There’s no super-secret trick to finding the right product. Many people are trying to sell their slick products by saying they have found the hidden clues to a successful online business. But truthfully, it comes down to some really simple principles.
Ultimately, as with any business plan, there are 4 stages of the business model: Preparation, Creation, Implementation, and Evaluation. Let’s look at each one in more detail.
In this phase, you will choose the actual segment or “niche” of the market you are interested in conducting business. Here you will make a list. First list all the market segments you have some experience in. Add to this all the things you are good at doing. Then list all of your hobbies or things you are passionate about, and lastly jot down any niches you like or are interested in. Don’t pre-qualify anything on this list. If it comes to mind, no matter how silly it seems at the time, put it on your list.
Now that you have your list, review it and see if there are any recurring themes or ideas. Does it look like you have several items that are part of a larger market segment? Do you gravitate towards many of the same types of activities? Narrow your list down to the top 5 things you could see yourself spending a bit of time doing.
Next, take your list and spend some time deciding if each of these are viable markets to get yourself into.
- Check to see if there are other people interested in each item on your list. You want to be sure you have an audience that is passionate about your segment. Check Facebook groups, check Google search, check online forums.
- Is there competition in this market? Yes, you actually want to see that someone else is making money selling to this audience. Check Amazon, eBay, and other online shopping sites for products that are selling well and fit your niche.
Select the best one from your list of 5. This is what you will progress with to the next stage.
Once you’ve gone through the process above, you’ll have a good idea of the types of products your audience, or market segment, are likely to buy. You also probably have some good ideas for other products that you didn’t see in the marketplace. I will urge you to not go with the new product idea. Rather take an item that is selling well in your market and create another “flavour” of it.
Why not? It’s proven to sell. You may be thinking that no one would buy yet another of the same product, why should you create more of the same? The best way to illustrate this is Fast Food. How many different fast food places sell hamburgers? They are all doing quite well and have no plans to get out of the hamburger market because they have a lot of competition. For this reason, I chose to use the word “flavour” above. You should create a product that your market already wants, but put your own spin on it.
The easiest and quickest way to create a product is to access PLR material. That stands for “Private Label Rights”. There are many websites, some free, that have material available for product creators like yourself to obtain, change and resell. Just be sure to read the license file carefully to be sure when you receive the PLR material, you are given rights to do what you please with it. Go to these sites and search for your particular product idea and review what is available. I am sure you don’t want to put your name on a shoddy product, so do your diligence. Review the material carefully, rearrange, modify, add, delete, annotate until it is something you will be proud to sell.
Now that you have your shiny new product, you need to put it in front of your market. To do so, you need a few components that makeup what is called a “Sales Funnel”.
- Advertisement/Traffic – You need to have a way to get people to see your product. You can use paid advertising on Google, Facebook, or Solo Ads, or try some of the other free methods including Ad Swaps, SEO, Article Submissions, and Joint Ventures and your own mailing list (if you have one). You’ll send the visitors to your Squeeze Page
- Lead Magnet – This is how you entice people to visit your Squeeze Page. A lead magnet is a free/giveaway product that has intrinsic value to the visitor. Again, you can get something like this from PLR material and offer it to visitors in your Advertisement.
- Squeeze Page – This is a simple page that asks the visitor for their email address and possibly their name in exchange for the lead magnet. The information captured is compiled into your Autoresponder, creating a mailing list.
- Autoresponder – Common autoresponders are AWeber, GetResponse, MailChimp and a handful of other. Once your visitor has opted-in on your squeeze page you can either use the autoresponder to deliver the lead magnet, or you can send the visitor to a download link or notification. And, not only will you be able to gather the information obtained from your squeeze page into your mailing list, but you will also be able to market to them in the future using the autoresponder or newsletter/broadcast features.
- Sales Page – After your visitor has been given the opportunity to retrieve his or her lead magnet, you should forward them onto your sales page. Now is the time to ask them to buy when you’ve already given them something for free. Your sales page will have all the information, or sales copy, to convince your visitor to purchase your product. Some successful sales letters recently have included video. It is on this page you will have your payment button that will lead the visitor to the order page of your chosen payment provider (e.g., PayPal).
- Optional Upsell/OTO Page(s) – This portion is optional. Once your visitor, now customer, leaves the sales order page and payment is successful, you could show them another product that could be of interest to them. This is called an Upsell or OTO – One Time Offer. Frequently, this is a product of higher price, not not always. And of course, this step is optional.
- Thank you page – And finally, you should have a Thank You Page that allows you to give thanks to the customer and gives them instructions on how to access their product(s). Sometimes a video will work well here, too.
Some of these components can be supplied by an affiliate site like JVZoo or ClickBank that may have their own hosted pages and product delivery mechanisms of which you may take advantage.
Our last principle is Evaluation. In this, I simply mean that you will monitor your sales, traffic, costs and conversions to see if any area of your Sales Funnel can benefit from some minor modifications. For example, if you see a lot of traffic to your squeeze page, but you are only getting 1 or 2% of visitors are leaving their contact info, you may want to change to format and content of your squeeze page.
Every good business includes monitoring and metrics from beginning to the end of the Sales Funnel.