9 Simple Steps For Creating Your Next Product

Imagine with me…

You're strolling through your property on a crisp morning, enjoying the fresh air and taking in the sights. 

You regularly take your dog on this walk, and you must have been on this path hundreds of times.

But today, something catches your eye…a glint of something metallic half-buried in the earth. 

A sense of anticipation builds as you kneel down to investigate. 

You start digging, wondering what the heck this metal thing could be…

As you realize that it's just an old tin can full of dirt, your spirits fall...

Until you see a glimmer peaking through...

You quickly dump out the dirt to reveal the source of that glimmer...

And it's a treasure that was hidden for over a century. 

This was the extraordinary experience of a California couple in 2013.

While on a morning walk, they unearthed the Saddle Ridge Hoard -

A hidden cache of 1,427 gold coins worth an incredible $10 million.

Now maybe you're wondering why I'm telling you this treasure-hunting story.

Well, much like this fortunate couple, many founders have a treasure trove waiting to be discovered... 

By monetizing their audience.

This is a common problem I've seen with many founders - they've done the hard work of building a community...

But don't have anything to sell them. 

And not only is this a missed opportunity for generating revenue, but it's also a missed chance to position yourself as the expert and go-to person in your niche.

However, by creating a unique product or service...

You can unlock a wealth of opportunities and value for both you and your community members.

In today’s newsletter, I’m going to share my Product Creation System.

Leverage it to start monetizing your personal brand and grow faster than ever.

Vision is essential for both personal and professional success.

However many founders struggle to nail their vision...

...and it's keeping them from growing to their full potential.

I've just created a brand new video where I go over my Vision Board System.

This system is typically only available to those in my private Founder OS Accelerator Program - but I've decided that since it's so important... 

I'll share a version of if with you here today.

If you find yourself struggling to hone your vision I HIGHLY recommend you check out this video.

It could legitimately make 2023 the most productive and profitable year of your life.

>>> Check Out The Video Here

Now, let's get back to my Product Creation System.

#1 - Understand Your Audience's Desires

Before you can create a product that resonates with your community, you must understand their deepest desires.

Ask yourself the following questions:

• What are their biggest goals or aspirations?

• Which of these desires aligns with your own passions and expertise (your Ikigai)?

• Are you willing to build a team or develop the skills necessary to address these desires?

One of the reasons I'm so big on content is that it gives you unique insight into what your audience resonates with, and underlying needs or desires they have.

If you've been regularly posting, odds are you have a treasure trove of information readily available to you.

• Pay attention to what people ask you for - if community members are asking you for specific resources or help, that could be an indication of a need you can fill with a product or service

• See what topics resonate with your audience - look for themes or topics that generate strong reactions within your community. If people are passionate about a particular topic, they may be willing to pay for related products or services

• Ask a select few members of your community for ideas - your community members may have great suggestions for products or services they'd like to see from you. Don't be afraid to ask them directly

Once you have identified the desires (that match your own strengths and interests), list all the problems that prevent your audience from achieving their goals.

This will become the the foundation for the next step of the process.

#2 - Generating Potential Solutions

Now that you understand your audience's desires and pain points, it's time to start brainstorming potential solutions to their problems. 

Now, while there aren't any "bad ideas" in this phase, there is certain criteria your want to keep in mind.

As you hone the best solutions that will become your offer, consider the following characteristics to ensure it stands out from the competition (adopted from Alex Hormozi's $100M Offers):

• Quick and easy to implement

• Produces fast results

• Is viewed as new and different

• Is seen as superior to other options

• Solves a significant problem or unfulfilled desire

• Produces a big, desirable result

• Can be positioned as "done-for-you" (at least partially)

• Gives the prospect confidence they will be successful with it

• Has natural alignment with exciting upsell opportunities

#3 - Validate Your Ideas

It's one thing for us to "think" something is great...

But at the end of the day we're here to create something OTHER people want.

Once you have some ideas, it's crucial to validate them before investing time and resources into creating a product. 

The easiest and most cost-effective way to do this is by running an email campaign or posting in a private group (if you have one).

Share an outline of your potential product with your audience and gauge their response. 

If the feedback is positive, proceed with building the product. 

For an extra layer of validation, consider pre-selling the product before creating it –

People vote most truthfully with their wallets.

#4 - Structuring Your Offer

When it comes to pricing your product or service, consider offering tiers to accommodate different budgets and needs:

• Low Ticket ($0 to around $497)

• Subscription (typically lower price point, renews monthly)

• Tier I High Ticket ($497-$4,997)

• Ultra-High Ticket ($5k-$25k+)

More advice from my entrepreneurial man-crush Alex Hormozi - 

Be the most expensive option (but not so expensive that it deters potential customers). 

Why? 

Higher prices are often associated with higher value, and they encourage customers to be more invested in their success. 

This allows you to have more margin to invest in their success, ultimately getting them better results.

#5 - Spin Up a Minimum Viable Product (MVP)

Create and launch the first version of your product as quickly as possible. 

It doesn't have to be perfect; it just needs to provide enough value to move on to the next step. 

Here's how you can take action fast:

1. Buy a domain at GoDaddy

2. Use no-code tools to build your MVP:

   1. Webflow for website building

   2. Loom for video recording

   3. Kajabi for course hosting

   4. Shopify for eCommerce

   5. Stripe for payments

3. Set up your banking with Mercury or Wise

4. Incorporate a company (I use Incfile.com)

#6 - Launching and Scaling Your Offer

Once you have validated your idea and built an MVP, it's time to launch your product.

Initially, focus on generating buzz and excitement within your community. 

Share success stories or testimonials from people you've helped in the past, or you can give early-access to some community members to get results and create social proof.

As your product gains traction, explore partnerships and collaborations with influencers or other entrepreneurs in your niche. 

This can help you tap into new audiences and further scale your offer.

#7 - Refine Your Product

To ensure your product's ongoing success, hold regulary feedback sessions with your community members. 

Experiment with their suggestions and implement changes. 

Not every modification will be a hit, but innovation is essential for growth and evolution.

This not only helps you improve the product but also fosters a sense of ownership and loyalty among your community members.

As you continue to iterate on your product based on community feedback, remember to gather testimonials from satisfied customers. 

These testimonials can be powerful tools in your marketing arsenal, as they provide social proof and demonstrate the value of your product.

Consider featuring testimonials on your website, sales pages, and in email campaigns to give potential buyers a glimpse into the positive experiences of your existing customers. 

Additionally, ask your most dedicated community members to become ambassadors for your product, promoting it within their own networks.

#8 - Try Different Marketing Strategies

As you gain experience and knowledge from selling your product, take time to reevaluate your marketing and sales strategies.

Experiment with different promotional tactics, such as webinars, live events, challenges, or limited-time offers, to see what resonates best with your audience.

Analyze the data from your marketing campaigns to identify patterns and trends that can inform your future efforts. 

Focus on the channels and tactics that drive the highest return on investment (ROI), and consider outsourcing or automating repetitive tasks to free up more time for high-impact activities.

#9 - Diversifying and Expanding Your Offerings

Once you have a successful product or service, it's time to diversify and expand your offerings to serve your community even better. 

This could include creating additional products, offering group coaching or mastermind sessions, or hosting in-person events or retreats.

When developing new offerings - keep in mind the importance of building a cohesive product ecosystem.

One that complements your existing products and caters to your audience's different needs and preferences. 

This will not only provide your community members with more opportunities to engage with your brand but also create additional revenue streams for your business.

There you have it, my Product Creation System.

I hope you find it helpful.

As you scale and expand your offerings, you'll not only see financial benefits...

But also deepen the connection with your community, fueling sustainable growth for years to come.

Take some time this week to brainstorm your own product or offer, and then hit me up on Twitter with what you came up with (feel free to share a screenshot on social media and tag me!).

Let's win together 🥇

Matt

P.S. Whenever you're ready, there are 4 ways I can help you:

#1: I just launched a new YouTube Channel. I'm putting a ton of energy into creating heaps of valuable content that I think you'll like. Come check out my latest stuff, and give me a like and subscribe. 

#2: Promote your brand to over 50,657 subscribers by sponsoring this newsletter (booking into April 2023).

#3: Follow me on Twitter and LinkedIn for more operating systems, marketing tips, and community-building systems.

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