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!

Profitable Product Creation – 3 Lies the Gurus Tell You About Product Creation (What To Do Instead)

Profitable product creation is a great way to be consistently profitable in your online business. And you do want to be consistently profitable in your online business, right?

When I first came online full time in 2007, one of the first things that struck me was how hard “the experts” were making product creation. I listened to a preview call for a product creation course that said it would take at least a year to create a product.

Since I had just created one in just a few days, I thought this could be made much simpler. And one way to make product creation much simpler is to get rid of some of the lies that so-called experts tell you.

3 Big Guru Lies About Product Creation

Product Creation Lie #1 – Product creation takes a long time – As I mentioned above, I once heard some “experts” say that it takes at least a year to create a good product. What this lie does is scares a lot of people off or makes them dependent upon the guru.

The Truth About What to Do Instead – While there are some products that can take a year to create, those are the exception rather than the rule. And now I’ll prove it: create a 45 minute teleseminar or webinar. Present it – record it – sell it. I’ve got two and a half high priced degrees so I could make this a lot harder if I wanted to, but why?

Product Creation Lie #2 – There are already too many products in that niche – Designed to keep you from competing with some of the gurus. Think about this for a minute: are there too many kinds of bread, hamburgers or pizza out there? Somebody should have told “Papa John’s.”

The Truth About What to Do Instead – Research the most popular products and resources in your niche. Discover which ones are doing a good job and selling well. Now go and create something better – simply do a better job.

Product Creation Lie #3 – Create Something You Are Passionate About – I saved the worst and most dangerous lie for last. This whole thing about do what you love and the money will follow leads so many people astray.

I’ve worked with far too many people who were frustrated because the product or resource about which they were passionate about was not selling well. Many times this was because the only people passionate about the product was the misguided person who created it, and maybe their family.

The Truth About What to Do Instead – Do your due diligence research first. Don’t even start down the road of creating a product or resource until you have done these 2 things:

1) Find out exactly what your community needs help with and what they want.

2) Once you discover what your community wants, find out how they would most like it delivered. Do they want a live course, a home study course, do they want it delivered in text, audio or video, or some combination?

You’ve got to have the answers to these questions before you do any product creation.

Productive Product Creation – 7 Key Steps to Excell at Product Creation

The competition in the world of business is on as rise. The companies which keep on producing new more innovative products have better chances of surviving than competition and remaining successful. This reason has increased the value and importance of the research and development department of any organization.

When a company keeps on launching new products, their target market remains happy with them and if the products created are good in quality, these products add to the market value and brand equity of the company. Keeping this in view the product creation process becomes very important. Most of the companies have realized the importance of research and development of new products and as a result many companies launch new products regularly in the market now.

If you want to create new products successfully, a step by step approach is better. First of all you need to know your target market. If you want to create a product that sells, the best idea is to use the market trend as an indicator. The demand and supply cycles are to be studied in detail and the product should be prepared after conducting all this research. It should be market tested and test marketed before launching. These steps will make product creation easier for you. New product creation is important. There is a sense of innovation attached with creation of new products, which helps companies in improving their market share. In this state of high competition it is important that you understand the importance of creating new products.