The Idea Factory
(Keep a Word Document, Google Doc, or a Digital Journal to answer the Action Steps.)
The Idea Factory (It all Starts with an Idea)
1-What are your top 5 Ideas for best products or services?
(-Create an Ideas list that contains ideas with 1 product or service.
-Ideas can be a bundle of products or services but only one SKEW.
-Ideas can be new Ideas or an existing product or service you currently sell.)
2-What's your Best Idea on your top 5 list?
3-What is the Largest Problem your product or service solves?
(List the problem and solution)
4-What are 3 other problems your product or service solves?
(List the problems and solutions)
5-Who are your top competitors found on Google?
(Paste links to their website)
6-Who are your top competitors found on YouTube
(Paste links to their videos)
7. What are the top Facebook groups where your potential customers will join?
8-What do you currently or will do better and different from your competitors?
9-Is your product or service Local, Regional, or National?
(The more potential customers you can serve the easier advertising will be to gain a positive return on Ad spend)
10-What does your product sell for?
(Lower cost Items gather market share and create remarketing opportunities)
11-According to your above answers on your product or service price, how many units would you need to sell to generate $1million in sales?
12-How many units are you currently selling?
13-What is your product margin?
(Needs to have at least a 50% margin)
14-What question will your most likely customer be asking when searching YouTube for the answer?
(Write the question out exactly as you would be searching it if you were your own perfect customer. Describe)your customer avatar.)
15-When you copy and paste the question your customer will ask in YouTube search, what are the videos that are most applicable to your product or service?
(List the links to the top 3 most applicable videos here.)
16-How many views have the most applicable top videos received and how old are the videos?
17-What are your potential earnings from one YouTube campaign?
The average # of views of the top 3 most applicable videos multiplied by .1 equals your potential customers.
Multiply your potential customers by your product price for your potential earnings on one build-out.
# of Views x .1 = Potential Customers
Potential customers x Product price = Potential YouTube campaign earnings
18-Does the Product or service pass the 7 figure test?
19.Does your product or service have a potential audience in Facebook groups and does it show up clearly as a problem and solution on Goggle?
20-Why do you want to build this 7 figure business with this specific product?
(After answering the above question, ask why, to the response you have written. Continue answering the Why question with the answer you discover 50 times in a row.)
21-After seeing the potential customer size from one market and asking yourself WHY 50 times in a row do you still feel like this is your best Idea and do you want to spend time building out the machine that will sell 7 figures of this product or service?
(if you answered Yes, I want to move forward then let’s go to the next section!)
If you answered No, that's no problem just start over in this exercise and choose your next Idea.)