One of the most
important ways to sustain profits in your niche-related business is to create
new products and services that your targeted audience will be eager to buy. How
can this be done? You can accomplish
this in a number of ways.
The most obvious is
the new product launch. If you know your niche well, chances are you should
have a pretty good idea of what they really need and how much they are willing
to pay for it. In other words, you will
only create products that you are certain will sell. You don’t want to be
spending your time, energy, and money on ideas that you are not certain are
going to be profitable.
If you are not sure,
take the time to survey the people on your email lists or poll them on Facebook
to ask which options they would find most useful. Let them pick from a range of choices. The
answers may surprise you. They will certain stop you from wasting a lot of time
and effort and perhaps money creating product A when they are really eager to
get their hands on product E.
In terms of launching
the product, have a soft launch and a hard launch. The soft launch should be to
those in your inner circle. They can get a first look at it for a substantial
discount. Ask upfront for testimonials and give them an easy way to contact you
to deliver them, send in reviews, and ask questions.
Let your Joint
Venture partners know that the new product has arrived and let them have first
look as well. Ask them for feedback so
your product will be attractive to their audience as well.
Once you are sure
your product is as good as it can be at the correct price point for your niche
audience you can widen your audience through your hard launch. Offer a free
webinar, guest blog, have your JV partners interview you and promote the
product, and more.
Webinars can prove
very useful for product creation. Record each session and offer it as paid
product or promotional item. Have a transcript made to sell as is. Turn it into
a free ecourse, special report, or an e-book of insider secrets. If you interact with the audience by allowing
them to ask questions, take note of their queries and see if any of them are
worth creating a product for.
If you have a lot of
content at your site or blog, consider putting e-books together by topics. How
to titles are extremely attractive to most audiences. Consider different levels of learners in your
niche, such as beginners, intermediates, and advanced students. You can present
information in a sequential way, or go into more depth for those beyond
beginner level.
Look at what your
competitors are selling, and at what price points. In this case you have 2
choices. Charge less and give the same type of information, or charge more due
to your expertise and the excellent bundle you will be offering.
Bundling works for
all paid products. Again, you have 2 choices. You can sell one main product and
bundle a range of very attractive bonuses together, such as worksheets,
hand-outs, templates, infographics and more.
Or you can group 2 of your most popular products and services together
to create an all new offer that your niche market will be eager to buy. Add some fabulous bonuses on top of that and
see how much profit you can make from your niche-related products and services.
Remember to survive your business must
grow. To grow your business must have a
continuous supply of new products and services.
QUOTE TO CONSIDER
THOUGHTFUL GEM
"To advance forward is to grow.
To stand still is to stagnate and die!"
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