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.

Tips to Innovate Product Quality

There are a large number of products available today. The first and foremost thing which comes to our mind, as a customer, is the quality of a product which we would like to purchase. We will be going through some tips which could be implemented as a producer to produce the best quality product in the market.

Keep it Simple – Producer’s creation should be such that it appeals to the customers by its simplicity and ease of use or handling. Customers do not want a product to be complicated or difficult to use. Some products get rejected even after getting shortlisted by the customer. This happens during a trial session!

Tryout the product yourself – Think about the situation where you yourself are not satisfied with the product. It is hence, the most important and ignored part that producers should mind while trying to improve the quality of their product. The producer should indeed be pleased with the quality of his produce. Sometimes quality control is not enough!

Product needs to be Unique – Everyone craves to be different; similarly, everyone also want their products to be different from others. As a producer your vision should be to provide variety to your customer. Variety can be of colors, shapes, sizes and whatnot!

Never Target a particular group – A product can be meant for a particular group of people when produced, but as it comes out in the stores, there can be different types of buyers depending on their personal requirements. People can buy a product for their friends or family, for gifting it to somebody, or simply for any use other than expected!

Focus on the product’s Usefulness – Even if your product is of different use for each customer, but for improving your product quality, you need to focus on how your product can be of a better use for the general customer base. A person by and large buys those products which are more worthwhile!

Avoid Comparing your product – Most of the producers compare their product with those of their competitors’. Comparisons mostly lead to producing similar attributes as others. Customer tends to gets confused when he comes across such a situation where he has to choose between two similar products. Especially when he is out to buy a product for the very first time!

Always remember the rule of customer satisfaction and to promptly redress their grievances. Producing good quality product can be a challenging task, but maintaining and improving the quality at regular intervals of time can be even more challenging. As a producer, one needs to have that zeal for delivering a great performing product on a regular basis. Quality cannot be achieved surprisingly or as a fluke; it is achieved by definite and intentional acts towards Excellence!

7 Ways to Make a Lasting First Impression on Facebook

When consumers are thinking of buying a product or service they go to the internet to do a little research. Social media profiles are often amongst the top results in search listings for brand names. Consumers will probably see your Facebook page before they see your website. That should tell you how important it is to use your social media to create and build a trust worthy brand. In fact, social media channels are search engines too and many times consumers go directly to Facebook or other social media channels for research.

While your website is filled with information about your products or services, social media can work to build trust with consumers by allowing them to see the beyond the advertising and see what a company is about daily as the content changes.

Each one of the tactics below is simple and easy to do but when you take in the overall effect, you will see how your Facebook Page will help consumers believe they can trust you and that you are the right choice.

1. Verify your page – At one time Facebook only allowed celebrities and major brands to verify their pages so you would know it was real person or brand and not an imposter. Now, if you are a legitimate company, you can get verified too. You do need proof you are a real business by providing a business phone number, a utility bill with the business name or your articles of incorporation.

2. Personal branding – Be sure to use your branding elements when creating your page. Stay consistent with your logo, color scheme, and style.

3. About page – Here is where you can really say something about your core values as a business and let consumers know important company details. You can add links to other social media accounts, link to your website or specific products, and include all of your contact information.

4. Show some personality – Social media is not about selling your product or service. It’s about creating engagement with current or potential clients. Showing product demonstrations, behind the scenes videos or images, even pets and family can help to show that there are real people behind the brand.

5. Include brand influencers – You know those people who everyone knows? If you can, include pictures of yourself with them or tag them in relevant posts. Only if you know them. Don’t just tag random influencers, that’s just bad social media etiquette and they could end up blocking you. This will help bring a new audience to your page.

6. Share good news – Did you get a write up or mention on the news? Post it so your followers can share in the excitement with you.

7. Facebook Live – This is huge and only getting bigger. Again, your follows will be able to see you are an actual person behind the brand and will be able to interact with you live. Facebook Live videos get a higher organic reach than recorded videos.

Social media allows you to make a good first impression, and since you only have one chance at a first impression, better make it great!

Profitable Content Creation – How Mistakes Can Be Your Very Best Friend (Use Them)

Profitable content creation allows you to enjoy many benefits online. These benefits include greater online visibility, traffic generation, list building and product creation.

But did you know that the mistake that most people make in their niche can be a powerful source of content for you?

Here’s what I suggest you do:

Step 1 – Consider a specific topic in your niche. In this case the more specific you cna be the more powerful your content will be.

Step 2 – Identify the 3 biggest mistakes most commonly made around this specific topic in your niche.

Step 3 – Name the first mistake. That’s all, just name it. As in: Mistake #1 – Failure to create a list of the most important tasks for the day. Simple as that.

Step 4 – Now say a little bit more about that mistake. How do most people wind up making that mistake? What’s the most common result? etc.

Step 5 – In this next step you get to set your self apart from any one else covering this topic in your niche. That’s because you’re not just going to name the mistake. You are also going to offer what to do instead.

So offer a tip on what to do instead of the mistake. Just a line or two will do.

Step 6 – Now do the same thing for mistake two and mistake three. Name the mistake. Give a little more information about how the mistake happens. Then offer what to do instead. Again just a few lines giving a simple tip about what to do to avoid the mistake or what to do instead.

Now at this point you might be wondering something like this:

“What a minute now. If I give away 3 tips at one time aren’t I going to give away the farm?”

I get that. I used to worry about that too. Then I realized that you really can’t give away the farm in a 400 word article or blog post, or in a 3-4 minute video.

And if you could it would just mean that your farm was not big enough yet, and let’s work on that first.

In reality what you are doing it giving then good information so that you can enjoy being seen as the go to expert on this topic.

As you create your 3 mistakes content, I think you’ll enjoy how you’ll be seen as the expert of choice in your niche, and drive more traffic and build your list with your content.