How To Crank Out Million Dollar Product Ideas From Scratch
by Ewen Chia CEO, Midas Touch Marketing
Are you currently stuck trying to think up ideas for that million dollar product?
I've got a surefire formula to get you unstuck and on the road to generating more
profitable product ideas than you can handle.
First, let's talk about the real reason people hit a blank wall when they start
brainstorming. The sad fact is that our brains are a bit lazy. The human mind
hates sustained concentration and always seeks the shortest, quickest and easiest
path to solving any problem.
When you sit down with pen and paper in hand and ask yourself, "What product do I
want to create?", you've just given your brain an overwhelmingly open-ended question.
The problem is that the term "product" is far too abstract. It includes literally
thousands of possibilities. Your mind gets overwhelmed and doesn't know where to begin.
Think of your mind as a young child on a playground. You want to give him a clear
set of boundaries. He can play freely and safely as long as he knows your parameters
– but set him loose with the command to "do anything", and he's likely to run out
of your control.
Fortunately, there's a formula you can use to take control of the brainstorming process.
This formula gives your mind something it absolutely loves: order and categorization.
When you use this formula, ideas will come to you automatically. The reason is that
you are giving your mind a logical map to branch out from, rather than asking it
to start in the middle of nowhere.
Are you ready to learn the formula for churning out million dollar product ideas
at will? Here it is:
Consumer Class + Product Purpose = Winning Idea
Each of the above variable represents a set of questions you must answer. Your answers
do not lock you into anything. Instead, they create a series of sub categories to
guide you in your brainstorming sessions. These sub categories enable you to open
up new tightly defined niches the farther you go.
1. Let's start with the "Consumer Class" variable: Who is your consumer? Is he/she:
 An individual?
A small business?
A large business?
An end user at home or at work?
A single product consumer?
A bulk product consumer?
Also ask the question of what your consumer is interested in, and which market niche
he/she belongs to.
2. Now, let's look at the "Product Purpose" variable: What is the purpose of this product? Is it:
Pure information and education?
Aimed at solving a problem quickly and efficiently?
Designed for entertainment?
Factual or fictional?
Text only or will it include software, audio or video?
Complete as is or will it require updates?
Suitable for download or better off rolled into a membership site?
You can even add additional variables to plug into the formula if you want.
Notice how each variable opens up further room for categorization? Let's say that
you chose "a single product consumer" for your consumer class variable, and
"fiction" for your product purpose variable. What you really have is a fictional
entertainment product. At this point, you have a new map to branch off from!
What comes to mind when you think of a single product consumer? E-books come to
mind. Maybe the product should be a work of fiction in e-book format? This sounds
good, so now all you have to do is figure out what types of fiction people are
actually searching for online.
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