How to Developing a Product.
This is where a lot of people get hung up. ‘What kind of product should I create for my niche?’ If you’ve polled your niche, you probably already know what product you should create, and it is just a question of what format that product should be in. If you did not poll them, you can do so to find out what they want before developing a product.
Products can be delivered in two different formats: Digital products and physical products. Digital products are accessed by a website or by a download from a website. Physical products are physically shipped to a person’s home or business address. Digital products cannot be touched, meaning that they are not tangible products. Physical products can be touched, which means that they are tangible.
Examples of digital products include membership websites, eBooks, reports, recordings that can be downloaded, and software that can be downloaded. Examples of physical products are too numerous to list. It may be a book, a CD or DVD, a printed manual, or a gadget of some type.
Both products work in just about any niche. Digital products, however, can be instantly downloaded, and the entire sales system can be automated. For physical products, however, the product must be created and warehoused, and then packaged and shipped when ordered. Be sure to check the tax-collecting rules in your country/area – many treat physical products and electronic downloads differently.
You don’t have to do this work yourself. You can hire a replication center and/or a fulfillment center to do this for you, which automates things on your end. As orders come in, they are automatically sent to the center for fulfillment. Because of the added cost, physical products often cost more than digital products do.
So, the first obvious decision is whether you will be creating a digital product or a physical product, and which type of product you will produce from there, such as a membership website, eBook, CD, etc. With this decided, and with your market testing done, you are ready to create your product.