What kind of products should I sell?

This is an age old questions for marketers whether online or offline. You want a product that works best across multiple networks. Have you ever thought about testing your product in a public place? You don’t have to actually do it but think about if you were standing in New York and people were walking by and you stopped ten people; how many of those people would be potential buyers for your product or service?

What are issues everyone has? Weight-loss, education (one of my favorite markets) like making money online, cellphones ( the Iphone especially), clothes, food, things to help you sleep, you get the idea. Naturally the greater your prospective buyer is, the greater your change of conversions and accruing wealth.

The Right Product Or Service Solves A Problem

Does the offer provide a simple, inexpensive solution to a problem that irritates millions of people worldwide?

Does the offer enable customers to easily solve problems that would normally cost them a high dollar amount if they did it themselves or even used someone else?

Does the product easily solve messy chores without the hassle normally associated with it?

If yes, you are on the right track to a great idea. If no, keep thinking. If you can show that your product makes life easier you’re still in the game.

The best product or service relieves a perceived problem that your client has but in many cases, people aren’t always aware of the problem they have so you have to show them their problem.

For example, are your credit card interest rates high? Most of the people I speak with have no idea what their interest rate is. Nor do they realize that a 20% interest rate assumes some 80% of their monthly payment they send in which is why the credit card companies make hundreds of millions of dollars off people making the minimum payment on their cards.

So you must ask the question,  How do I make my clients lives easier? Finding the answer to your question helps you determine the problem they are experiencing.

I Want It and I Want It Now - Instant Gratification

The need to have it now is ingrained in our culture. Instant messaging, email, microwave ovens, pizza delivery, 24/7 open grocery stores and gas stations, people want results and quickly. Lately  I have been reading about  continuity programs which is simply a word for some product or service where you pay a reoccurring monthly fee to gain that service.

Many people get bored of the long-term commitment. The average continuity program lasts 3 months long so consider if you are selling that type of service that you find a shorter way like 30 days to accomplish a goal.

Keep in mind that a product does not have to be necessarily better than its competition; just different. Look at the variety of cellphones out there today. So many of them really aren’t any better, but in fact just look “cooler”.

The Right Product At the Right Price

If you watch infomercials, you already know that 95% of the time its going to be $19.95 and if you act now, you get a bonus, right?

Books are a little different. From conversion studies I’ve read you have the same conversion at a $47.00 price as you do a $29.95 or less, so why not charge more? Keep in mind that is typically for “front end products” Back end products or down sells are typically 50% of the price at half the value, unless you have a great offer.

Perceived Value

Perceived Value is critical for any product. Naturally your consumer has to want it. Unique products always have a higher perceived value, so try to set yourself different from the pack.

Test Your Product

You should always test your product prior to a launch to see how well it does. No matter how well you sell a product or service, if it doesn’t come through on your guarantee, what good is the effort?

The same is true with affiliate marketing. You always send a sample of your product to your affiliates prior to them promoting it so they can know if their word is good behind it. You stake your reputation on every single product you endorse and you need to protect it accordingly.

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I am amazing at how many marketing plans I see out there that do not have a free offer. If you test the case studies by switching from just selling a product at a set price, your average conversion rate is 1-2%. Or you could try the “free” offer, followed by say a shipping and handling fee, then the upsell for the actual product, and possibily a downsell of the upsell at half the price.

The Results? Staggering. Conversion rates for free offers jump up anywhere from 12%- 35%, for simply giving away free products!

Think about it? How many of you see the value of a product at times but just aren’t sure if you really want it. The “try before you buy” gets me everytime. Whether its software, a tutorial course or dvd, music online, free food samples, trying on clothes or shoes, I could go on and on but the concept remains the same.

People by nature are cautious buyers. They want their money to count for something. I sure do.People want answers to their questions. People want tools they need and things they should know. Give them tips they can instantly use in their lives and business. Give them pleasant surprises. Give them interaction. Give them promises you can keep. Develop a history of giving. Be known as a giver and nuture that relationship. Don’t believe me? Test it out and let me know how it goes for you.

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