When it comes to product creation, one of the biggest myths is that you have to develop something completely new in order to be successful.

That’s simply not true.

Often the surest strategy for creating a high revenue product is to take a look at other successful products in your industry.

Think about it… successful products have already passed the market research phase of development, they have an audience that’s buying them, and they are already well-known in the industry or niche.

I know what you’re thinking. Obviously, you can’t just go out and copy someone else’s product, slap your name on it, go out and sell it. That would be completely wrong, not to mention illegal, and you wouldn’t make any money on it anyway because everyone in your niche or industry would see you as a copycat. You don’t want that.

But here’s what you can do: Model your new product on that successful product and publish your new product in a completely new format.

For example, let’s say that your competitor has an ebook that’s selling like hotcakes. You could easily create a video series, audio course, home study course, or physical product based on that topic. After all, you already know there’s a market for the information your competitor provides, so there’s no reason why you can’t create a competing product in a different format and get your piece of the pie.

If you really want to be competitive, buy your competitor’s product and find out where their product is weak or lacks information. Then when you start the product creation process you can be sure to add the information that your competition’s product lacks. This will make your product even more competitive.

You can also apply this same product creation idea to one of your own products!

Simply take a look at your own successful products and reformat them in different media to create your own new profitable products!

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