Study the hits. As a producer, you have to know what makes a song a hit. You will find you need equal parts art and science to understand this. While much of what makes a hit song is a feeling, other common elements should be considered, such as catchy hooks or titles, memorable melodies and repetition of the most outstanding words or melodies.
Choose your artists carefully. Starting out, you want to establish a reputation for knowing a potential star when you hear one. Don't get over-excited and take just anyone into the studio. Search for someone who has an interesting voice. Find a band that has a sound you've never heard before. You don't want your artists to fit in; you want them to stand out.
Take your time choosing music. Regardless of whether you or the artist wrote the songs, don't settle for mediocrity just because your ego is involved or don't want to hurt someone's feelings. Insist on the best recording of the best song. Stand up for excellence, and your artist will follow your lead.
Use a great engineer. As a producer, it is not your job to run the equipment, or even to know what it is capable of. Ask the engineer for the sounds, effects and editing you want, and let them figure out how to do it. Focus on your art, or else your thinking will get bogged down in technical considerations.
Listen for magical mistakes. Not every great musical moment comes from planning and rehearsing. Sometimes something unexpected happens in a performance. At first it may sound quirky and unusable, but train yourself to consider mistakes opportunities.
Learn how to market. Part of becoming a top producer is knowing how to get your recordings heard by the public. Determine what genre you are producing, and market to listeners in that genre. You might be a great producer in the studio, but you won't be a top producer until the listening public acknowledges you.