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DEVELOP A PRODUCT SET

Once you have identified a profitable niche, you should plan a product set - even if you only plan to do one particular product right now. This gives you a better and broader perspective of how the product fits into the market, and helps identify any complementary products you may sell as an affiliate.

 
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Step 1 - Review Your Product Strategy

Review your product strategy and decide what type of product and what product model you will start with.

You may decide to start by selling other peoples products, until you can get more of a feel for the market and can decide on your own products.

Products Types

  1. Informational Products
  2. Physical Drop Ship Products
  3. Subscription Products
  4. Service Referrals

Product Models

  1. Buy & Sell Existing Products
  2. Sell the Products & Services of Others
  3. Provide & Sell Your Own Service
  4. Create & Sell Your Own Product

Considerations

Questions you should answer include:

  1. Do you start with a subset or category of your traditional business?
  2. Have you accurate estimates on the market size and makeup?
  3. Is the product or service something that can be promoted online?
  4. Is there any exclusivity?
  5. Are there any copyright issues that need to be addressed?
  6. Can you turn a profit with this product?
  7. ID any legal issues to sell the product or service?

If you want to start with your own product - Develop Sub $97 front end products Ebooks. Once that is complete, you can expand the content to $1000+ back end products Audio, Seminars, Conferences.


Step 2 - Develop Product Sales Potential Profile

You have previously identified 'Your Hungry Target Market'

Now look more closely at that market in terms of products currently available. Your aim is to get a sense of the products, the affiliates sellling them, the commission paid etc.

  • Select sites where bid in top 10 <$1.00
  • Search Affiliate Sites for Interested partners
  • Find Categories with low commissions <40%
  • Develop offer with higher commission
  • Develop 40% commission for recurring products
  • Search for price differentiation potential - High and Low
  • Consider developing product for Users of a Category
  • Who are the targeted users - is there another niche market?
  • Are any of the products suitable for back end products?

Resources

Commission Junction

Milcers Club


Step 3 - Survey Product Ideas

Chat Rooms, Discussions, Forums

Go to chat rooms, discussion groups and forums that focus on topics related to the product you're considering. Post some questions as to where people are buying the mattresses from, what challenges there are (if any) in finding good quality foam mattresses, how much they're paying for them, etc

Do an Online Survey of Interest in Product

Send a product survey to your target audience. Doing this is actually easier and simpler than it sounds because there are countless survey services that are available online -- some of them free of cost. Many of them allow you to simply send out an e-mail, including a link in the e-mail.

Find Out How Many Businesses are Currently Selling the Products/Services You Plan to Sell

Review Number of Google keyword search results, sponsored links and Google Adwords

Look for high-demand, high-profit products and services that are fairly effortless to market via a website

Select ONE product and put together various product offerings on multiple websites

Resources

Free Online Survey

Survey Console

Survey Pro


Step 4 - Find Informational Products

Find Informational Products

Find Public Domain Copy

On Ebay - Type into search bar (how to, learn, instructions) Look up Completed Options for this seller – click on Advanced Search/Items by Seller/ Enter Sellers ID [Click on Include completed listings for past 30 days}

Search ABE Books for public domain books – independent book dealers. Click on title and “find book”

The Public Domain Treasure Chest – can get a copy of just about any book for free. Can borrow books through Interlibrary Loan System

Articles with Reprint Rights - BizWeb 2000 Articles with Reprint Rights

Protect yourself by searching Copyright - Perform copyright search in 5 minutes


Step 5 - Find Physical Drop Ship Products

Drop Ship Directory - See Tim Knox Dropship Warehouse Product

Find Online Stores - Approach to Sell Their Goods/Improve their sales

Search Yahoo Stores with Popular Goods - Find which parts of their online stores are doing best.


Step 6 - Define the Product Sales Process

Depending upon the type of product, the sales process will be slightly different. Consider the following:

  1. How Pre-Sales enquiries are managed
  2. Where & how the product is sourced
  3. Sales channels to be used
  4. Order process
  5. How payment is made by the customer for the product
  6. Delivery mechanism & process
  7. After sales service - who provides it
  8. How payment is made from the vendor to you

Actions

  • Document Process Flow
  • Document Process Actions
  • Set Up Business Tools
  • Set Up Marketing Tools

Not developing and implementing a sales process BEFORE launching a product is one of the biggest mistakes most new Internet marketers make. Don't be one of them.


Step 7 - Develop Product Content

Whether or not you are planning on selling your own product, you still need to develop product and sales content. This includes:

  • Articles
  • Product Reviews
  • Blogs
  • Newsletters
  • Sales Copy
  • Advertisements - for PPC, ezines, email campaigns

Try to connect all copy components - Use a compilation of Article Briefs, Review Briefs, Blog Briefs, Online Surveys and Feedback.

Templates

Develop templates for:

  • Article Template
  • Ad Template
  • Website Template
  • Newsletter Sign Up Page

Copy Elements

Main WebSite or Adsense Site

  • Index Page
  • Article Page
  • Product Review Page
  • Sales Page
  • Archive Page
  • Site Map

MiniSite [Single Product Sales]

  • Sales Letter
  • Order Page
  • Thankyou Page
  • Download Page
  • Bonus Offer Page
  • Additonal Copy

All sites should include a legal disclaimer and privacy page.


Step 8 - Publish Product Content

  1. Create Product Development Project Plan
  2. Select Ebook Compiler
  3. Select an introductory subject with a broad appeal.
  4. Fit site’s theme and include links to main site.

IF FREE - Include the rights to free distribution.

Short paragraph on copyright and distribution that allows readers to "feel free to give this free e-book to your visitors."


Create Physical Versions - CD's, Tapes, Manuals, Videos

Once you have developed a successful ebook, consider making a CD or DVD product; (add an interview with an expert) and charge more than DOUBLE that the ebook on the same topic.

Your higher priced product now makes higher profit margins, AND you'll get the attention of MORE AFFILIATES as you are now able to pay them a higher commission than your competitors.

This higher profit margin allows you to pay more for your PPC advertising, which if well targeted, generates more profit.

  1. Create & Format Print Copy
  2. Create AV Files
  3. Send to Digital CDR for production - with Address Labels for Fulfilment Company (CDs, DVDs production)

The production company forwards the product to your chosen Fulfilment Company, for instance, Disk.com

Managing Orders And Customer Service

Using a fulfilment company offers the benefits:

  1. Orders are directly sent to fulfilment company
  2. Phone orders go direct to fulfilment company
  3. All customer service & returns are handled by the fulfilment company

Create Product Bundles

Be creative with your bundles and your competitors cannot compete.

Price objections are also easily defended when your products and services are bundled with additional added value.


Step 9 - Add-On Teleseminars And Webinar Products

Set Up Teleseminar Operations

  1. Create an MP3/real audio/Windows media version of your ebooks or seminars.
  2. Use a Powerpoint service that allows you to control a live slide or PowerPoint during a teleseminar.

Set Up Webinar Operations

  1. Email mailing list of upcoming webinar - Require a valid e-mail address with the registration
  2. They send you an e-mail with the subject line “TeleClass Registration
  3. You return details of the TeleClass. Include the correct time, phone numbers, any pre-class reading or work and support information in the e-mail.

NEXT: 5 - Develop Marketing...coming soon

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