Product creation can be lucrative, but it’s hard to know if your idea will be a winner with your audience… unless you do some research up front.
There are many times I will come up with what I think is a great product idea, but when I ask my audience for some feedback, it’s not quite what they need, or they have a different idea on top of their priority list. With a bit of tweaking and teasing out of ideas, you can eventually land on something worth pursuing.
On this topic, I was listening to one of Darren Rowse’s podcast interviews the other day, where Pat Flynn, creator of Smart Passive Income, shared his thoughts on the best way to decide if your latest product creation idea has potential.
He outlined his method by using an acronym – PLAN. Here’s how it works…
Product Creation PLAN
The ‘P’ stands for Problems. To create a successful product you need to know what problems your target audience has. You should find this out by talking to them, asking them to fill in a short survey or by simply listening.
Next is ‘L’. This is about the Language that your target audience uses. Apart from more listening, Pat made a great suggestions of looking Amazon book reviews for your niche area to see what language they are using. When you learn to speak the same way as your audience, they will feel like you understand their issues more.
The ‘A’ stands for Anecdotes. Listen to how your audience tells stories of who they work and what would help them. If their anecdotes are congruent with your idea, you may have a good product idea.
Lastly, ‘N’ is for Need. If you can identify a real need amongst your target audience, you’ll be one step closer to designing your product to fulfil that need.
When digging into all the 4 PLAN categories, you may realise your idea was not as well-formed as you thought, but you will then have more information available to tailor it more to what your audience really needs.
Pat also shared a quote:
“If you can define the problem better than the target customer, they will automatically assume you have the solution“.
That alone could be the perfect reason to dig deep into the lives and problems of your target audience!
Happy product creation! Let me know what you’re working on. Here‘s what I’m up to.
You can listen to the full podcast here.