Just because you can develop products fast doesn’t mean you should! Sure, technology has advanced to the point where massive courses can be created and out the door in no time at all. But once again, the metaphor for the Tortoise vs the Hare holds when it comes to product development.
Below, you’ll see two charts to demonstrate why this is so. Basically, it comes down to a strategic issue whereby you need to consider the effects of your new product development effect on your team, your customers, and your personal productivity. Let’s take a look.
Build 3 Products At Once
Let’s assume you have 3 products that you’re just biting at the bit to get out the door. What most of us have,as a natural tendency, is a desire to get going on all at once…while the excitement is high. So, we end up having all three in development at once. Recently, there’s been lots of research that has resulted in a flip flop on the old “multi-tasking” principle. Given a world of information overload, FOCUS is now the key.
It’s obvious to see how this approach can create confusion amongst Staff or Outsourcers, not to mention the potential burnout of your juggling a lot of balls at once.
But here’s the real key. At the end of the period in which all three products jump out of the hopper (6 months in our example), you have a new problem. You have 3 products ready to market but, typically, if you release all three at once you’ll saturate your List. Even if you go to outside Affiliates, it’s too much to absorb at once by your partners. The result…way underutilized sales potential.
Focus on 1 Product at a Time
Now, here’s the alternative approach that makes sense. As you can see in the diagram, you begin with your highest priority project now…delaying on the others. This product might be the highest profit potential…or the first in a series where the other products are advanced versions.
When you place full focus upon this one, all your resources align. So, 1 1/2 months later, you have the opportunity to market that product to your List and Partners. You’re focused, as is your Staff. Then, you begin on product #2. When your second product is complete 1 1/2 months later, you now have the ability to offer a followup to the first product, after your customer has completed the prior course.
Here’s where the magic reveals itself.
Your third product is completed 1 1/2 months earlier than in the first method due to efficiencies.
By the end of 6 months, you have 3 products in circulation…rather than none.
You’ve started earning Revenue way back in month two…a huge boost to CashFlow.
Sometimes, it takes a visual like this to make a break-through. As on the micro level, so it also applies to the way you run your entire business. Wouldn’t it be great to take a lesson from this and run an entire business in a more methodical, planful manner?
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