MODULE 1
How to Create Your Own Product 2
- Setup and Marketing Approaches
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.
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
3.1 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...
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:
- Traffic
- One-page website
- Autoresponder
- Thank You Page
- 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.
- Make it easy for many people to learn about your product - Social Media
- Make Your Product Mobile-Friendly - today the mobile web holds the market sway, it will be foolhardy to ignore it
- Make it an Event
- Create a Suspense towards the launch date to heighten desire and expectation. This has been proven to increase sales on the launch date.
- Take beta pre-dated orders at a reduced price
- Use a Press Release
- Focus on your Avatar/Persona and not your product
- 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:
- To sale it on your own personal website or
- 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
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!
David Udofort has been doing Internet Business for over 10 years now. He wants to share his experience and possibly help you on your way to Online Business success. That is why this course is offered for free. You can check on one of his blog here for useful online business resources: http://makemoneynowwithoutpayinganything.blogspot.com.ng/2016/03/no-cost-income-stream-ncis-good-and-bad.html
Article Source: https://EzineArticles.com/expert/David_Udofort/546753
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