A 16-Point Checklist for Product Development
November 22, 2010
Posted in Digital & Hard Goods
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Digital & Hard Goods
Part 2 - Checklist Points #9-16
(Missed the first set of points? Click here for Part 1.)
Let's continue with the remaining factors to consider when you are developing a product to sell on the Web...
9) Sizzle Factor
Does the product lend itself well to some marketing “sizzle.” Can you build some romance into the picture?
10) Support Required?
Is the product basically “plug and play”? If your consumer can use it immediately with no special help, this is a big plus. Otherwise, either make your product more user-friendly or prepare for tech support expenses and/or returns. Factor this in.
Make sure it’s safe and legal in every jurisdiction where you’ll be selling it. Verify that you are not violating any existing trademarks, at a minimum.
Do your own trademark search at Search It! (see Site Legalities). If it’s worth the money, and if you own the rights to the product, go ahead and register the trademark.
12) Cost of Transportation
The product must be cheap to ship (as a percentage of the cost of the item).
Infoproducts/software are the ultimate, obviously. Free trial downloads of software mean that you have shipped the product, free, before it’s even bought! If your product is good, the consumer will return to buy a password to release the software from its “trial” status.
13) Cost of Inventory
It should be cheap to maintain inventory. Infoproducts strike again! But if you want to sell high-end bikes, maybe you can get an Internet exclusive from that snazzy Italian manufacturer. Then just arrange to ship directly from his North American or European warehouse! Hey, your inventory costs just dropped to zero!
14) Potential for Repeat Purchase?
Your product must have the potential to develop repeat business. Once you have a customer, if you treat her well (see below), she will buy again. It’s OK to launch a business with a single product if you can sell enough of it to make money. But that single product must provide a springboard to repeat sales (ex., more soap, or software upgrades), or sales of other related products.
Does the product lend itself to building community? Perhaps via a newsletter or a blog? Through discussions on forums? What about Twitter or Facebook?
16) “Fun” for You?
Does selling the product give you pleasure? Your Web marketing efforts will suck a lot of your time, and will require a lot of creativity. If you enjoy it, time and creativity both come easier.
If you do not feel a passion for your product, consider looking for either... something else that does excite you, or someone else who can get enthused about your product and market it for you.
A Pivotal Point
You probably want to rush ahead and “really start doing something." But the most important time that you spend on your entire project will be the time that you spend brainstorming and assessing your ideas!
Take your time and get this part right. It will save you a year (or more) of grief down the road. Why? Because you’ll think up and develop the right product, instead of the wrong one!
Next step? Follow SBI!'s proven C T P M process to convert targeted traffic into satisfied customers!