One of the most important ways to sustain profits in your business is to create new products and services that your targeted audience will be eager to buy. You can accomplish this in a number of ways.

The most obvious is the new product launch. If you know your niche well, you should have a pretty good idea of what they really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.

If you are not sure, take the time to survey the target market on your email list/s or poll them on Facebook or Twitter to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will certainly stop you from wasting a lot of time, effort, and perhaps money creating product A when they are really eager to get their hands on product E.

In terms of launching the product, have a soft launch and a hard launch. The soft launch should be to those in your inner circle. They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in review cards, and ask questions.

Let your Joint Venture partners know that the new product has arrived and let them have first look as well. Ask them for feedback so your product will be attractive to their audience as well. Once you are sure your product is as good as it can be, at the correct price point for your target audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.

Webinars can prove very useful for product creation. Record each session and offer it as buyable product or promotional item. Have a transcript made to sell as is. Turn it into a free ecourse, special report, or an e-book of insider secrets. If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.