Unfinished products profit

What if I told you that instead of finishing that product you were working on, you should stop where you’re at right now, set up shop, and open your doors to paying members?

Well a few weeks ago I would have been one of the first to say: “Buddy, you’re setting yourself up for disaster!”

Unfinished products profit
Unfinished products profit

But Corbett Barr of ThinkTraffic.net has done just that.

A while back, I wrote up an article for Think Traffic on the 7 Biggest Conversion Killing Mistakes.

And time to time I go back to check the site out (they have some nifty articles on there!)

When I hopped over there last week, an article he wrote grabbed my attention.

Corbett and his team has been setting up a s service site called Fizzle, a video training platform for online business builders.

Alright, fair enough, you think.

But what grabbed my attention was the fact that Corbett and his team openly launched the product unfinished.

Nothing shady or tricky here, the purchasers were made aware that they were currently paying for a product in development. And you know the results?

They sold out the first round of memberships in just a few hours.

Why? There’s several reasons. First off, Corbett has always been very open and honest when it comes to his business. Being upfront and candid has helped him build a loyal and responsive community base.

But also because people knew that he would continue to tweak and improve the membership – and they would be able to help lay the groundwork for the change.

This is a product development methodology known as “waterfall” – explained below by Corbett:

“Waterfall is a sequential development process where all analysis is complete before planningbegins, which in turn is completed before implementation begins, which is completed before testing, etc., etc. A project is then released only when all requirements have been implemented.

In software, the waterfall methodology has fallen out of favor over the past decade because it often leads to failed projects. For most software projects, it’s impossible to know everything you’ll ever need to know about a phase before moving to the next. Customers, for example, likely won’t know what they really want until they get to interact with an actual interface.” – Corbett Barr

Waterfall works best with products that constantly get tweaks – for example, Software or Membership sites.

The main idea here, is get the product out there. Don’t wrap yourself up in all the bells and whistles! You can always add those things later as you keep improving your product.

But the only way this methodology will work is if you’re DEDICATED to your product

Don’t think you can just throw out a half finished product because you’re too lazy to finish.

You have to actually care about the development, and put it out there with the intention to continue to improve and grow it.

But if you utilize this technique correctly, you can save yourself a lot of wasted time and heartache – while giving your customer EXACTLY what they want.

Free marketing research help and a full ‘testing’ team that pays you while they get to help develop the product? Sounds like a win/win!

Go on and check out the original article here, and pop in a comment! 

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