3 Product Creation Tips for Increased Profits

So you want to be a seven-figure online business owner . . . Great news!

. . . And you’ve poured your heart and soul into creating a $27 E-book that your market is sure to love.

Good for you.

But . . . you do realize that you’ll have to sell 37,038 of those E-books before you gross your first million, right?

I don’t know about you, but that sounds like hard work to me!  And while I’m not opposed to hard work, easier is better.

Since I bet you’re pretty overwhelmed by the task of figuring out how to hock those 37,000-plus books, let’s talk about how we can bring your millionaire dreams closer to reality.

So whether you’ve created that entry-level E-book, have only created it in your mind, or you just have writing an E-book on your eternal “to do” list, there are 3 things you can easily do during product creation to add value to your E-book and increase your online business profits.

First, make your product multi-media

This is the easiest thing you can do to make your product more valuable.  

Don’t just create a PDF document.  Depending on your niche, that will only be worth $27-$47.

Read your book aloud and turn it unto an MP3.  Your E-book combined with the MP3 will appeal to a lot of people who may not have time to read, but can listen to your book in the car.

Another good option is to create a video product.  You can do things with video that make it more engaging than the written word.  You must include the PDF transcripts of your video as part of the product, as not everyone will want to (or have time to) watch the videos.

Again, the video + transcripts combination is more valuable than a simple E-book.

Use your creativity and your knowledge of your market to figure out how to combine video, audio and E-books to best serve your market and to create the highest perceived value.  Test your market and see what sells best.

Second, create your first product with your second product in mind

The hardest sale you will ever make in your online business is the first sale to a customer. 

Once you have provided value to a customer, she is much more likely to come back to you for more information.

When you are creating your first product, think about how you can expand on that product and provide more detailed or advanced information next time.

You don’t have to create content for your second product now, but just be aware that you aren’t giving out everything you know in your first product.

This way you will appeal to your repeat customers the second time around by showing them how they can take it to the next level.

You can then offer them more value and even better information in your next product.  And charge a higher price for this second tier of your knowledge.

Developing higher priced products is the real key to increased profits.

Obviously, it’s easier to grow a 7-figure online business by selling 2,000 products at $497 each than the overwhelming 37,000+ E-books at $27 a pop.

When you are new at product creation, the tendency is to want to make your product the best thing to ever hit the market.  And while it’s good to over-deliver ~ remember ~ you are in business to make money!  Hold back some of your expertise.

Third, you are an expert.  Don’t forget it!

Another common practice when you do product creation for the first time is to undervalue your work.

If you want a successful online business – don’t do this!

What this usually means is that you are going to be charging more for your product than you are comfortable with.  Do it anyway.

In my above example of a $497 product, many of you probably thought, “But, I could never create a $497 product.”  You are wrong.  You can.  You just have to start realizing how brilliant you are.  I’m serious.

How many “free” reports, PDFs, E-books . . . do you have that are sitting untouched on your hard drive?  How many times have you ever seen a free report, or even a $27 E-book, and seriously thought the information in it was going to change your life?

In information marketing there is a perception that you get what you pay for.  This doesn’t mean you should unrealistically inflate your price.

But, even though there are undoubtedly people in your market who know more than you do, there are lots of people who know less than you.  And they are willing, ready, and eager to pay you for your knowledge.

Let your ego go wild.  Embrace your expertise.  And price yourself the way any expert would!

I hope you now feel more confident about your product creation possibilities.  And that you see a 7-figure online business as a reality.  I look forward to seeing your first product!

4 Comments

  1. Thanks Nancy, I agree, it’s nice to be able to offer something for everyone in your market.

    Reply
  2. Great points, Jennifer. Great reminders on narrowing our focus too much or getting caught up in one thing. I thing the third point is probably the biggest downfall for new business owners and startups. It is certainly the most common thing I see in talking to fledgling entrepreneurs.

    Reply
  3. I really needed this right now Jennifer – thank you! Great tips and especially offering a new perspective about how to think about your first product!

    Reply

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