Affiliate Marketing and Using/Creating Private Label Rights (PLR) content: we’ve covered each of those business models this month so far with a number of posts on each.
Product Creation is what I’d love to cover for you this week.
Where would we be in life if there were no product creators? Would we not have a wheel and so transport? No power, fuel or food as we know it. And books, no books so less ease of access to education.
Every business benefits from creating products, even service businesses. I’m not talking necessarily physical products – for the purposes of this post I’m referring to digital products.
Digital products can be created for the purpose of lead generation or revenue generation.
In the case of leads, most people accept that an email address is the currency to access many things on the web. Whether it’s receiving a publication of some sort, viewing a video, listening to an audio … in lots of situations now one exchanges personal data for the product. The incidence of false data entry is high and many marketers attempt to minimise this by delivering product access via the email entered.
A lead generation product can be anything of value to your audience. Often that is a short report, a guide, checklist, instructional video, audio interview – an item that is low cost to produce but is perceived high value to receive.
A revenue generator can be a similar or different product which ideally is aligned with the lead generating offer. It may go deeper into the topic of the lead-gen, it may supplement it by extending the range of information provided, it may facilitate the implementation of the lead-gen product content. Think of a coach. A lead-gen may be a “Top 25 Ways to Reach Your Goals With Ease” short report. A revenue product might be “How to Identify and Articulate Goals to Turn Your Dreams into Reality, Fast”. This may be delivered by video or audio or a longer report or eBook. An upgrade to that, to generate more sales, might be a 1-on-1 series of coaching sessions to work with the coach and create those goals. Or perhaps a webinar teaching about goal setting. Maybe an ecourse on the topic.
The ideal with selling products is to link the products so you have a natural progression of offers for your audience. You can certainly have disparate products but if you can align them, it is easier to sell them. Make it easy for your customers to buy from you.
What I love about product creation is that you can create products no matter what your budget. If you have the funds you can have some high quality videos with wonderful post-production effects, delivered through expensive membership site software. If you’re bootstrapping, then you can achieve the same type of product using Google Hangouts and a password-protected page on your website. If you’re totally skint and don’t have your own website, then delivering via email to a private link of the hangout video on YouTube is only going to cost you internet bandwidth – unless you use someone else’s like the local cafe or library 🙂
A mistake many make is to not think through their product line before starting to create a free or paid product.
Your mission then is to
1. think about your audience,
2. identify what they perceive as valuable content (which may different to what you think they want) and
3. map out a free offer and 3 products that logically flow from the free offer that would be saleable. Think ‘good, better, best’ in terms of these 3 products you will offer as upsells.
The clearer you get on (1), the more accurate you are on (2), the better you will do on (3). End result? More money in the bank. And that’s what we want, isn’t it?