What’s your million-dollar product idea? How do you create a best-selling product?
Many aspiring entrepreneurs get stuck at this point and have yet to come up with anything. Because the above is the wrong one!
You don’t need a million-dollar product idea! That’s often an unproven concept you hope people will buy. The reality is you have no idea.
Success with a product like this requires more luck than skill. As a result, the product creation phase will be more random and chaotic. In other words, you’re setting yourself up for failure, procrastination and creative blocks.
Of course, we need innovation. We need the crazy people who invent stuff that nobody knew we needed.
But 99.99% of successful products don’t start with an idea… they begin with a problem.
To succeed, you need to find the million-dollar problem.
Steve Jobs didn’t just invent the first iPod because he thought it was cool.
He realized that there was a market. People wanted to listen to their music on the go. That was the problem, the Discman was bulky, and CDs would skip and scratch if you ran with them, for example.
Apple solved a problem, putting them back on the path to becoming the behemoth they are today.
In the online marketing industry, these problems often boil down to being able to do something better, easier or faster… with the ultimate goal of making more money.
Find out what people are struggling with, what they are too lazy to do, or something crucial they don’t know and then set out to solve that problem.
There’s your million-dollar idea; the rest is just about selling the sizzle.
Another benefit of this product creation approach is how streamlined it gets. By establishing the problem, everything else falls into place. You are working towards a defined goal, and your sales copy practically writes itself… “tired of doing this?”
We recently wrote a longer blog post with many ideas on finding and solving problems to create successful products. You can read it here: The Problem: Creating Best-Selling Products