Choosing the Right Product
To correctly choose the right informational product or any other product, we self-publishing indie authors need to find the sweet spot of product production. And what is that sweet spot? Well, it’s the three Ps, of course. One needs to land in that much sought-after intersection of where passion, people, and profits all come together in the perfect mix to help us create the ideal product. This sweet spot will help us bring our authorpreneurship business to the next level while changing the world for the better.
So, lets’ start with passion first in helping you understand the first step of choosing and then creating the right product. Passion is the energy producer. Without, we’re slow and lame. With passion, we’re unstoppable. Passion will give us that burning energy to tirelessly keep pushing forward. It will provide us with the power to keep working, to continue creating content, and keep meeting and talking to people, or networking as some like to call it.
This isn’t a business for the meek. It’s a business that requires working long hours. It’s a marathon, not a sprint. And passion will help us work those long hours, work for many years, and race when it’s necessary, but then keep going.
People is next. No one succeeds on their own. No winner is created from being an island. We need people. We have to have an audience to run our successful authorpreneurship business. We need a group of people to share our passion with so we can all make the world a better place together. And we have to have the right group of people to make this happen and know which product to pick and produce that will serve them best.
I’m sure you’ve heard it before that you must have a niche to survive and thrive in this business. We’re told over and over that we can’t go too wide. We have to know who our customer is, right? If we try to serve everyone, then we end up serving no one. We know we have to have a niche and even a micro-niche sometimes. But… like all good things, we can take this too far…
You see, we can’t be too far in front of our people. If we’re way out in front and our niche is too small because people just aren’t ready yet for what we have, then our audience or market for our product is going to be too tiny. We have to make sure we’re choosing the right product so that we have the right people and the right amount of people. And a great way to know if we’re choosing the right product is to ask the people. Find out in advance what the market is and how big it is as well. When we have the right people and the right amount of people, together we can wildly succeed.
With the right people and the right amount, our product will have a chance of making a profit. But guess what? The opposite is also true. Without the right people and a sizable market, we will have a tough time making the profits we need to keep our authorpreneurship business alive. So the third P here is profits. We have to have enough profits to keep going. If we don’t have enough profits to be profitable, then we’re really not a business, but more of a hobbyist.
Also, we have to be careful of the profit margin available for our product(s). If we pick a product where there are tons of products/books just like it that are being offered for free or for $0.99, then it’s going to be really hard for us to make any profits. People are just going to click on the free or cheap one. And the last thing we’re going to want to do is to have a race to the bottom for prices and profits. That’s no way to run a business.
So, if this is the field we’re picking, then our product(s) better be a lot better than all those other cheap ones out there. That will give us a chance of passionately going after different people to make our profits for our product(s).
If we do this correctly, we’ll build ourselves a pretty cool brand. And someday it will make us even more passionate. Especially when we see how many people we’re helping and how much profit we’re bringing in because we are doing a lot of good out there.
*Check out the free video lesson on this chapter!