At every stage of life there’s the ‘it’ thing to do or have.
In elementary school it was yo-yo’s.
When I was in high school you were cool if you had an iPod.
Nowadays, having an online course is the “it” thing.
Creating an information product online isn’t hard, though.
Creating it is actually the easy part.
The hardest part (and where most online business owners fail) lies in the product launch and getting people to buy it.
Product launch after product launch you see people creating online courses or information products and “hitting it big” as they report back on their hundreds of billions of dollars they just made.
What makes those products a success versus the plethora of failures?
Let’s talk about some of the reasons most online entrepreneurs fail at creating and launching their first product successfully…
Reason #1: You don’t know what your audience wants (in their own words)
Often times you have an idea of what your potential customers might want…
… but if you want your product to be a success, not only does your product have to be what people want – it has to be worded in the way they think about it.
You want to create a product about green smoothies so you go to town on it.
“my audience wants to make green smoothies.”
And, they might.
But what if they aren’t thinking about “green smoothies” and are instead thinking about “being healthy”, “losing weight”, “battling cancer”, or “healthy meal replacements”?
Well, they’ll see your product, realize it isn’t what they’re looking for, and immediately leave your product page.
You need to be talking with people from your target audience and taking notes of how they talk about their problems.
Amazon reviews, Reddit, Quora, and forums are great places to find this if you don’t have access to people in your market.
Let’s go on to the second reason why most products fail…
Reason #2: You bite off more than you can chew (and start making your course before you should)
Everyone wants to offer a course.
And, I get it…
Every other email in your inbox lies a product launch of some kind going on that seems to be a “major hit”.
Well, spending hundreds of hours creating a course doesn’t guarantee yours will be a success.
What you don’t see happening before your favorite “make money online” guru launches their course is:
- Their list size
- Hundreds of little conversations that have lead up to their launch
- The money they’ve invested in their business and self-development
- Countless failures prior
Everyone is different and in a unique situation.
You have to stop comparing yourself to others and play the hand of cards you’ve been dealt at the given moment.
You have to crawl before you walk.
Start by talking with people one on one and consider offering a service so you can get paid to solve the problem
This results in having product material when the time is right and you getting paid in the process.
Reason #3: You make it before you have paying customers
Does this sound like you or someone you know?
“Oooo, that’s a good idea! I’m going to make a course about that!”
Then they make it.
Then no sales.
One of the biggest failure points you want to avoid when creating any product is no one buying it.
You get people to buy it first.
This isn’t some “bait-and-switch” technique. Instead it’s about creating something people actually want.
This is good for your customers for a few reasons:
- You give them the product they actually want
- They get to be involved in the creation of the product
- You offer an “early bird” incentive pricing
What works best as first products?
If you’re teaching people online (or wanting to), then creating a course as your first product just doesn’t make logical sense.
You can toy around with $12 eBooks or selling affiliate products like most people are out there teaching you to do.
But those peeps are far removed from the reality of having a small list and creating a first offer.
The best offer you can make first (or if you haven’t had success selling products online) is a coaching program.
I’m a fan of offering coaching as your first online product for a few reasons:
- You can follow a simple process to get started and guarantee that you have customers
- The feedback from calls can directly be used for a digital product
- Your coaching calls are usually your most profitable hour of the day/week/month
The entire process for launching a coaching program starts with one simple step that should take no more than an hour and sets you up for success.
It’s known as “product validation”.
In today’s bonus video, you’ll discover how this process works, what to do step-by-step, and what to do once you’ve validated your idea.
Now I want to hear from you:
Was your first product a runaway hit?
Or were you left disappointed and are ready to try again?
Leave a comment below and share your thoughts.