To create a star product, you don’t have to be a well-known brand, an expert with many years of experience, or a magician who manages to create that perfect product. The only thing that is needed is to be a good investigator and look where others ignore. It is not just about wanting to create what nobody has created, many times a star product in a service business can be innovation of one that already exists, but that we noticed that something was missing.
In this article we are not going to tell you what product you must create to sell millions and position yourself in the market. We cannot do it, because we do not know your public, your business and your specialization. But we will give you the step by step of what you should do, so that you yourself can create that star product that will boost your business.
research market
Your product must be something that solves a problem, that your audience really needs and wants to buy. To achieve this, we must conduct market research. The collection, registration and analysis of data with respect to the particular market to which we are going to address is important.
We must know your needs, desires, tastes and preferences in order to create a product that fits perfectly in the market and positions your service business. We cannot invent a reality where our product would fit, we must base ourselves on an unexplored or poorly attended problem that really exists.
Benefits of researching the market to create your product
- You obtain the necessary information for the creation of your product.
- Decreases the chance of failure.
- You complement ideas for the creation of derived products.
Related content: Importance of market research in consulting
SWOT/FODA methodology to create your product
Based on this methodology we will know how much advantage or disadvantage we present to the market. After carrying out a market analysis, we must carry out an internal analysis, in order to know where we are positioned.
Related content: Importance of applying the SWOT/DAFO analysis in your business.
And following this methodology, we will know the weaknesses, threats and strengths of our service business. Either to improve, adapt or create a product based on those points mentioned above.
Marketing Mix to create your product
Also known as the 7 P’s of marketing. There are 7 key points when creating a product, because they collect information on the most relevant and important points when carrying out the design and creation of the product.
What are the 7 P’s?
- Product: After the market research and the SWOT or SWOT analysis, you must define which product you will create to be your star product. If you already have it defined, perfect, if you still can’t decide, make a list with the best options.
- Price: You know the real value of your product, however many times the price you think at first would not be the most convenient. You can do an analysis based on the value of what you offer, the cost of similar products from the competition, and how much your audience would be willing to pay.
- Square: They are the distribution sites for your product. If you are going to sell it physically or it will be a digital product. Make sure you use the right channels and be present where your audience is.
- Promotion: How are you going to publicize your star product? Remember to take into account advertising, public relations, branding, corporate identity, sales strategies, etc. You must create a very attractive launch strategy to attract attention and generate sales from the first moment.
- Public: The most important part of sales is the customer experience. A satisfied customer will attract more customers. So make sure not only to select your target well, but also to give them very good attention.
- Processes: what process we will use for the sale of the product and customer service. These are things that cannot be left to chance, or left to the last moment. A well-established process, with each step studied and verified, ensures higher sales and less margin for error.
- Positioning: your position will depend to a large extent on your reputation. Be sure to create a connection with your customers and ask them for testimonials, comments and reviews that will increase your reputation and position you in a good light.
strategy design
Without a strategy it is unlikely that your product will truly be a success. Although sometimes it is a bit confusing and we do not know how to design it, we must do it. So we share this article with you: What factors should you analyze in an online marketing strategy?
Product Launch
This is the last step. After creating the product, it is time to launch it to the market. Remember to choose the ideal type of launch for your product and your brand and study your buyer persona very well so that your launch is a success and you do not lose sales, on the contrary, you achieve a high sales peak during this stage.
Some tips for a successful launch
- Establish your buyer persona.
- Define objective and strategies.
- Determine a budget.
- Add discounts and offers.
Related content: How to make pitches for digital products.
Tell us in the comments if you have already created your star product or if you are ready to create it. ⬇️