Product Creation - The Key To Internet Marketing Success!by Andrew Esipov Webmaster Product creation is an absolute essential if you are serious about making real money online. It is literally the Golden Key to successful Internet marketing, and every day, fortunes are made by people selling their own products.
That's not to say there aren't exceptions of course, but if you look at the folks who have made fortunes in this business, 99% of them made them because they bit the bullet, created their own product, and sold it for exponential profits.
Even super affiliates have their own products, which is WHY they are super affiliates in the first place!
First of all, 'Money Honey'! It's great to be an affiliate and sell a product that's not your own because yes, it's easy. But you are only making 50%- 75% of that whole pie, and sometimes even LESS depending on the product.
Now with your OWN product, sure it's a little more work at the outset, but you will receive 100% of the revenue from that product that you sell yourself.
Not to mention if you get affiliates on board, you get a piece of THEIR action too. Over time, that more than makes up for the initial cost and work that goes into creating the product in the first place.
If your goal is financial freedom then product creation is one of the most effective, simple, and lucrative ways to get there, more than any other online job or brick and mortar business.
Tips For Increasing Revenue
Since we are talking revenue, let's talk about a few ways you can increase revenue in your business once you have created your product and begun to market it.
First of all, managing your pricing structure appropriately can reap great revenue rewards. Don't under price or over price your products. Experiment with different pricing structures and test them to see which ones perform better for that particular product. Sometimes you will find that even a dollar difference can make a huge impact on conversions!
You also need to keep your customer and their needs in mind. Keep up with consumer and industry trends so that you can create products your customers want and NEED. This will heavily influence your total business revenue.
Remember it's the little things that count. Create customer loyalty by asking for feedback, creating opinion polls, offering rewards, etc. This will help cement you and your products in the hearts of your customer and hopefully win you stellar word of mouth advertising as well!
Another important thing is to understand the true value of your products and services. So many people when first starting out undervalue their products and/or services. They just tend to think in terms of what THEY would pay for, and since their own knowledge and skills are something they already have, they just do not see the value. But the knowledge you have, while not particularly life altering to you per se could be EXTREMELY valuable to another person.
Finally, look for ways as yet undiscovered to increase your bottom line. Maybe it's producing a line of related products or maybe it's putting together several case studies to promote your current product. Maybe it's just writing and releasing a few press releases about your new product. Who knows? The point is to explore every option and think outside the box. Increasing revenue is a science, but it's not rocket science. Just start experimenting.
Another thing that is great about creating and selling your own products is that you increase your credibility in the eyes of your customers and fan base. Now you're not only some guy who just knows a lot of stuff... you're some guy who knows a lot of stuff and who created a product around it that is providing a solution to someone with a need.
You are now positioned as an 'Expert' on the topic, and will be ratcheting up credibility points right and left with each new subsequent product you put out within that niche. (Of course, that is if they are QUALITY products. Don't waste time or energy creating ANYTHING that is sub- par.)
If the product is great and really takes off, you not only start building credibility with your customer base, but also with your Internet marketing peers. They will see you are really accomplishing something, and see that your product is a hot commodity, and will possibly want to jump on board and help you jump that next hurdle and take your product to the next level.
Not only that, but people will recognize that perhaps you really do know what you are talking about, and all sorts of JV opportunities could open up for you. Whether it's collaborating on your current product, or knocking heads to brain storm a new product with a partner, the opportunities you now have are potentially limitless.
Another great thing about creating your OWN products is that YOU are the one in control. YOU run the show, and YOU call the shots. You can control the sales process, and make any changes you want or need, any time that you feel you must.
You control the price, you control the marketing, you control product. If you want to try fresh sales copy or want to tweak the current squeeze page, it's yours to do so.
If you want to play with pricing to see what price points seem to work the best, you can with no hassles or headaches. If you want to add to the product, refine it, or make it even better... it's all yours! See the trend here?
A HUGE plus in creating your own products is that you can leverage it in so many different ways, so that it more than pays for itself, over and over.
You can do things like:
You can create a product package that includes an eBook, mp3 downloads, video downloads, coaching options, etc. Or any variation on the above to create multiple packages at different price points so that you can access more than one target customer.
For instance, say you create an eBook on 'Smart Investing'. That eBook is just one product. You can also turn that eBook into multiple products that you can bundle into a package and sell for more money.
You can offer the eBook as well as an audio recording so that they can take the information and listen in the car. You can create a video or series of videos talking about different smart investing ideas, or do Camtasia videos showing how to create an investment portfolio or something similar.
There are so many different ways to create a package that leverages your product into something much more valuable, it's crazy. All you need to do is sit down for a brainstorming session and map out your product creation plan of attack!
A firesale can be done to increase demand on your product and attract new buyers. That is the goal of a firesale. How does it work exactly? The bottom line is you offer your product or products at a ridiculously low discount price.
You may only do this for a few hours, or maybe you will offer it for a couple days. That is your choice, but the goal here isn't really profit. In fact you might even suffer a loss at first.
The goal is to hook new buyers, and then gradually raise your prices back up to optimal pricing to see true profit. The secret is finding the perfect balance between pricing and timing. Nail that and you will have a wildly successful firesale.
That said, here are some tips for putting together a firesale and actually being successful with it.
With a firesale, you can not only sell you own products, you can also take advantage of some of that PLR you have cluttering up your hard drive that until now you have done nothing with. Always double check though that whatever products you choose you have the rights to bundle and resell.
Another potentially lucrative idea is to partner up with some fellow marketers and product owners and bundle up all your products together. Then you can work out a split for all profits gained and your customers feel they are getting a great deal.
You will want to bundle all the products you offer together into a nice package. Remember that to a customer, packaging is extremely important. It can make the difference between a sale and no sale. If you can put together a package of related products, even better as these can really be bundled attractively.
You will need to create a high quality sales page with a hard hitting headline and good copy. This is what will help sell your product, so it has to be good.
If that means you must outsource then by all means, consider outsourcing. Poor copy will not convert, and you might as well not even waste your time. Be sure to really drive home what good value your customer will be getting with this firesale package.
You can drum up attention and business by posting your sales letter up on sites like blogger, weebly, and freewebs. You can also sign up for an E-Junkie account and set up a payment button to add to your blog. This will make it super easy for a customer to buy from you, which is exactly what you want!
You can do simple things like social bookmarking your site to help gain attention. Digg, Propeller, and StumbleUpon are 3 of the most popular of these bookmarking sites.
You can even take it one step further, and write articles related to the solutions your products can provide. You would then input your links to your blog or sales page inside your resource box and viola! You are well on your way in your attention seeking efforts.
Finally, just promote your firesale! No one will know about it until you tell them so it is important to spread the word.
You can create discount offers with your product or products. This works great with upsells and downsells, as well as OTO's. You can even offer things like coupon's, buy one product get another half price, etc. That is the beauty of a discount offer; you can make it whatever you want it to be!
This is also a great time to pair up with a fellow product owner and offer cross sell discounts. If they buy both of your products together they save 20% off of regular pricing, or something along those lines.
Affiliate Bonuses (This is big.)
You can use your product as a bonus with affiliate sales, to entice your customers to buy from YOU rather than the next guy. Not to mention you are increasing the visibility of your own brand and product at the same time.
So many people talk about Internet marketing, and how 'The money is in the list'. It's actually, 'The money is in the list and the sale goes to the list owner with the BEST bonuses'! So create a valuable product that you can pair as a bonus with an already highly popular affiliate product, and you have a winning proposition for your potential customers.
You can also offer your product to fellow marketers for free as a bonus to their lists to help create brand awareness of your products and leverage their lists to your advantage.
You can create products that go viral, although generally, viral marketing is seen more as a strategy than a product. However, social media products like Facebook Apps, similar peer-to-peer messaging apps, RockYou, Slide, etc are products that are inherently viral.
Sometimes a product can just contain viral 'Features' such as LinkedIn's ability to import your contacts from your mail client, RockYou and YouTube's use of MySpace Widgets, and the way Amazon introduces and uses affiliate programs are all examples of viral features. This can generate a ton of traffic and hopefully sales as well!
Created on Dec 31st 1969 19:00. Viewed 0 times.