How to Sustain Profits by Creating New Products and Services Related to Your Business
One of the most important ways to sustain profits in any niche-related business is to create new products and services that your targeted audience will be eager to buy. With a bit of effort, you can accomplish this in a number of ways.
The most obvious is the new product launch. If you know your niche well, chances are you should have a pretty good idea of what your customers and potential customers really need, and how much they are willing to pay for it. In other words, know your niche and you will only create products that you are certain will sell.
If you are not sure, then you need to take a step back, and take the time to survey the people on your email list/s or poll them on social networking sites like Facebook to ask what they would find useful. Let them pick from a range of choices. The answers may surprise you. They will certain stop you from wasting a lot of time and effort, and perhaps money creating product A when they are really eager to get their hands on product E.
In terms of launching the product, prepare for a soft launch and a hard launch. The soft launch should be to those in your inner circle. Let your most loyal customers get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to send in reviews, and ask questions.
Let any Joint Venture (JV) partners know about your new product, maybe get them in at the beginning, and let them have a preview. Ask them for feedback so your product will be attractive to their audience too.
Once you are sure your product is as good as it can be and set at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, training in use of the product, feature it on your YouTube channel, find some guest blog writers, have your JV partners interview you and keep promoting the product.
Webinars can prove very useful during product creation. Record each session and offer it as a paid product or promotional item. Have a transcript made to sell as is. Turn it into a free e-course, special report, or an e-book of insider secrets. If you interact with your audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.
If you have a lot of content on your site or blog, consider putting e-books together by topic. How to titles are extremely attractive to most audiences. Consider the different levels of people in your niche, such as beginners, intermediate, and advanced students. You can present information in a sequential way, or go into more depth for those beyond the beginner level.
Look at what your competitors are selling, and at what price points. In this case you have 2 choices. Charge less and give the same type of information, or charge more depending on the expertise you will be offering.
Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonus items together, such as worksheets, hand-outs, templates, infographics and more. Or you can group 2 of your most popular products and services together to create an all new offer that your niche market will be eager to buy.
Add some fabulous bonuses on top of that and see how much profit you can make from your niche-related products and services.