Read Uzo Onukwugha’s article titled “Open Secret of How to Generate Your Own Product Ideas and Turn them into Cash Flow”.


Uzo Onukwugha’s article is reprinted here.

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Open Secret of How to Generate Your Own Product Ideas and Turn them into Cash Flow

Your wealth is in the wealth of your knowledge. Transform your uncommon wisdom into uncommon wealth because nobody has your unique experience. Turn your thinking process into your word processor. Then take your packaged information to the marketplace where your good ideas make the cash register ring.

Information product is hot and people don’t seem to have enough of it. Yet most information out there is recycled. You must not come up with ‘me too’ product but a unique and innovative idea or concept that is useful to people. If content is king, better make it useful to your prospects. Innovative idea doesn’t mean it must originate from you; it could be and easier and better way of doing an old thing. Always think about what the market (market is people) wants, and not what excites you.

The concept most marketers use is reverse mind engineering. It’s like using one of the seven habits of highly effective people: Always start with the end in mind. What’s the end? You want the product in the prospects mind. You’re selling a solution to a problem or what appeals to your prospects dreams, wishes, or aspirations. So start from the market or the end user. Listen to the market first before you even think of designing a product. Reverse your marketing mix.

To refresh your memory, basic marketing mix comprise of four cardinal points or P’S:

– Product

– Price

– Promotion

– Place

The mistake most people make is that they design a product, fix the price and then go to the market (place) to promote the product. The reverse method takes the opposite route. It reverses the order of the marketing mix above. Start from the marketplace first and then come back to design or modify your product ideas. Ask yourself questions: Who are your target audience, what need or problems will your product solve? How do you find out? The Principle is Test–part of research or surveys; Track–trace who is buying and why; and Tweak–make adjustments and re-present your offers. Sale is simple if you give prospects what they already seeking for. Human behavior has not changed since the Garden of Eden regardless of technology or information explosion. Humans are need-driven. Period!

How do you find out what the market needs? You can do it in several ways – online and offline. Caution: don’t only focus on the tiny pond of the internet and ignore the ocean of the offline world. However, internet research is quicker and cheaper. Your greatest research tool is personal observation. You must be able to think on your feet. Business is thinking. The greatest money is ideas. In the marketplace, packaged ideas turn into cash.

For instance, I was going through articles the other day and decided to type-in the list of top authors and what people were downloading. To my surprise, my eyes caught a guy that wrote only 3 articles and yet was one of the top authors. The combined downloads was about 35,000. The same thing applies to another author who wrote only 9 articles and was one of the top guns. I ask myself, ‘Why?’ It was then that I found out that both of them has something to do with graphic design – either how to design and e-book cover, web-graphics or product packaging, which is part of presentation. This is just an uncommon approach sparked by sense of observation- the greatest marketing teacher.

Now, your more common approaches:

Search engine keyword search’Use Google keyword suggest or Pixelfast/Overture and see what comes up. See what comes up. Some people use software like KeyWordTracker. On the whole, an average of 20,000 searches per month is good. Stay away from saturated areas like Internet Marketing or untested waters that nobody is searching for’unless you want your products to end up in your garage.

Visit forums and see the common question that pop-up consistently. In all you do, don’t ignore the internet marketing community. There views are important; it gauges the pulse of the internet marketplace.

Conduct surveys through e-mails. You can even use some third parties for a fee if you don’t have your own opt-in list to use. You can still do that if your list is not big enough or you can do both.

Some people use a test product and preliminary website with Google Adwords by doing a split test to check how the market responds. This method may be more expensive at the beginning but reward you at the end.

Others start with an appetizer e-book or report on the keyword title and watch how it is downloaded. If people don’t want it for free (viral marketing), they will not buy the advanced product either.

In your keyword search, don’t forget to use Amazon, eBay and Alexa.com just to have a feel of the marketplace.

Don’t forget offline surveys and questionnaires. People sell at least ten times more in the offline world than online. Contrary to the hype, everybody is not on the internet.

Overall, your greatest research tool is your brain. Thinking is the key. Ask questions, seek, be a perpetual learner and creative thinker. That is what makes all the difference. Don’t follow the crowd; put your personality in your product design. Brainstorm especially your product title. Product design is a process’it is never ending as long as human wants are insearchable. After following these basic rules, you can even break it by creating your own market. This is how you carve out your own groove. That how people gain brand name recognition.

You must realize that your products must sell for you to be successful. Robert Kioysaki said that you don’t have best-writing authors; what you have is best selling authors. Therefore, if you’re not making sells, you’re not making anything. And you cannot make money selling the same thing everybody is selling. You must come up with your own unique selling proposition. If not you will not be successful. That’s why only 3% of affiliates make real money online because they selling the same recycled products that flood the internet.

I have come up with my own branding formula of four PS: Pass time (your passion), Presentation (of product), prospect (future customers) and Profits (your end result, when prospects buy). Note that you don’t start with your end goal (money making). You start with your experience or wealth of knowledge or skill which is your passion in your niche market. (By the way your riches are in your niches). A good idea that offers solution to problems or aspirations attracts a target audience in that niche who is ready to pay to solve their problems. When they buy, you make profit (monetization). It’s a win-win situation. Thinking win-win is one of the seven habits of highly effective people. You win and your customer wins also.

No matter what you do, sell ideas or concepts that seem to be the problem of majority of people. People want wealth, health, long life and lasting relationships. Every other need falls under the afore-mentioned points. Another way of saying it is that people want information or concepts on how to make more money, save money (or come out of debt/tax shelter), avoid effort, save time, live healthy and longer. These decisions are backed by the pleasure-pain principle. Keep these reasons in mind when you brainstorm your niche products ideas.

uzo onukwugha
http://www.weblinkbusiness.com/

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*IMNewswatch would like to thank Uzo Onukwugha for granting permission to reprint this article.

 

 

 

 

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