How to Create High Profit Margin Products
By Brian Terry on April 11th, 2008You may want to subscribe to my RSS feed if you're new here. Thanks for visiting!
Following on from the 4 steps to a big selling website where I reveal exactly what it take to create a big selling website I’d like to expand on step 2 which is all about creating a product to sell with a high profit margin.
There seems to be a belief surrounding product creation that it’s actually hard to do or it takes months and months of blood sweat and tears to get there. I’m here to tell you it’s easier than you think and creating a product with a high profit margin is no different.
First lets take a look at what’s meant by a “high profit margin”…
This is nothing more than you buying or creating something for a ultra low cost and selling it for a price where your profit is very high. As I’m sure you know only too well it’s digitally downloadable products that can generate the most profits.
And it’s those digital products that are the easiest to create when you know how.
A digital product is anything you can give to people with a perceived value that they can download from your website to their computer, what this can be is limited only by your imagination.
So what high profit margins can you create that you can offer to your hungry market with money to spend?
The simplest and the easiest answer is “just ask them”. Ask them what kind of problems they have that relate to the niche market you’re going after. All you do then is provide them with a solution, again it’s all very simple.
How do you get in front of your target market with your questions?
First find out where they hang out then look for ways of getting their attention, an example of this would be using banner advertising on the websites your niche market visits. Or even more effectively use Google AdWords ads to target them sending them to your online survey.
Here’s the online service I use to help me run my surveys: SurveyMonkey.com
Another one that’s also very good but a little more expensive is: the AskDatabase.com
Using either of these tools you can find out exactly what people want then give it to them as a digitally downloadable product.
Once you figured out how best to help your niche market it’s time to create the product itself which is easily done, here are a few ideas you can use…
- Interview other experts in your niche market, record your conversations with them, package them up and sell them.
- Create an ebook that gives people step-by-step instructions on how to do something with screen shots. Depending on the product you could give people a calendar or assignments to follow. So on day 1 do this, on day 2 do that. This gives people a clear structure to follow and helps to assure a guaranteed outcome.
- You could create a series of “how to” videos using a program like TechSmith Camtasia. These videos could show people how to do something very specific, for example it could be how to use certain software programs.
Here are some excellent blog posts I found all about creating products that I think you’ll find especially useful…
Are you a prolific product developer?
How to create information products to sell and profit from
Your first info product 1 hour from now
Sell high ticket items for big profits
5 reasons to create your own products
Increase your website sales by 275% or more...
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