ARTICLE

5 Most Powerful 💪 Questions To Help You Find (and Validate) a Profitable Product Idea


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Murray Gray in Product Design

May 24, 2020

To quote personal development and business guru, Zig Ziglar: “You can get anything you want in life if you can help other people get what they want.”

This is also the secret to successful, profit-generating product creation.

Sadly, most entrepreneurs go the opposite route.

Instead of focusing on custome needs, they instead create a product based on what they want to teach and sell.

This is great if you’re your only customer! But if you want to generate consistent, long-lasting income, you need a product that people are going to line up for. Something they’ll rave about to their family and friends. Most importantly, something that gets them RESULTS.

To do this, you need to think about what your audience wants. You need to think about the goals they want to achieve, and how you can help them experience that transformation.

Remember — it’s not about you, and what you want for them. It’s about what they want for themselves.

The 5 Qs of Profitable Product Creation

Here’s a cold, hard truth: You can spend weeks and months creating the most exciting, high-quality program or course. But if you’re offering what you want to share versus what your audience wants to learn…

No one’s going to buy your product.

But how can you tell what your audience actually wants? How can you come up with a profitable product that they’re willing to pay for?

Here’s the first lesson…

Creating a profitable product is an art and a science.

There’s no crystal ball or magic formula that can predict the success of your product with 100% certainty. A successful outcome is based on proven methods that are based in reality.

My method of choice that I’ll share with you today is the 5 Qs of Profitable Product Creation.

In a nutshell, these are 5 questions you must always ask yourself before you start working on a new product.

These questions cover the 5 fundamental aspects of product creation. By answering these questions, you’ll be that much closer to creating a runaway hit.

So let’s explore these 5 Qs one by one…

Question #1 — can your product solve a specific need or problem?

To put it another way, is there a clear, tangible benefit or outcome that your product will deliver? (For more on this topic, check out my blog post: Sell Them What They Want Give Them What They Need).

Question #2 — does your product idea help a specific type of person?

In fancy marketing terms, this is known as “picking a profitable niche.” To put it simply, you need to have a clear picture of your target audience, i.e., one that self-identifies with the need your product will solve.

(For examples and case studies on how to pick your target audience, check out my free masterclass).

Question #3 — once you know your ideal customer, ask yourself: Are these people willing to invest in what I have to offer?

This question goes beyond meeting a specific need. After all, people find answers to their problems all the time, and much of that information is free.

Let’s say, for example, you develop a product on how to start a YouTube channel. There’s already tons of videos out there to walk people through this process. They’re also free, so you’ll probably have a tough time selling this type of training.

On the other hand, a training on how to get your first 100K subscribers on YouTube? That’s something people would be more willing to pay for.

Question #4 — will it be easy to reach your ideal customer?

You’ll need to think about different ways to reach your ideal customer, but it has to be easy. Otherwise, you’ll be spending a lot of time and money that you can’t afford to lose.

Your ideal customers may be in some of your Facebook groups. Some of them may be at live events, like workshops or conferences. There may be others you could reach through strategic joint venture partnerships.

The point here is to find marketing or networking channels that are easily available to you. Unless you can instantly connect with your ideal customers, you’ll have a very tough time selling your product.

Question #5 — are you helping people solve their problems AND having a great time doing it?

This is an easy one to answer with “yes,” since people tend to develop products they’re passionate about. But one out of 5 isn’t going to cut it!

In fact, 4 out of 5 isn’t good enough either.

If you really want a blockbuster hit right out the gate, a product people will actually pay for, you need to score a loud and resounding “Yes!” to ALL 5 questions :-).

Viewing Your Product With MVP Glasses

So the next time you think of a stellar product idea, one that you’re convinced will revolutionize the online marketplace, stop and take a moment to view your product through the 5 Qs of Profitable Product Creation.

Doing so will result in a rock-solid product that brings in happy customers…and big profits :-).

Skipping this step means disasters down the road, and a whole lot of wasted time and effort on something that won’t make you any money.

Oh, and one last note…

When you’re 100% sure about your product idea, consider making a Minimum Viable Product (MVP).

This is a simplified, elementary version of your product that can be immensely helpful to your first product launch.

By launching a smaller, more basic version of your idea, you’ll know for sure whether you’re onto something your audience actually wants. If your audience is on board, you can go “all in” with the full version of your product.

For example, let’s say you want to create a 6 to 10 week training program on your chosen topic. It’s going to include a ton of PDFs, videos, and live calls. Before you put all your eggs in one basket, put on your MVP glasses and ask yourself:

“What’s the most basic version of this product that I can create?”

In the beginning, I recommend that you deliver your content through a series of live calls. Zoom is a great way to do this, since it’s free and easy to use.

This accomplishes two things:

You can test the basic premise of your content with a live audience.

You can share the live recordings of these sessions with your customers, and use them to fine-tune your product.

One final rule of thumb I’ll leave you with…

An MVP takes a week or less to create. If it takes you any longer, you’re overthinking it!

By the way, make sure to keep an eye on your inbox! Over the next few weeks, you’ll be receiving my proven, time-tested series of Experience Product? video trainings. These videos will teach you how to create your own easy-to-sell product, course, or program for HUGE results – for your customers AND your profit margin.

And now it’s up to you…

Do you have an exciting product idea, or one that you’ve created in the past?

Now let’s run that idea through the 5-Question test. What’s your score, on a scale of 1 to 5? Where did you score well, and what are the areas you need to improve?

Share your thoughts and ideas in the comment section. I’d love to hear from you!