For a more in depth look at building a team and shipping a product to market, checkout Collaborate: The Modern Playbook for Leading a Small Team to Create, Market, and Sell Digital Products Online.
The Open Loop Product Development Framework
Last week, we wrapped up the launch of our premium product: an intensive business mastermind.
What’s a business mastermind?
In our case (although they aren’t all created equal), think of it like a 6 month ‘a la carte’ business training program + personal mentoring led by some of the most successful entrepreneurs online (think millions in listeners, views, and in some cases: revenue).
Minimum price of entry: $3,000.
A steal for the value (less personalized programs run upwards of $2k – $3k per MONTHS), but expensive as a one time purchase nonetheless.
We now have a small group of highly motivated students going through our intensive, personalized training program as well as 5 figures to kick-start building out new products and services in order to scale and grow the business.
This is just another example of the lean launch I wrote about several months ago, and another example of selling on proof of concept alone.
Over the next few weeks, I want to take you behind the scenes of how we did this, including:
- How we developed the idea into a shippable product (today’s lesson)
- How we developed a lean sales funnel (building an audience from scratch in less than a month)
- How we managed to more than quadruple industry standard conversion rates for a live sales webinar (or what I like to call: “The Coffee Is For Closers Technique”)
I’m also rolling this out as a video series.
Would love to know what you think in the comments below. So once you finish watching, let me know!
What I discuss in Today’s video:
- How to develop an idea into a cohesive product and business launch
- How to thrash your idea, refine your vision and scope, and launch a premium product
- How to apply “The 8 steps of The Open Loop Product Development Framework”
A Brief Overview of The Open Loop Product Development Framework
Every business, product, invention, whatever – starts with an idea.
The idea’s not the hard part.
Forming the idea into a shippable product is.
“The Open Loop Product Development Framework” approaches product development (and when I say products, I mean in the broader sense, including services) from the angle of progressive refinement.
In other words: every element of what goes into developing a successful product (or service) is interconnected. Every element affects every other element.
If you change the customer segment, this will affect your marketing and sales channels, which affects the problem you’re solving, which affects the solution you can offer (and so on and so forth).
If you decide to charge more for your product, this changes the revenue model, which directly affects how we define the problem, who our first customers will be, etc.
Hence: open loop.
The 8 Step of The Open Loop Product Development Framework:
Step 1: Identify the first 10 / first 100
Step 2: Determine: is the problem real or faux?
Step 3: Refine and define the solution
Step 4: Define your unfair advantage (why should we pay attention to you? what makes it impossible for someone to copy what you’re doing?)
Step 5: Identify how you will reach your first 10 / first 100 customers
Step 6: Determine revenue + expenses (how much do you plan to make from this? is it worth your time and effort?)
Step 7: Set a ship date
Step 8: Go back through steps 1 – 6 several times before the vision is refined (don’t take longer than a couple days) then start building your product / service / offer
Was The Open Loop Product Development Framework Useful?
If so, let me know if the comments below.
And also let me know:
- what else you’d like to read?
- what other information would be useful?
- what could be explained in more detail?
Check back next week for an update on how we developed our lean sales funnel and built an audience from scratch in less than a month.
Started, finished, and shipped in Denver, Colorado
Soundtrack: Bon Iver Pandora Station
Total writing and filming time: [5:40] hrs