Internet Marketing ? 5 Top Product Creation Strategies to Build Your ...

By Dr. David Hale
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Internet marketers who develop their own products must continually provide new and updated versions. This is because customers are hungry for new alternatives and online products. New products can contribute significantly to the sales and profits of a digital business.

There are many ways to stimulate product creation. Some are better than others. Perhaps the five most effective strategies are:

1. Investigate the Market
2. Understand Customer Needs
3. Do Not Sacrifice Evolution to Revolution
4. Maximize Value From Existing Products by Producing Multiple Formats
5. Build on Existing Products

1. Investigate the Market

Thoroughly examine existing competitors and their products. Understand their strengths and weaknesses from the perspective of both a competitor and a customer. This latter viewpoint requires knowledge of customers needs.

2. Understand Customer Needs

It is critical to develop a clear understanding of how customers use a product and what they are seeking to achieve when they use it. Once that base line has been established, an assessment of the ability of existing products to meet those needs can be made to identify shortfalls. New product creation can then focus on meeting any shortfalls.

3. Do not Sacrifice Evolution to Revolution

Product creation can proceed via gradualism. Gradualism often takes an existing product and tweaks it. By contrast, revolution starts with a blank sheet of paper and rethinks the whole approach or system being used to meet customer needs. The two strategies are poles apart and involve different risks, resourcing, time frames and budgets. It is important for a business to decide upfront which approach it wishes to pursue.

4. Maximize Value from Existing Products by Producing Multiple Formats

Consumers value alternatives. Suppliers may not consider the same product in a different format as product creation, but consumers probably do. The popularity of radio programs in mp3 format distributed over the internet is a case in point.

5. Build On Existing Products

Updating or enhancing existing products is another example of a gradualist approach to product creation. Take a successful existing product and improve it ? relatively simple, yet effective.

The above five strategies can guide and stimulate product creation by an online business.

If you are out to attract prospective customers and develop your online presence and exposure, you owe it to yourself and the financial future of your business to learn everything you can about Internet marketing.

Dr. Dave Hale, The Internet Marketing Professor, is one of the country?s leading developers of Internet marketing and social media curriculum for businesses and universities and specializes in online marketing communications. ?Want to learn more Internet marketing techniques on how to build a successful businesses online??If so, read about and download his brand new free ebook 27 Habits of Internet Marketing Super Stars.

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Related posts:

1. Product Creation ? The 7 Myths That Stop it Before it Even Starts
2. How to Write Short Reports to Build Your Internet Business and Increase Your Online Visibility
3. The Product Creation Grapevine ? Your Market is Whispering Exactly What it Will Buy

marketing, Publishing General

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