How To Choose The Right Product OR Program
Of all the things someone needs to know when they decide to make a real go at making a home-based business work, this is the most important. Without the right product, you have nothing.
So how do you decide which product or program is right for you?
There are several deciding factors that make a product either the right choice or the wrong choice for YOU. Remember, you may be really good at marketing widgets where I may fail miserably because widgets just aren't right for me.
Here is the list of things you should take into consideration when looking for the right product to market or sale:
Direct Sales or Affiliate Marketing?
Direct Sales in short hand is where you sale a product directly to the end user. In direct sales you are solely responsible for the amount of income you can generate. Affiliate marketing on the other hand (if the company is well run) can help you generate several streams of income one of which would be direct sales. Examples of Direct Sales would be eBay, Amazon, or a web mall where you come up with the product and put it out there to be purchased. Some examples of affiliate marketing (which is where most of us are) are Melaleuca and Amway which we are all familiar with.
Now whether you choose to do Direct Sales or Affiliate Marketing is completely up to you. If you decide that direct sales is for you, just stay tuned because I will have a post about where you can get your products and how to make them sell.
I prefer Affiliate Marketing for several reasons. For starters, I don't have to go out and find the product, in most cases I would never have to store the product since most companies will either drop ship or have electronic products that are immediately downloadable or sell a service and while I can make money from direct sales, I can also create additions streams of income by leveraging the efforts of many others.
Passion
When you have a list of products and companies that you think you would be interested in building, the quickest way to narrow it down is by asking yourself one question... Is this a product that I can be passionate about?
Chances are there will be a few products on the list that will fall by the wayside in a hurry. I've seen all kinds of products that I thought could make money but I couldn't make money with them because I could never be passionate about it. When you talk to someone about your product or business opportunity, YOU MUST BE PASSIONATE! People get a sense of overwhelming joy when they talk to someone who is passionate about the product you are offering. If you are passionate about it you can sell it... Period.
Different people are passionate about different things. Quick Story: I once marketed a cell phone company because they offered regular cell phone service to people who had credit challenges. Didn't matter what your credit situation was, you could get a regular cell plan just like everyone else. That's something I could get excited about because it was helping someone who probably needed it.
Do your products get your excited? If they do then that's a start.
MONEY MONEY MONEY!
One of the deciding factors in choosing a product is cost versus return.
How much does it cost for the business opportunity or product? This is a key question because it determines a lot of things. Is it affordable not only for you but for your customers and what is the profitability at that price?
Does the start-up cost of the business opportunity put a strain on your budget? If it does then I would say "pass" on this particular program or product. If your finances are in disarray because you spent too much money getting started, it could lead to strain and stress on other things such as relationships and the ability to cover other expenses. You absolutely will not be able to thrive in a business that you see as a cause to other problems especially if those problems are financial. The option would be find a more affordable opportunity or product and build toward getting into the more expensive programs.
The other side of the "money factor" is the pay plan. Direct Sales is easy to figure out. You pay "x" amount for the product, you sell it for "y" amount of profit. Affiliate marketing on the other hand is a little more complicated because it is possible to get paid from several different avenues. Over the years, some very creative people have come up with some very innovative ways to pay their associates. Here are the main compensation plan structures:
- Direct
- Matrix
- Binary
- 1 up
- 2 up
There are other pay plans but these are the ones you will see the most of. I suggest getting to know what each one is and how it works because this is how you will be paid. I will cover what each one is and how it works in my next post.
Do Your Research!!!
The Company
What kind of reputation does the company have? How is their customer service? Do they pay on time? What kind of marketing tools have they made available to members? etc...
It is easy to find out if there are complaints about a company by using the links below:
Scam.com
Ripoff Report
Scambusters
Money Maker Group Forum
If it's online and someone had a bad experience you will find it on one of those sites. With that being said, don't take just a few peoples word for it. Try to find some people who had good experiences and get their take on the company too. Remember that these companies have thousands of members and that if 5 or 10 have posted something negative doesn't mean the company or product is bad. They could have just been bad seeds that didn't want to work and decided it was the company's fault. So be diligent in your research and it will pay off.
Also take in to account the person who is referring you. Do you know them? What experience do they have? It's important to sign up under the right person so they can help you build your business. If they are new, it doesn't mean they can't help but they have to know the opportunity and must be trying to learn and pass that on to you.
The Product
Is the product itself viable on the market?
Is the market too saturated with similar products?
What makes the product unique?
Can YOU market this product passionately?
What is the cost?
What is the profit?
These are all questions that you have to answer before deciding on the product that is right for you. There are many more but the two I focus on as I said before are "Can I be passionate about this product?" and "Can I morally sell this product without hurting anyone or making them lose money?" Those are the two things that are most important to me. You will have to decide what is right for you. I suggest making a list of questions and weighing the pros and cons for a product before making a final decision.
Well, I'm going to call that a wrap for tonight since I'm starting to see double. I hope this helps somewhat when you are making a choice on the companies that interest you. There of course are other factors that come in deciding which product is right for you but this should get you started. If you have any questions or ideas please feel free to post or send them to me.
Thanks,
Brad
"It's not what you know but how many people you teach what you know"
So how do you decide which product or program is right for you?
There are several deciding factors that make a product either the right choice or the wrong choice for YOU. Remember, you may be really good at marketing widgets where I may fail miserably because widgets just aren't right for me.
Here is the list of things you should take into consideration when looking for the right product to market or sale:
Direct Sales or Affiliate Marketing?
Direct Sales in short hand is where you sale a product directly to the end user. In direct sales you are solely responsible for the amount of income you can generate. Affiliate marketing on the other hand (if the company is well run) can help you generate several streams of income one of which would be direct sales. Examples of Direct Sales would be eBay, Amazon, or a web mall where you come up with the product and put it out there to be purchased. Some examples of affiliate marketing (which is where most of us are) are Melaleuca and Amway which we are all familiar with.
Now whether you choose to do Direct Sales or Affiliate Marketing is completely up to you. If you decide that direct sales is for you, just stay tuned because I will have a post about where you can get your products and how to make them sell.
I prefer Affiliate Marketing for several reasons. For starters, I don't have to go out and find the product, in most cases I would never have to store the product since most companies will either drop ship or have electronic products that are immediately downloadable or sell a service and while I can make money from direct sales, I can also create additions streams of income by leveraging the efforts of many others.
Passion
When you have a list of products and companies that you think you would be interested in building, the quickest way to narrow it down is by asking yourself one question... Is this a product that I can be passionate about?
Chances are there will be a few products on the list that will fall by the wayside in a hurry. I've seen all kinds of products that I thought could make money but I couldn't make money with them because I could never be passionate about it. When you talk to someone about your product or business opportunity, YOU MUST BE PASSIONATE! People get a sense of overwhelming joy when they talk to someone who is passionate about the product you are offering. If you are passionate about it you can sell it... Period.
Different people are passionate about different things. Quick Story: I once marketed a cell phone company because they offered regular cell phone service to people who had credit challenges. Didn't matter what your credit situation was, you could get a regular cell plan just like everyone else. That's something I could get excited about because it was helping someone who probably needed it.
Do your products get your excited? If they do then that's a start.
MONEY MONEY MONEY!
One of the deciding factors in choosing a product is cost versus return.
How much does it cost for the business opportunity or product? This is a key question because it determines a lot of things. Is it affordable not only for you but for your customers and what is the profitability at that price?
Does the start-up cost of the business opportunity put a strain on your budget? If it does then I would say "pass" on this particular program or product. If your finances are in disarray because you spent too much money getting started, it could lead to strain and stress on other things such as relationships and the ability to cover other expenses. You absolutely will not be able to thrive in a business that you see as a cause to other problems especially if those problems are financial. The option would be find a more affordable opportunity or product and build toward getting into the more expensive programs.
The other side of the "money factor" is the pay plan. Direct Sales is easy to figure out. You pay "x" amount for the product, you sell it for "y" amount of profit. Affiliate marketing on the other hand is a little more complicated because it is possible to get paid from several different avenues. Over the years, some very creative people have come up with some very innovative ways to pay their associates. Here are the main compensation plan structures:
- Direct
- Matrix
- Binary
- 1 up
- 2 up
There are other pay plans but these are the ones you will see the most of. I suggest getting to know what each one is and how it works because this is how you will be paid. I will cover what each one is and how it works in my next post.
Do Your Research!!!
The Company
What kind of reputation does the company have? How is their customer service? Do they pay on time? What kind of marketing tools have they made available to members? etc...
It is easy to find out if there are complaints about a company by using the links below:
Scam.com
Ripoff Report
Scambusters
Money Maker Group Forum
If it's online and someone had a bad experience you will find it on one of those sites. With that being said, don't take just a few peoples word for it. Try to find some people who had good experiences and get their take on the company too. Remember that these companies have thousands of members and that if 5 or 10 have posted something negative doesn't mean the company or product is bad. They could have just been bad seeds that didn't want to work and decided it was the company's fault. So be diligent in your research and it will pay off.
Also take in to account the person who is referring you. Do you know them? What experience do they have? It's important to sign up under the right person so they can help you build your business. If they are new, it doesn't mean they can't help but they have to know the opportunity and must be trying to learn and pass that on to you.
The Product
Is the product itself viable on the market?
Is the market too saturated with similar products?
What makes the product unique?
Can YOU market this product passionately?
What is the cost?
What is the profit?
These are all questions that you have to answer before deciding on the product that is right for you. There are many more but the two I focus on as I said before are "Can I be passionate about this product?" and "Can I morally sell this product without hurting anyone or making them lose money?" Those are the two things that are most important to me. You will have to decide what is right for you. I suggest making a list of questions and weighing the pros and cons for a product before making a final decision.
Well, I'm going to call that a wrap for tonight since I'm starting to see double. I hope this helps somewhat when you are making a choice on the companies that interest you. There of course are other factors that come in deciding which product is right for you but this should get you started. If you have any questions or ideas please feel free to post or send them to me.
Thanks,
Brad
"It's not what you know but how many people you teach what you know"
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