What is a product?

While thinking about and working on my next book, it got me thinking - what is a product?

This blog post will also be a section at the start of my new book!

Creating a product can often seem like the easy part - actually promoting, marketing and building a business around your product can be the really challenging part. And that is where my new book (plus my previous Creating A New Software Product book) will help.

If I was to ask a room of people what a product is, there would possibly be similar answers, although with some differences. For example, some may not consider digital products or services as products.

A product is not necessarily a physical product you can hold in your hands - digital products (in my case software) also counts. There is a myth that digital products “cost nothing to reproduce” - and that is simply not the case (think about marketing, server capacity, support, etc.).

What you or your business offers, sells or helps with also counts - services can also count as a product - often you will have a process for your service that you follow, or a package that you offer.

Look at anything you may be doing ad-hoc (for example providing advice, consulting, etc.) - especially if you find yourselves doing these for free or not really charging much - are these items you can formally make into a product/service, that you can then sell, advertise and promote?

A quick Google search tells me a product is “an article or substance manufactured or refined for sale” or “a thing or person that is the result of an action or process”.

I would possibly add “something that has value” to the definition.

So whether it's a physical product (e.g. a book, clothes, furniture, hardware, etc.), digital products (e.g. software, apps, ebooks, etc.), services (e.g. installation, consulting, training, etc.), or even a combination of all of these - they can all count as products.

Here are some examples of products...

• Software or apps. Whether desktop-based software (e.g. you install and run on your PC or laptop) or web based, software is much more then just code.
• Digital products. There is a myth that digital products “cost nothing to reproduce” - however this is not the case (and runs the risk of a product not being valued) - there is testing, server capacity, customer support, staff training, etc.
• Physical products. Probably the most obvious ones - things that we can touch and hold in our hands.
• Services. Not something you may think counts as a product, although it does! Chances are you follow a particular process, or your services are part of a package you offer and promote. Your skills, knowledge, and the process involved make it a product.
• Skills. In a way these are products, your skills and knowledge you have built up over the years - although these are best formalised into a service or package that you can advertise and promote.
• Books. Regardless of the format. Even if the book is on Amazon, it's still something you have created and market. Magazines and trade publications may also count.
• Components used to make other products. For example, an engine for a car. Have a look at your own products - are there components you have created and used, that you could sell and license to others so they can create their own products?
• Free stuff. Look at whether these are something you should start charging for. Remember that if you don't value something, why would your client?
• Ideas. While not really a product yet, the idea exists - and you may do some initial investigation into the idea - and the most important part is to start creating.
• Mix/combination of all of these. For example, you may sell software, plus also provide services to help with setup/installation, and even have the option to sell the hardware - combining all your other different products into a larger product as well. Or you may sell a physical printed paperback book, and also include an ebook version in the purchase.

Do Facebook groups, social media, blog posts, etc. count as a product? Not necessarily - social media groups, posts and profiles are not really yours. Blogs are more marketing, although you are sharing your knowledge, can have value and may possibly count as a free product.

Can products have a capacity/maximum amount you can sell? There are entire books written on this subject, and most of the time I'd say yes. There is only a limit to the amount of products you can keep a stock of or sell. Even digital products - there are only a maximum amount of customers, etc. you can potentially support, before it becomes too much.

Even if an item hasn't sold any copies, or done as well as you thought, it still counts as a product. Remember, if a product isn't as successful as you hoped, look at new ways of marketing, and remember some things take time (look at Microsoft Windows and Apple - who took years to become the companies they are today). If it hasn't worked out, remember there are ideas, learnings and components you can reuse to create future products.

Remember a product may take time to create. There is planning, designing, testing, etc. Often the best thing to do is to get a basic initial version, and then improve over time.

For services, if you haven't already done so, it may be worth documenting. Both how you do it for yourself, and also for use in any marketing material you create.

Here are a few questions to consider...

What do you currently offer in your own business?

What products and/or services do you provide, offer, sell or help people with?

Any other products you can potentially offer, that you may not have previously considered, have the skills for or providing ad-hoc?

What will customers get from using your product or service? Remember, a product ultimately exists to help solve a problem for your customers, make their life easier or to entertain them in some way - so always consider your potential clients and customers when putting together a product or service.

Let me know if you'd like to be kept updated of when my next book is released!

In the meantime, if you are starting to create products or a business, then one of my previous books is for you - order from Amazon at: https://www.amazon.co.uk/dp/B08C8R9R9W