This is the checklist I’ve just created and will now start using when considering the types of new products we want to create and market. Using this checklist helps us focus on products that have the lowest risks and highest chances of success. This should also help you decide on what product you want to sell.
1. Demand should already exist in a proven marketplace.
2. Its benefits are easily identified, understood and recognized by potential customers.
3. It is unique in that not many competitors offering similar product targeting this market.
4. It is not regulated by government.
5. It has no potential legal liabilities.
6. It has high perceived value and can justify a higher selling price.
7. It can be created just once, but sold many times over.
8. It has low, extremely low, or virtually zero duplication costs.
9. It is easily packaged and dispatched or can be delivered electronically.
10. It is inexpensive to dispatch or can be delivered electronically.
11. Orders can be filled automatically by an online auto-pilot system.
12. It requires little or no after sales support.
13. It appeals to professionals and others with money to spend.
14. It has repeat sales or back end sales potential.
15. It is always paid for before it is delivered.
16. It has the ability to be disabled/returned should a customer wish to refund.
17. It is such that I can create it myself, giving me full ownership rights.
18. It can be developed in a reasonable time period.
19. It has buyout potential.
I look for products that allow me say ‘yes’ to everything on the list. If I find a ‘no’, I carefully consider the impact on that ‘no’, and try to turn it into a ‘yes’ if I feel the product has potential.
If any product has more than a few ‘no’s, I reject the product idea and go on to something else.
Examples of Products that meet the above characteristics
- Downloadable templates and worksheets
- Downloadable books and reports
- Downloadable software
- Downloadable add-ons and plug-ins that piggyback onto popular software packages like WordPress.
- Downloadable audio files (i.e. Podcast Recordings MP3, Buy Out Music)
- Downloadable video files (MP4 Videos)
- Downloadable resources for professionals (i.e. graphics for video and DVD producers)
- Downloadable training courses (APPS)
- Google AdSense ads (which pay the site owner per click)
- Subscription website or digital part works course.
- Subscription website download library
- Membership Website
- Pay per view access to videos
- DVDs and CDs
- Android and Apple iPhone Apps