stages. This is a 20-minute video.
- Second module is benefit number two. Speakers learn how to create passionate and profitable presentations that they can use on stage. This video is between 20 to 40 minutes in length.
- Benefit number three is the third module. I share my sales techniques here, which speakers can use in their online and offline selling, as well as on stage. This is also a 20 to 40-minute video.
Sometimes I add in extra videos to stack on the value. However, if your first three modules are already clear, practical, and information-packed, your whole program can be just 60 minutes in total. That’s pretty simple, right?
Remember, it’s easier for you to fill those 20 minutes for each different module if you know your topic well, so play to your strengths.
The Product Creation Process
To recap what we have discussed, the product creation process goes like this:
- Identify your product’s three big benefits
- As you come up with your benefits, keep your dream clients in mind
- Turn each benefit into a module
The fourth part is creating the actual modules. Personally, I like my modules to be in video format. However, you can also create an audio version. The perceived value of video is it appeals to the preference most people have for visual presentations. Thus, from my perspective, it tends to be a better product presentation.
However, format ultimately depends on what you are comfortable with and what you are capable of doing. In the end, you can do either video or audio modules for your product.
The Module Creation Process
When you create it, you’ll find that the easiest way to structure your module is to have three to seven talking points. This is especially helpful when you’re filming a video or recording audio for your module.
As mentioned earlier, you have to decide if you’re going to go with a video-format module or an audio-format module. Either way, you should definitely create worksheets for your clients as well. These will give them something visual to follow, aside from your talking points. Not only that, but they can also use the worksheets for their notes.
Naming Your Products
Now we are actually going to go back to the first part of the product creation process. One of the things you can do after listing the three big benefits is to name your product. We’ve also discussed this earlier in Designing Your Product.
Based on my experience, sometimes the product name will come to me immediately. Other times, it comes to me after I’ve figured out the big problem and laid out the benefits of my product. Going back to the three big benefits makes it easier for me to name my product or program. For example, with my speaking brand, I came up with the name Book More Stages, as it summarizes the three modules in the program.
Once I figured out my product name, modules, outline, and worksheets, I was able to roll out my $37 product to the marketplace.
Before we end, I want to list some action points that I want you to accomplish. First, list the three big benefits of your product.
Second, as you come up with these benefits, think about who you are speaking to. Who is your ideal client? For example, your ideal client is a 42-year-old named Paul who wants to become a speaker. What are the big benefits that Paul wants?
Third, identify the problems that Paul is facing in getting started as a speaker. This will be incredibly helpful if you’re ever unable to think of benefits right off the bat. When this happens, just think about Paul and ask yourself again: what are his problems?
His problem can be his lack of confidence. Or maybe he doesn’t know how to do presentations. Maybe he doesn’t know how to get in front of an audience. List all of your dream client’s problems so you can brainstorm more ideas for the actual product benefits. These can also be used to improve your product’s structure. Tailor your content to provide solutions for these problems.
Like any other area of your business, product creation is something that you need to carefully plan for. You have to be well-attuned to your own capabilities, as well as the needs of your dream clients. This is how you create valuable and effective products. I hope this product creation strategy serves you!
Which part of the product creation formula did you find most difficult or easiest to apply? I’d love to hear your thoughts in the comments below.