Three Signs of a Great Product
Working online can be a dream come true, offering anyone with an Internet connection the ability to be in business for themselves. But, at the end of the day, you’ve got to promote, or provide, a great product in order to make money online.
What separates a great product from a “ho-hum” product?
What products make people reach for their credit cards and buy now?
What products really sell on the Internet?
Let’s look together at three characteristics of a great product and how that applies to the real world.
A GREAT PRODUCT DELIVERS ENDURING VALUE
The bottom line for your customer is “What’s in it for me?”
The more your product or service screams “Here’s how you win!” the more value the customer will perceive.
And the faster they will buy.
People buy products and services for many reasons.
When all those reasons are boiled down, they come down to two:
- People want to get something
- People want to avoid losing something
Promise of gain. Fear of loss. Those are the big two.
These “super motivators” work in almost any part of life.
The more your product (and selling copy) focuses on one of these super-motivators the more sales you will make.
Of course, selling copy is one thing – delivering on the value promised is something else altogether. This is why you must make sure the product you promote delivers what it promises.
This is about value, not making bold claims.
Whether you sell a business opportunity, information, or the latest and greatest plugin, be sure that your client will ACTUALLY receive the benefits they are promised.
The more you choose products that really deliver, the more money YOU will make.
A GREAT PRODUCT HAS UNIVERSAL APPEAL
While many products deliver great value, not all have universal appeal. In other words, if the market for what you choose to promote is small you might have to work too hard to see any profits.
Lear Jets are among the finest aircraft ever built, but you may go broke trying to sell them online. (Remember, we’re talking about products to sell on the Web)
The key to a great online product is that its mass appeal allows you to take advantage of the #1 benefit the Web has to offer… a HUGE marketplace.
Be careful to choose or create products that can be marketed to a wide audience, especially if you are new to making money online.
What products have near-universal appeal? While there are many, here’s a short list to get your thinking started. This list is tailored to those wanting to do business online.
You probably use some of these products or services every day.
- Web hosting
- Web page design, customization
- Blog themes
- “How to” information
- Ad trackers
- A merchant processor or payment processing
- Affiliate programs
While it is true that each of these product categories has plenty of competition, it’s equally true that millions and millions of people need them.
If you think it’s too late to be a player in these areas, think again. People are buying these products from someone every day. So why not you? I think it should be you! 🙂
Best of all, you can sell each of these products without actually providing the service by becoming an affiliate.
It has been often reported that after the California gold rush ended, the people who made and kept their money were the ones who sold the tools (like picks & shovels) the miners used.
A classic example of this is Levis jeans. Still being sold today, Levis has provided jobs and wealth for over a hundred years. I wonder how many of the “get rich quick” miners were still rich only 10 years later?
A GREAT PRODUCT CREATES REPEAT SALES
You have probably heard this statistic before. Studies reveal that it costs a whopping 10 times more to sell a customer a product the first time than the second time.
It makes sense when you consider all the dollars we pour into advertising, product development, marketing, and so forth to get the first customer.
While products like vitamins or a membership site may spring to mind as great products that create secondary sales, the truth is that almost any product can be used to generate backend profits.
One way to do this is to sell a series of products that build on each other.
To do this effectively you need to know your target market and what their needs are.
Let’s look at people just starting their Internet business as an example.
If you sell autoresponder services and make a sell to a fresh, new marketer, you have the perfect opportunity to let your service pave the way for more sales. Just think through what a new marketer might need.
Let’s look at three examples:
- They might need to know how to use the autoresponder you just sold them, so you might offer them an eBook on autoresponders at a special “Thank you” price.
- They might need copywriting for their new web site (or their autoresponder series) so you could offer them an e- course or eBook on writing.
- They might need an easy way to collect money, so you could introduce them to a service like PayPal or offer them a merchant account.
The key is to think through the logical progression their business might take, and be there to offer them the next product they need before they go shopping for it.
If your timing is good, and your offer a real value, you will be pleasantly surprised at how well this strategy works.
There are tens of thousands of products you can sell on the Web, maybe more.
How do you choose which one to sell now? You must know yourself and sell something you honestly believe in.
The best-case scenario is that you use the product yourself. This way your recommendation comes from a place of experience, not just trying to earn a commission.
That’s the rule I follow. I never promote a product I don’t use, and the people on my lists seem to appreciate that standard.
Once those criteria are met, make sure you are bringing true value to clients, that your product will have broad appeal and that it either creates direct repeat sales or sets the stage for selling other products.
If you do these things you will begin to build a business that can last a lifetime!
And that is a beautiful thing indeed!