Product Creation – 4 Steps to Conceptualize Your Product

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

1. Understanding of Target Audience: You must always begin with your target audience in mind. Ask yourself whether you are developing the product for young people or for adults, for men or women, for businessmen or professionals. Different segments of people have different needs, views and choices. So you must first understand these as you think of a product for them. You might want to consider which 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 purchase decisions, who they consult and what influences them.

2. Identification of Benefits: The next step is to identify the benefits you want your product to give to your target audience. For instance, you might want to give information on how to lose weight to women in their 40s. Or you might want to help young adults set up an entrepreneurial home business. Or you want to provide inspiration to 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 liking for a specific subject.

3. Choosing the Format: Now you need to determine the format in which you want to develop your product. This can be a choice 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 the right one for you? That depends on your earlier understanding of your target audience. If you want to develop a weight loss guide for women, it might be better to develop a video which 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 inspirational, use a MP3 podcast.

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

Follow the above 4 steps to develop your product and the offer it to your target audience to make profits.

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