Determining What Information Products to Sell
Yesterday we talked about identifying a responsive market with a high interest in a particular pursuit. Today I’ll discuss the next steps … steps that the majority of people get wrong.
The movie “The Guilt Trip” demonstrates what most people do.
An inventor named Andy (played by Seth Rogen) tries to sell his invention, a safe cleaning product that won’t hurt you even if you ingest it or get it on your skin, to major retailers.
Andy took five years to develop it and spent his entire life savings manufacturing it without knowing if anyone would buy it.
Most people assume, like Andy, that they must first develop a product to sell.
However, Dan Kennedy says the single biggest mistake most businesses make is that they build or create a product before finding out who will buy it and what their market really wants.
Dan stresses that you give your client an enormous advantage if you begin by:
- Devising the best ways to sell to the target market you’ve identified.
- Determine what that market wants.
- Create the product or service that meets those wants.
In The Guilt Trip, Andy identifies a target market of people concerned about accidentally poisoning their kids and pets with household cleaners. Focusing on this hot button, he discovers the best way to sell to them is to drink his product on TV demonstrating that his product delivers what they want, a safe product that won’t harm their loved ones.
When you develop products and services, it’s also vital to think about how your target market will want to receive them.
For example, is a physical product like a book or set of DVDs the way to go? Or will a product that can be updated digitally be better received? Will your audience prefer hand-holding or are they a do-it-yourself crowd? Exploring questions like these will help you determine the best way to take the next steps: determining what the market will buy and finally developing info-products to match exactly what they want.
Put your market first by:
- Paying attention to customers’ responses to your existing marketing. Multiple people asking about or commenting about the same issues may indicate a hot button to develop products/services around.
- Asking your customers questions about their biggest problem, challenge, or goal in surveys and on social media and tele-seminars.
- Creating and sending a sales letter for a potential product before you develop the product. Only create the product after someone buys. Use the promises made in your sales letter to create it. If no one buys, then tweak your sales letter to better address the problems or challenges of your target audience, meet those needs with your promises, and then try again.
For ideas on creating information marketing products, check out Boost Your Freedom Fund AND Your Copywriting Business.
Based on what you’ve determined the target market wants, come up with product ideas for the info-marketing companies you identified on Monday. What are some ideas you could suggest? (For example, DVDs of a seminar.) Share your ideas here.
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