Something that will boost your business, your revenues and your expert status more than just about anything is information product development. There are various types of information products you can develop; those that are used specifically for building your opt-in subscriber list, those that are used as revenue generates and those that accomplish both list building and revenue generating opportunities.

Product and Service Offerings
Your company goals will determine how many products and services you offer. You may find one or two will best serve your client base or perhaps dozens, even hundreds, will be more appropriate.

You must be able to clearly answer the following questions:
• What are the specific products and/or services you provide?
• Can you clearly communicate features and benefits of your products and services?
• Are you focusing primarily on business-to-business or business to consumer?
• Do you have a narrow offering or a variety of products and services?

Before you decide to roll out new products or services, consider all aspects. There are the development and marketing costs. Additionally, with each product you offer you must have a clear vision of how to market them. Do you have the necessary resources to introduce new products or services to your market?

How you decide to distribute your product or service will be based again on who your market is and what their needs are. Distribution channels must be factored into your overhead costs and what you charge. Distribution channels will impact your marketing decisions. Distribution on the Internet is much more cost effective than traditional methods. You have your own channels and those of Joint Venture and affiliate partners.

Additionally, your product's image should be considered when you are considering your distribution channels. Stay current with changes in the market in order that you can change your distribution channels as necessary.

Consider this...
• Who will buy your product?
• Is there a primary or secondary target market? (Niche within a niche)
• What factors influence their decision to buy?
• Who is involved in the purchase decision?
• How often will they buy?
• Where do they currently buy, when and how much?
• Is there opportunity to turn casual buyers into loyal buyers?
• Can you build a long-term relationship with your market?

In addition to identifying your market you also need to determine what products and services related to your offerings your customers will want, need and purchase.

Other considerations
• Is what you offer lucrative?
• How will you reach your potential customers? (Distribution channels)

What Does Your Customer Want?

Before you invest a lot of time, money or effort into product development make sure you understand the needs of your market. You must have enough information to address these needs. The more you know about your market's needs the more focused you will be on what you should create.

Pay attention to what your customers are asking for. Unfortunately, this is an area many people neglect. Far too often the "expert" develops books, eBooks, teleseminars, etc., in a vacuum. They develop products they only think their market will buy, never having done any market research.

You will be well served to listen to the market, unless of course profits are not important to you.

Author's Bio: 

Discover success insights from experts around the globe who are out there making a difference and making a great living in the process. Kathleen Gage interviews the best of the best with Power Up for Profits Podcast.