There’s no question about it in my mind that when it comes to making a sustainable and consistent living online you need to have your own products.
Most starting out in this business find the task of creating a product daunting. However, with this training I hope to simplify things for you by sharing with you a short video training course on how to start, how to select a niche and how to go about creating your 1st product.
Tip: creating simple products can also be a great Bootstrapping Strategy.
But first, let’s take a look at the type of products that you could create…
The Types Of Products You Can Create
While there are thousands and thousands of products out there on every niche you can think of, if you think about it they all really fit into 4-5 categories/types. Let’s take a look at each of this in a bit detail so you can have an idea of the type of product you will create with the help of this training…
Type 1: The Entry Low Price Type Product
This is the easiest to make and usually we use it in an ascending type of a funnel. You may have heard this type of product called Liquidator Product or Tripwire.
Its purpose is to get a quick return on money spent on ads (ie recover your costs really quickly) to get people to our funnel.
They are usually priced less than $25-$30 and there is almost always something else to sell after that.
The main idea for using such a product other than recovering ad costs is that you want people to get to know you and trust you as if they have bought from you before it will be more likely to buy from you again. So by offering a low cost but valuable product you get to achieve that.
BTW, This is the type of product that the training videos below will help you get started with.
Type 2: The Multi-Media Type Product
These type of products are more common in the information business and many of these businesses are know to “survive” just by selling those types. They are also known as “bread ‘n’ Butter” type products.
Think of these products as a bunch of CDs, DVDs in a “clamshell” with printed materials or in the online world, these would be downloadable Videos, MP3s, PDFs etc.
They usually sell anywhere from $25 all the way to $400 per product. Some examples of these type of products include “Learn Photoshop in 7 days” etc.
Type 3: The Modular Type Product
These modulated courses/types of products are mainly sold in the online world as online classes (think of Video Based Coaching). They range in complexity and duration using what’s known as “Space Learning” e.g. content delivered in milestones achieved over a range of 4-8 weeks etc.
They are usually “mission specific” and not very broad e.g. How To Do/Achieve a specific thing (How To Run an Info Business).
They are also always “locked” in a members area.
They can also be priced a lot higher than the first two types of products with prices ranging from $300 to $2000+.
Because of that, for many info businesses, they are usually the cornerstone of all revenue.
Type 4: The High-End Type Product.
These types of products (also called Big Ticket Products) as you can imagine are priced quite high. They typically sell from $3000 to $25000. This is usually because they involve personal interaction from the product creator.
Most of the times these type of products are experiential meaning that customers go somewhere “cool” with you (think of Tony Robbins platinum group members trips to places around the world where the learning is combined with the experience)
Some of the offerings that fit in this type of products are Masterminds, Group Coaching, Consulting and/or Interactive Modulated Classes
The difference with type 2 modulated courses being the personal interaction of the product creator typically in week by week level where at the end of the class you may also have an invitation to a Live event.
Type 5: The Recurring Revenue Type Product
There is also one last type of product which it could fit in the above types even though I list it here as separate. It’s the Recurring revenue type.
These type of products are using what’s known as the continuity business model. Thing of membership type of products where a customer pays anywhere from $10 to $300 with the key here being that this price is on a per month basis.
They can be offered on a membership level (e.g. Silver, Gold, Platinum) where each level represents access to different type of information and so on.
They are really an excellent source of revenue for information businesses alike. Having said that, research has shown that the majority of customers in this type of products typically stay in the “continuity” membership cycle between 3 to months. This is just something to keep in mind if you’re thinking of offering such a product.
Now that we’ve gone through the type of products let’s now move on to the training for today which will show you how to start creating your own type 1 product…
How To Create Your Own Product
In the training videos below, which is part of friend’s short course on the subject, you will learn how to create a simple product that you can either sell or better yet, give away for free to help you build a subscribers list…
Video 1 – An Introduction
Video 2 – How To Select A Niche
Video 3 – How To Create The Product
As you can tell if you’ve been reading this blog for some time now, the name of the game is Bootstrapping. With that in mind if you’d like to take things further you’ll enjoy my workshop/case study on how I use bootstrapping to create an online business, Without my own website, without a list and without my own product!