1. Get the momentum moving in the right direction
If you’re thinking about creating a product because your traffic and readership has stalled, or even heading in the southerly direction, then it’s probably the wrong time to be launching new products. There are exceptions to this, but for information products (eBooks/courses), it’s important to have some momentum on your blog.
Products are great at capitalizing and helping build momentum – but they’re not usually great for creating momentum from a standing start. This is particularly important for bloggers, as visitors and engagement are the lifeblood of your blog.
Don’t get confused between a stall in revenue to that of visitors and engagement, as changes to earnings might not be linked to the true health and sentiment towards your blog.
If you’re not seeing upward pointing analytics graphs, even moderate ones, then focus on turning that around before you start creating new products.
2. Create fans as well as readers
I’ve worked with sites that receive millions upon millions of visitors every month, have email lists in the hundreds of thousands, and massive social media followings.
But that doesn’t mean they’ll sell more products than someone with an audience size only 10% of the big guys’. Why is this? It is because engagement and trust play a massive role in the decision making process of someone buying your product.
If the majority of your readership arrives, looks at your post and then heads off somewhere else, then chances are good they are going to ignore you when you launch your product, and an advertising strategy might be better for you.
If you’ve got real fans who will not only listen to what you are offering, but also share it with others, then you are in good shape for launch.
So if you want to launch product, make sure you have your own share of fans.
I would recommend you looking at 31 Days to Build a Better Blog for some insight on how you can transform the relationship you have with your audience – there are some great community-building exercises you can implement right away.
3. Build your list
Now this should just go without saying, but I’m going to say it anyway. You need to build your list.
You need to build an email list and serve those who subscribe to it well so when it comes time to launch your product then they’ll actually read your email. You need to build your social lists, so your followers/fans on social will take notice. Again it’s not the number that counts, rather it is how they feel about you.
A list will give you the biggest leg up (aside from a several-million-dollar marketing budget) when your announce your new product to the world.
You probably should have started this a long time ago, so if you’re still sitting on the fence, then hop to it!
While I totally get all the excuses people give for not building and being useful with an email list (it takes work, it is a slow build, it feels like ‘old technology’), the reality is that if you’re not using it, you’re going to be leaving sales on the table.
Read more about how I use email newsletters to drive traffic and make money.
4. Extend your network
I’m the type of person that goes to a conference and sits in the corner listening, but with the shield of protection that is “me playing with my phone” always up.
I wish it wasn’t the case, as when it comes to launching your product, you need a network.
You need people you can go to for help and advice with your product, you need people with an audience to help launch your product, you need people to help with any media strategy with your launch.
So summon the courage to meet some new people and extend your network as far as you can. I know it’s hard, but it helps and is worth the effort.
5. Earn a reputation
I’m not talking here about a bad reputation, I’m talking here about being known for something – and in the context of what you are sharing on your blog.
You could be known as the person that tells it how it is, as the experimenter, the crash test dummy, as you the sympathetic ear, as the angry man, etc.
You can also have a reputation for sitting on one side of the fence. The Apple guy, the Canon chick, and so on.
I don’t care what it is, but ensure you are known for something beyond your name and the name of your blog, as it will make people excited that your product is not just another puff piece, it’s been created by the ultimate person so it’s gotta be good!
6. Research and learn
You will learn a lot by doing, I assure you of that. More importantly, what you’ll learn are the nuances of your particular product and audience.
Before you start your product journey, start first by looking at your competitors. What products they have, how they launched them, how are they priced, how well they do they seem to sell?
Keep reading blogs like ProBlogger so you can follow stories about the launch, or join a community like ours so you can ask questions in a private environment.
Spend a month or two ensuring you’re smarter than anyone else when it comes to products and launches.
Don’t just make it all up as you go along! (just bits of it…)
7. Define your REAL strengths and weaknesses
As I get older this seems to get easier, but as a bulletproof teenager I thought I could do anything and if I admitted a weakness it was just giving my competition something to prey on!
But by understanding and admitting what your real strengths are, you are able to focus and unleash them in your products. Knowing your weaknesses means you know what you can’t offer and what you might need to get help on so they don’t hold you back.
If technology is not a strength, get help or partner with someone who is. If you are more of a visionary sort than someone with attention to detail, then make sure you have checks and balances in place to deal with that.
Don’t live in denial about what you’re good and bad at. If you do, it will show in your product and the people that might buy it.
Secondly – when it came to launching my first products, I was very aware that I’d never done such a launch before. I knew nothing about shopping carts, creating sales pages, merchant facilities, affiliate programs, etc.
As a result, I sought the advice of numerous people to help me get my first launches right. Shayne was one of those who helped me particularly with sales page and sales emails but there were others who helped along the way too (for example it was Brian Clark from Copyblogger who helped me name my first photography eBook).
By seeking the advice of others, I know for a fact that my eBooks sold more copies. I also learned a lot so that when my next launches came I was more confident and had more skills to bring.
8. Understand your readers
You might thing you know your readers pretty well based on your interactions on social media, or the comments they may leave, but I challenge you to go a little deeper. For every comment you get on your posts, there are 100 or 1000 people who are reading and not saying anything. It’s a great assumption to make that they think in the same way as the commenter.
I encourage you to reach out and understand your readers even more. Survey as many as you can and ask them to tell you a little more about themselves. Pick some at random and have a conversation with them. I guarantee the results will surprise you.
There’s more than one reason to go this extra step. Having this deeper insight into your readers not only gives you a much better platform to decide on which product to create, it also gives you some clarity around what you should be posting about as well.
9. Think about the consequences
Creating a product is not easy. It’s just not. They all take time, they create emotional stress, and most of them take money (even small amounts).
Even sites like SnapnDeals, that we started in a weekend, is still something we put work into every week.
You will read all about the upside, the money, the stardom from people and their their products, but you’ll hear very little about the blood sweat and tears that went into them. If you’re not ready to put the effort in then do something else until you are.
When you’re ready to commit to the work, then you’re ready to start creating products.
It’s just a matter now of which one! But you’ll have to wait to find out about that until tomorrow :)
Having a product to sell gives you something that has the potential to add a whole new income stream for your business – indefinitely.
Also – if you never try… you’ll never know.
UPDATE: Read the next post in this series -> Which Product Should I Create?.