Be careful of the new shiny thing, it might not make sense in the long run

A lot of internet marketers would love to get going with Product Creation but never start because of this reason : I’d love to create my own product, but I don’t have a great idea.

That is to say, they believe that to create a successful product that sells well and that they enjoy creating and marketing, they have to have a fantastic one-of-a-kind idea that blows everybody away.

Leaving aside that this is a convenient excuse for procrastination, there are several things wrong with this belief, this fallacy.

The first is that most new ideas fail the first time they are marketed. It’s exceedingly difficult to get any 100% brand new product to work right the first time. It usually takes several iterations or generations of refinement to get it right. In the meantime you get poor sales and frustrated customers.

How many brand new products succeeded the first time that you know of? If you say the iPod, iPhone or iPad you’d be wrong. The iPod wasn’t the first MP3 player, the iPhone wasn’t the first smartphone, the iPad wasn’t the first tablet computer.

All 3 devices used off the shelf parts but were just put together with exceptional focus on detail, use and performance.

This is a great model for information products. Take existing knowledge and present it in a better way. Make it look better, make it more enjoyable, polish it.

Take the frustrations you have had with information products before and take them out of your product. Take the things you like and include them.

You’ll end up with something you’ll really like. Which brings me to the next problem with the great idea fallacy, that you’ll only enjoy and be proud of a product with a great new idea. Not true, at all. What tends to happen with a new idea is that you start with a giant spike of enthusiasm which quickly diminishes. When you improve something that already exists, you are left with something that grows, that is a long term asset, that can be re-purposed over and over again.

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Take your original content and re-use it to create a new product

9DXWXU5AVPYQ. Leverage is a key part of success in business. Put simply, leverage is all about turning a small amount of effort into big results.

When it comes to Product Creation leverage is very important, and one of the best ways to leverage your efforts is to repurpose your content. What does this mean? It means taking one piece of content and turning it into something else with minimum effort.

This something else can be sold as a brand new product, or given away as a bonus or promotional tool. Here are some repurposing ideas for you to use:

• Turn an ebook into a video by turning the ebook into a Powerpoint presentation and recording that Powerpoint presentation with software like Camtasia
• Take your blog posts and rewrite or rearrange them into an ebook. Remember, websites are products too and it would be shame to let all those valuable blog posts gather dust in your Archives. I’m guessing there’s a lot there that should see the light of day again in one form or another
• Record an ebook as an audio product
• Use print on demand services to manufacture physical copies of your ebooks
• When researching, record an interview with an expert. The recording of the interview can be used separately.
• Version 2 or New edition of an earlier product

This is another area where Product Creation beats affiliate marketing. If you create a good product, and can be repurposed several times to make you money several times over. Maximum result for minimum effort is always nice

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Build an asset for the long term with product creation

In Internet Marketing there is an ongoing debate between affiliate marketing and product creation.

Those who prefer affiliate marketing argue that their businesses are more agile. They are able to move with trends and set things up quickly. Most of all they say they avoid the hassle of creating their own product.

The key thing they are missing I believe is that it is essentially short-term thinking. Affiliate marketers are not building long-term assets. They are the equivalent of street hawkers – making a fast dollar today but with little residual benefit for tomorrow.

And conversely this is where I think Product Creation comes into it’s own. When you create your own product you are building a long term asset in several different ways.

• You are building a brand for yourself which can be leveraged in the future.

• You own information that can be re-purposed as needed in the future.

• You collect customers that can be sold to again in the future.

• Your efforts today are rewarded not just today but for many days to come.

This is why I’m such a strong believer in creating your own product. Because then you are working for yourself, not somebody else. And this is the reason most of us get into Internet Marketing isn’t it?

Agree or Disagree? Does affiliate marketing have the same long term benefits Product Creation does? Let us know you’re alive in the comments below!

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Now leaving aside the product creation versus affiliate marketing debate (for now, I’ve got lots to say there as well), I think he missed something very crucial.

You see he’s building websites for his affiliate products. And there is a certain obvious thing here. Websites are products too.

While they are usually free, a website is a product like any other. It needs to be designed and built. It needs to be maintained and updated to some degree to stay relevant over time. It needs some kind of creation effort. And it is there to make you money.

So if the thought of writing a book or creating a video is too much (even though you can easily and cheaply get somebody else to do these for you), but you have a blog or could easily write a blog. Then great news! You have your own product right there.

A product that can be leveraged to make you money, grown over time and developed into a long term business asset.

And yes you guessed it, this website is one of my product creations too.

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The good news is that involving others in your product creation is very easy to do. In fact it’s often the quickest and cheapest way to get an info product made.

Here are some ways to get others involved:

- Find a friend or relative. The odds are good that somebody you know well has a skill that would be both useful for your business and that they would love to contribute. A hobby they could write about, or something more technical like helping you put together a website or an eCover they could design with Photoshop

Working with somebody close to you is a great way to both enjoy your business more but also give you more motivation and ultimately grow your business.

- Hire somebody. Websites like Elance are full of experts who will work cheaply. Instead of going for thee cheapest, it can be a good idea to pay a little more with the goal of forming a long term business relationship with them.

- Joint Venture. Find forums such as warriorforum.com where you can team up with other business owners in a joint venture. There are a ton of benefits here – share the risk, share knowledge, leverage skills. There’s also the motivation factor – you’re much less likely to quit a project if your are accountable to somebody else.

The key thing here is that if you are worried about creating a product alone then relax, finding people to work with is not hard.

While Mr Thiel certainly has a lot of business savvy, I’d have to say I disagree on this one.

You see, in my mind, just about every Product creator is an innovator. To me innovation is all about micro steps, small innovations. Large scale innovation is rare.

And when you create a product you are almost always innovating. You are taking something and making it that little bit better, giving that little bit extra.

And I think it’s those small innovations which add up to the big ones, rather than huge quantum leaps.

You may be thinking ‘so what, this is all just semantics’. Fair enough, that’s one way to look at it. But another way to look at it is by a common theme here on this blog. That theme being that your psychology  matters and influences the products you create, and you have to pay attention to it.

Too much marketing advice completely ignores psychology.

Knowing that you are an innovator gives you that extra little creative juice, it stops inhibition and frees you up to create better product.

What are your thoughts on innovation and product creation?

Find a niche with existing hungry buyers is the key. Buyers who have a strong emotional connection with their niche.

This is true, and should always be adhered to.

But most marketing advice fails to take one crucial thing into consideration.

That crucial thing is you and your mindset.

You see the thing is most marketers are natural born entrepreneurs. They will happily create and sell any product so long as it is profitable.

And as much as the rest of us would like to be like that the truth is many of us aren’t.

The truth is the rest of us need something else in order to succeed at product creation. We have it in us to create successful businesses but the difference between us and natural born entrepreneurs is we need to have some kind of connection to our product. We need to have an interest in it.

That interest can certainly be grown and developed but the seed of initial interest needs to be there.

So the next time you’re doing market research make sure one of the factors is some kind of personal interest from yourself. No matter how small.

Natural born entrepreneurs will ignore this advice, naturally

Agree, disagree. Let us know you’re alive by telling us your product creation secret in the comments below.

Surprised to hear this? I was, but he went on to clarify. Positive thinking is great, but at the end of the day it’s just thinking. It doesn’t change anything about the reality of a situation.

I like this pragmatic approach, and I agree with it. Positive thinking is only useful so far as it helps you take action. In fact it can equally make things worse if it lures you into denial or endless procrastination.

And endless procrastination can be a big problem for aspiring product creators. A lot of people know they can create a product, they know they can do a great job and make money.

But they never act, at the end of the day their positive action counts for nothing.

So does positive thinking help with product creation?

A little maybe. But the only thing that really helps is action. Consistent action. Successful product creation takes just 3 steps.

1. Start.

2. Continue.

3. Finish.

Only a tiny minority complete Step 3.  Which is a great pity, because it’s really not that hard. In fact it can be very fulfilling and enjoyable – not to mention profitable.

So if you are thinking positively, that’s great. But unless you’re also taking consistent action, you’re just kidding yourself.

Agree? Disagree? Let us know you’re alive in the comments below!

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What is 3D printing?
A 3D printer is a machine that builds (prints) a 3D object. That is it makes something something you can pick up and use – a knife or a screwdriver or a model airplane.

It takes a 3D model of an object stored in your computer, then creates that object by layering many hundreds or thousands of layers of material (usually plastic) until the object is built.

Why is it revolutionary for product creation?

Once upon a time, the printed word was a lot more difficult and expensive to distribute. You needed access to some kind of expensive printing technology such as a printing press. The you had to distribute the written word somehow. Access to millions of people was difficult.

Then came personal computers, cheap printers and the internet. Now anyone can publish anything for next to nothing with the world as their audience.

Similarly today, making your own physical object is difficult. You need access to expensive equipment or many hours of time to do it by hand. Distributing to millions of people is difficult.

But now the cost of 3D printing is plummeting. In a few years, they should be cheap enough for home use. There is one project to create a cheap 3D printer which can make all of it’s own component parts so it can duplicate itself.

You’ll be able to download plans from the internet and print out your object. No need for factories. No need to go to the store. No need for physical delivery.

The possibilities are endless. I won’t suggest any – just think about it, look around your desk and see what could be done and what it could mean for product creation. The implications are staggering.

Methinks a revolution is coming. Can you get involved from the beginning?

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They really are I think great examples of how much can be achieved with so little time and money. It’s amazing just how much leverage the internet allows us in getting things done.

Ebook Ideas
Once you learn how to find them, it’s so easy to do and there really are unlimited ideas out there.

Info Product Creation
Creating information products can be a breeze. One thing I’m really excited about are 3D printers. They have the capability to revolutionize physical product creation in a similar way to what the internet has done for information products. i.e. To make them extremely quick, cheap and easy to produce.

Product Creation
I like the fire in this one

Love this post or hate it, say something in the comments below and let me know you’re alive!