Let’s talk about YOUR product development strategy. This is about creating products with intention. And let me back up a step and define what I consider “creating a product” to be.
It could be you wanting to write a book, produce audio, video, or online assets, package a coaching or consulting program, or otherwise "productize" your expertise. It does not necessarily need to be a product you hold in your hand, although sometimes it certainly is.
Quick story. I was working with one of my clients who was a very gifted speaker who had been working a long time in her niche. She would go from keynote to keynote, seminar to seminar. Finally, she got tired of having 100% of her income tied to her personal time, attention and presence.
She said to me, "David I need products. And I have a crazy busy schedule coming up over the next 2-3 weeks with good opportunities to be in front of LOTS of potential prospects."
Mind you, she was NOT speaking to audiences of thousands – her typical audience was probably like yours – between 50 and 250 people at state and regional conferences.
She asked me, “What’s the easiest product I can create?” And we decided that the easiest product for her wasn’t a product at all – it was to package and sell access to her time and expertise. Later, products could be developed as a standalone revenue stream.
So we created a single 8.5 x 11 piece of paper. Long story short, she emerged from those 2-3 weeks of speaking engagements with over $20,000 of coaching and consulting clients.
The point: your product strategy needs to fit YOU – your personal strengths, preferences, and the needs of your particular business.
If you love writing strategies, focus on writing products.
If you love coaching and consulting, develop coaching and consulting products.
If you love training, develop training products.
If you love video, develop video products.
The key to your product development game plan is to make it Easy, Effortless and Enjoyable.
Want to kick your product development into high gear? Good news - the next Product Development Toolkit program launches on March 5 and we still have a few open seats remaining at Early Bird prices. Program details and registration info are online for you here.