How to Create Your Own Product 2 – Setup and Marketing Approaches

MODULE 1

CHAPTER 12

How to Create Your Own Product 2

– Setup and Marketing Approaches

1.0 Introduction

2.0 Objectives

3.0 Main Content

3.1 Definition of Business Model

3.1.1. Types of Business Model

3.1.2 Email Marketing (Freemium Mixed Model)

3.2 Experts and Friends Appraisals

3.3 Payment Processor

3.4 Traffic, Traffic, Traffic

3.5 Launching Your Product

3.6 Two Important Decisions

3.7.0 Selling on Your Own Personal Website

3.7.1 Benefits

3.7.1.1 Be Your Own Boss

3.7.1.2 Cashing in on Your Virtual Authority

3.7.1.3 Ever-flowing Streams of Residual Income

3.7.1.4 More Opportunities

3.7.1.5 Top Secret Reason Why You Should Create Your Own Product

3.7.1.6 Expert-In-The-Making

3.8 Challenges

3.9 Selling Your Products on Third Party Websites

3.10 You Are In For the Long Haul

3.11 Rinse and Repeat

4.0 Conclusion

5.0 Summary

6.0 Assignment

1.0 Introduction

I covered most parts of this process in the preceding chapter. I purposely did that so I can have enough time and space to discussed other critical factors that may affect the profitability of your digital product(s).

The area so far covered include:

  • The Process
  • The Act and the Art, etc.

The following areas are to be covered here in details:

  • Your Business Model
  • Your Long-term Strategy
  • Friends and Expert Appraisals
  • Payment Processor
  • Product Launch
  • Traffic, Traffic, Traffic
  • Two Important Decisions
  • Among Others.

2.0 Objectives

At the end of this ecourse, you will be able to:

  • Know the different methods you can use to market your information product in online marketplace
  • Choose the best method to market your information product for higher profits
  • Choose the best method to market your information product for better control

3.0 Main Content

3.1 Definition of Business Model

Business model is the approach you are using to run your own business, in this case selling your own information product.

There are many definitions of the phrase ‘business model’.

It is only one of them that I am going to use here because, it is not too academic for our practical use.

That one is the definition provided by Investopedia which states inter alia:

‘A business model is the way in which a company generates revenue and makes a profit from company operations’.

3.1.1 Types of Business Model

In this case I want you to decide ab initio on which of the following models you are going to use to do your business:

  • Information Marketing (Mixed Soft/Hard Selling)
  • Email Marketing (Freemium Mixed Model)
  • Blogging (Mixed Soft/Hard Selling)
  • Guest Blogging (Mixed Soft Selling)
  • Forum Marketing (Soft Selling)
  • Niche Site Model
  • Review Site Model
  • There are many more models that could be listed…

You need to get used to one model and stick to it for a while, when you have become conversant with it then you add another one and so on and so forth.

For this reason I will only review only one model here.

3.1.2 Email Marketing (Freemium Mixed Model)

This is the best, simplest and possibly the fastest model to set up your online business and run it into 6 or even 7 figure in the shortest possible time, initially using free and later even paid resources to scale it up for higher profitability.

Running your business on this model involves 5 simple steps namely:

  1. Traffic
  2. One-page website
  3. Autoresponder
  4. Thank You Page
  5. Broadcasting (to email or phone sms)

You can find details of these steps here.

3.2 Experts and Friends Appraisals

Whichever model you choose to run your business on, do not forget to test-run it by yourself as well as using some experts and your friends, before opening it up to the public.

The experts are people with impeccable experiences in your chosen field who are willing to mentor you for success. They will later become your business associates (Joint Ventures) or provide some revered testimonials that will positively impact on your profitability.

On the other hand, you are going to sell to ordinary people like your friends and relations, thus their own side of views can give you some insights that will make your product to be readily absorbed in the market.

So give a sample copy of your own newly created product to them and request for their assessment and testimonials.

3.3 Payment Processor

The next thing to consider is how you intend to collect your money from the sales you make for your information product.

Today in most parts of the world, you can use online payment processor to sale any kind of product on the internet. This was not the case ten years ago when I first began this business.

Just Google for payment processor and you will have enough to choose from, ranging from PayPal, Shopify, WooCommerce, 2CheckOut, Stripe, AuthourizeNet, Amazon Payment, to Google Wallet.

The setting up process is getting easier by the day. Also the instructions on how to integrate them to your website are available on each site. Go there.

3.4 Traffic, Traffic, Traffic

Even when you plan to use other marketers to sell your products as affiliates, you will still need to do marketing by yourself to some extent. This is advisable so that you can get some proves to convince your affiliates on the marketability of your product.

For most beginners with little or no budget, using social media is the preferred way to go. This should be combined with other methods of free or inexpensive traffic like EzineArticles.

I will write more on this in another chapter of this ecourse.

3.5 Launching Your Product

The most important thing to do before your product launch is: planning.

Make a detailed plans of how you are going to swing the market momentum to your side to ensure the profitability from your product sales.

Such plan may include but not limited to:

a) Plan your launch date to start as early as possible, i.e. early planning

b) Get the Big Wigs of the Industry involved – possible make them joint venture partners, give certain percent of your profit.

  1. Make it easy for many people to learn about your product – Social Media
  2. Make Your Product Mobile-Friendly – today the mobile web holds the market sway, it will be foolhardy to ignore it
  3. Make it an Event
  4. Create a Suspense towards the launch date to heighten desire and expectation. This has been proven to increase sales on the launch date.
  5. Take beta pre-dated orders at a reduced price
  6. Use a Press Release
  7. Focus on your Avatar/Persona and not your product
  8. Create Your Universal Selling Point (USP)

There are other details on product launches here.

3.6 Two Important Decisions

There are 2 important decisions that you have to make after your new product is ready for sell. These are:

  1. To sale it on your own personal website or
  2. To sale it on a Third Party Website

3.7.0 Selling on Your Own Personal Website

If you are selling on 3rd party websites, most of the steps discussed above will be a walkover for you, as the company will do them on your behalf.

However there are some benefits that you will also miss for doing so.

3.7.1. Benefits

Such benefits include those listed below among others.

3.7.1.1 Be Your Own Boss

Selling on your own website controlled (managed, hosted) by yourself is the best way to become your own boss. You set your prices, you set your targets, you set your commissions, you set your own time of work, and you set and plan for the level of profits that you want to make.

Have you seen any other business that is sweeter than this?

You are really your own boss in the truest sense of the word! You are in full control and it is you that determines all of your monetization methods.

Building your information product is actually the easiest way to achieve everything that you want in life as well as helping others to realise their destinies and their dreams.

But you will miss all these and subsequent ones if you are selling on third party sites.

3.7.1.2 Cashing in on Your Virtual Authority

As a product owner you gradually build up your Goodwill over time. Of course I suppose that you and everyone else know the importance of a Goodwill. If you want to know more, ask the corporate giants and they will tell you that their Goodwill is worth Billions of Dollars.

And that is worth relying on over time as a product owner. To develop a high-value Goodwill, you need to develop a good product and not a scrap, as well as use your blog, vlog and social media skilfully.

3.7.1.3 Ever-flowing Streams of Residual Income

Residual income is type of income that you don’t regularly and actively work for it to provide a continuous cashflow. You only set up and forget, and the money keep flow ceaselessly to your bank account.

This is different from employment income that you have to work for it on a daily basis.

For your own information product, the initial work may be intensive, but subsequently, you only update it once in a while to keep up with trends in your industry.

The work is decrementally negligible while the product is incrementally profitable.

This means if you have 2 or more products, you can quickly attain a special status: unemployable.

3.7.1.4 More Opportunities

At this level of success you will be open to opportunities to joint venture with the captains of the Industry. And do not be surprise if you thenceforth experience not just success, but astronomical success: unlimited income.

Deals website like Groupon, Bloggers and other marketers with large Lists when properly targeted will open up a whole new world of internet marketing for you full of unlimited pleasant surprises.

3.7.1.5 Top Secret Reason Why You Should Create Your Own Information Product

– Affiliate Program. This is one main reason why you should own some information products online. When many people are selling your products for you, you will surely experience income explosion in your own business.

I have already noted elsewhere that affiliates bring to your business their own expertise as well as their large lists of free and targeted traffic. These are great assets that will have great impact on your business.

Setting up an affiliate program is getting easier by the day. Software like iDevAffiliate and Post Affiliate Pro are almost turning the process of selling your own products through affiliates to an all comers’ affairs.

3.7.1.6 Expert-In-The-Making

Everyone see you as an expert when you write a book. Even if you are just beginning, it is only you and your spouse that know that secret – that you are only a beginner.

If your info product is professionally written (even by a Ghostwriter or Ghostworker as they are often referred to) it opens up several windows of opportunities for you. These include but not limited to Conference Speaking, Guest Blogging, Joint Venturing, etc.

Purse for a while and think on these avenues, it is only expert that are invited to participate at such meetings. But even one product owned by you can open up those opportunities for you. As a newbie when they begin to come, do not be afraid to accept those invitations and confidently perform your work.

The basic truth is that even with this ecourse alone, you know more that 95% of your audience, you are already an expert (at least in the making).

3.8 Challenges

But there are some challenge along the way such as:

– having to deal with Customer Service and

– the Learning Curve involved, etc.

It is for these very reasons that some people prefer using third party websites.

3.9 Selling Your Products on Third Party Websites

There are so many third party websites that are waiting and ready to sell your own product for you. They include but not limited to ClickBank, Send Owl, JVZoo, Payspree, Commission Junction, DPD, Post Affiliate Pro, iDevAffiliate, and others.

You can also sell at Amazon by creating your product in their special format known as Kindle Book to be downloadable and readable in their special device known as the Amazon Kindle Device.

The main advantage all of them have are:

  • the setup speed (some are free, others one-time payment)
  • their wide array of experienced affiliate marketers,
  • payment processor
  • professional customer service and
  • free promo

But they will take the control of most aspect of your business from you. They can also de-list you at will and without any specified reason(s).

I want to state here that for obvious reason, it is better to learn and use both systems to maximize your profits over time.

3.10 You Are In For the Long Haul

When you have a product in the market, you are in this business for the long-term benefits.

What you do now will surely hunt you in the future for good or bad. So be a man of your own word, deliver on your promises and when not possible give cogent reason(s) as soon as possible and make refunds where applicable.

That is: – Transparency.

Over time this will result in positive reputation and a good public image for your business. These are the souls of Internet business.

Notice that most people that you deal with in this business do not know you in person. They only act on trust, please do everything possible on your side to preserve that trust.

Once beaten, twice ashamed, I think that’s a valid saying here.

As you might have suspected this is not a get-rich-quick kind of business. So if you were looking for such type of business, please dumb this one and look elsewhere.

However if you can pull yourself through the learning curve, I can assure you that there is no other business that can pay you returns on your investment that is as high as this one.

You will be unemployable!

3.11 Rinse and Repeat

The process of creating a digital product is as simple as that. Well, as you become more experienced, you can go on to add the fancies and jingles, but for someone who wants to make money as soon as possible, this is all that you will need to set up a successful business.

As the profits roll in, you can then think of other ways to upgrade your product for greater profits. You can also expand to create products in others niches with the sound reputation you built from your initial market niche.

Never be discouraged if you don’t make much money with your first info product. You only need to make sure that it is as solid as gold in terms of quality.

Down the road you will discover that it was the launchpad to your newfound success, a major milestone that shot you to limelight.

4.0 Conclusion

With a good product to sell, you need a little knowledge of market research, SEO and copywriting to launch out profitably. Some of them have been covered while others will soon be covered in other parts of this ecourse.

5.0 Summary

This is the concluding part of what you need to do to set up the information product you created and sell profitably.

Two powerful software (websites shown as images) were also introduced to simplify the process for you.

Next, you will need to create and set up a salespage and that is what we will discuss in the immediate chapter of this ecourse

6.0 Assignment

By now you might have started this business using Affiliate Product. This is important so that you can be making money along the way while working on your new product.

Please go over the last two chapters again and start experimenting on those ideas in your mind.

Yes, you can!

How To Create Your Information Products Using Private Label Rights Ebooks

If you didn’t know it before, I’ll tell you today. If you want to make big money online, you have to create your own products.

Forget about all the noise about AdSense and affiliate marketing. I’m not saying they cannot make you money, but if you want to build a sustainable internet business, then you must have your own products.

Or why do you think that the big AdSense and affiliate marketing guys have their own products. Even if you don’t sell them well at the beginning, you can offer your products as bonuses to people to come to your site and buy other products through your affiliate links and even to click on your AdSense.

Having said that, I must confess that it is a lot of hard work to create your own product. You have to do the following and more.

– You have to do a market research

– You have to write pages and pages of book

– You have to create ecover graphics.

Heck! Small wonder many people don’t do it.

You can however avoid the above problems and have your own product with your name and copyright on it by investing a little amount of money on Private Label Rights products. It is very easy to do.

So here is a breakdown of how to do it.

1) Purchase a Private Label Product.

2) Brand it as your own by putting your name as the author.

3) Edit it by adding what you want to the contents and also by removing what you don’t want to give it a personal touch. This is important because there will be others out there with the same rights.

4) Create a new ecover for it or edit the source file you were provided with.

5) Go online and sell your product or give away to build your list

Last note: Do not go for a right that is too cheap. If you’ve got a package of 20 products for just $5 then you should know that thousands of other people out there have the same rights.

Also you should buy rights directly from the creator of the products only and not those that bought the rights and are reselling the rights. Buy from only those that say you can only use it for personal business and not the rights to give the rights. No master resell rights.

Follow these tips and you will be creating your own products in the next 24 hours.

7 Ways to Create a Premium Version of Your Product

So how do we go about creating a premium version? Let’s run through a few tips.

Remember, your premium version will be costing more. So it must offer your customer more. The clever bit is that the rise in price is always much more than the rise in effort and time needed to produce it, so you’re always the winner!

These are all good ideas:

1. Make it longer

Add more pages and more words. This really is a no-brainer way of producing a premium version.

2. Have more detail and quality in your premium version

For example facts, figures, case histories, interviews and useful contacts. Again easy.

3. Bundle in free products

Normally, customers of the ‘basic’ versions of your product have to buy these. By adding in freebies, your premium customers can then clearly see the benefits of paying extra.

4. Include more features.

Including software is a great way of doing this. Another way to do this is to create your premium version first then strip it down into a basic version. You could even produce a free, basic version to promote the premium version.

5. Offer more services

You can offer such value-added services as consultancy or mentoring.

6. Put in video and audio elements

Perhaps add in some DVDs, teleconferencing, or other extra digital content. These are the future and they add real clout to your premium version.

7. Offer more status

Upgrade your premium customers to an ‘inner circle’, ‘platinum membership’ status or similar. With this they can get personalised service, or even direct access to you.

Now this is where it starts to get exciting. Let’s have a look at the financial benefits to you when you produce a premium version.

Let’s say you are selling a course that costs £199. Your course has done pretty well over the last year. You’ve sold 500 courses netting you £99,500 – not bad for your first year in information publishing. That should be enough to tell you that you’re onto a winner, and that producing a premium version is the way forward.

So you produce your premium version: Add in some extra length, information and detail. Throw in a few extra services, such as e-mail, telephone, or Skype consultancy. And maybe a DVD or two, as well as some extra content they can download on your website. Things that offer big benefits to your customers but aren’t difficult to provide.

Using the rule of thumb above you decide to offer your premium courses at £599 a pop. That seems a big jump. But remember the rule suggests that a third of the 500 people who bought your course in the first year probably thought your product was far too cheap. And wanted to pay you a lot more!

So in your second year look at what happens: You market both courses simultaneously. A third (166 people for the sake of argument) buy the premium version while 332 buy the basic version. This what your turnover will be in year two:

332 x £199 =

£66,068

166 x £599 =

£99,434

TOTAL

£165,502

(In actual fact you will probably sell a lot more courses now you’re established. But to illustrate the point let’s estimate things on the low side.)

Total turnover for the year: a very healthy £165,502! Sixty five percent more turnover from much the same thing. In fact, you’ve made 50% more money from selling half as many premium courses alone!

Another very appealing aspect of producing and selling a premium version is that in the unlikely event it doesn’t work you still have your basic version to rely on. So there is really nothing to lose by trying it.

In this example is a course. But you can use the same principles with any information product: Publish a book then publish a premium hardback book. Publish a newsletter then a premium newsletter for your inner circle. Set up a website and then have an exclusive members area that costs more. Do seminars, then do premium seminars lasting several days or a weekend. The sky really is the limit.

Information Marketing: How To Create An Ascension Business Model

It is very easy to create an ascension model for an online information marketing business. In this article I am going to explain this model is and how you can easily and quickly build one.

What is an ascension model?

With this model you offer products beginning with a low price and then gradually ascending to a higher priced product.

There are advantages with this model.

As the product creator and in particular for those who are just starting out on their information business, it is far less daunting to think about creating a low priced item than a higher one.

For example, a $27 product sounds feasible, whereas a $490 product perhaps sounds beyond your capabilities.

By creating low price products first you can build your confidence and also begin to understand what it is you can offer and how much you have to offer.

For your customers, using this model helps them to purchase something of low price and therefore low risk to see what kind of quality you offer.

Obviously your lower priced products must reflect the quality and value that your customers would expect from a premium product. It doesn’t matter what the price is – the quality must be the same.

Credibility Tip

Make sure that as you create higher priced products you enable your customers to have visibility of them so that they don’t think you are only capable of producing low priced items. This is really important for your credibility and authority levels.

How to easily create an ascension model

One easy way to build this ascending model is to create 4 low priced products on various topics in your niche and then combine them together to produce the high priced product. Another way to do this is to again use those low priced products and combine them into a weekly or bimonthly continuity product.

By using what you already have created and packaging it into a product of higher price you can quickly and easily increase your product portfolio and product price range.

The more low priced products you create, the more ways you will be able to repackage them into new products with varying price points.

Another easy way to create a high end product is to offer coaching and include your other products as training material to be used as part of the coaching program.

Send out a weekly training and then discuss this during the coaching element.