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Getting your line up of products right is essential and comes right before website design and a long way before increasing conversions.
I want to take this opportunity to help you build your online business horizontally by using the website (or niche) diversification factor.
The “niche diversification factor” focuses on what we refer to as “horizontal expansion.”
Think of it this way…
Your niche product
That’s the “beginning” point.
You create ONE niche product and you begin selling it at a website.
Good for you.
But, let’s be honest, you’re probably not going to break the bank with one niche product.
In fact, if you can make $400-$700 per month with a niche product to begin with, that’s a good start.
So, what do you need in order to really cash in on this strategy?
You need to expand “horizontally.”
Look at it this way…
Your niche product + A related product + a related product
In other words, you add more and more RELATED niche products to your lineup.
The keyword here is RELATED.
Ok, so let’s talk about why expanding your product line “horizontally” is so important
Suppose you have a site that sells a niche product that shares “7 Romantic Weekend Getaways.”
Thinking horizontally, you would add other related products because your customers would be interested in more of the same!
You might add these products to your lineup…
- 7 MORE Romantic Weekend Getaways
- How to Plan a Romantic Weekend Getaway
- 101 Ways to Keep Romance Alive
- How to Be The Man of Your Wife’s Dreams
- How to Be the Woman of Your Husband’s Dreams
Do you see the importance of this “horizontal” expansion, this “niche diversification factor”?
You want a diversity of products that are highly related to the same niche.
What this allows you to do is to SELL MORE to your EXISTING CUSTOMER BASE.
You created that “7 Romantic Weekend Getaways” and got 50 customers the first week.
Now what do you do with them?
Toss them aside?
Forget about them?
If you do that, then you’ve left money on the table.
These are satisfied customers. You don’t discard them. You offer them more.
You may or may not know this, but it is MUCH EASIER to sell more things to your existing customers than it is to go out and find more customers.
So, instead of finding customers for one niche information product, you are able to continue “expanding” your product lineup, offering the same set of customers more and more products they are likely to be interested in.
If they loved “7 Romantic Weekend Getaways”, do you think they would be interested in buying “7 MORE Romantic Weekend Getaways”?
Of course they would!
[Hint: How many “Chicken Soup” books have you or your loved ones bought? A 2nd Helping? A 3rd Helping? Even more? ☺]
And if your customers loved those romantic getaway products, do you think they’d be interested in learning how to PLAN those getaways? Would they be interested in 101 ways to keep their romance alive?
Niche diversification factor.
Horizontal expansion.
These aren’t clever phrases that we made up (well, actually they are ☺), but rather they are powerful ways to earn you more profits from your existing customer base.
So, you begin with ONE niche product, and you EXPAND “horizontally” by adding more and more highly related products.
Then you get to use these new products as “backends” to CROSS PROMOTE one other…and ultimately sell more products!
Clarification: “Backend” and “Cross Promote”
In other words, when someone buys “7 Ways”, you offer them “7 More Ways” on your order page or in your follow-up emails.
When someone buys “How to Plan a Romantic Getaway”, you offer them “7 Ways” and “7 More Ways.”
Each of your products in this lineup have the ability to horizontally promote each other.
It doesn’t matter which product a customer ultimately buys from you, you can easily offer them the other products.
NOTE: You can really earn the profits by putting together a special “package offer”. For example: Let’s suppose you have these six “romance” products and they sell for $19.97 each.
When someone buys “7 Ways,” then you could offer them the remaining five products for $67.00 (regular price would have been around $100.00).
And so the money comes in.
Now, instead of one product making you $500 a month, you have 6 products pulling in the same, giving you $3,000 a month.
Now we’re getting somewhere!
Creating niche information products only BEGINS with one product.
The single biggest mistake you can make with creating niche products is to develop a singular product in one market and then move on to another market.
Increase your website sales by 275% or more...
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