Why You Need to Create Your Own Product?
Its been a while I’ve posted. Had been very busy lately with creating a product right from scratch and voila.. New Business on the Parenting Niche launched. Visit www.yancha.in for further details.
In the meantime, check out my today’s post that talks about why you need to create your own product.
If you’ve been pondering at starting an online business for a while, you’ve probably seen several different business models floating around. Probably the most popular one is affiliate marketing. You’re told you should use lead magnets and free gifts to build an email list. Stick those lead magnets on a squeeze page and send traffic to it, right? Well, if you’ve tried it, you’ve already discovered that it doesn’t work very well.
After spending time and/or money on sending traffic to that page, you’ll usually notice most people aren’t exactly giving you their best email address. In fact, about one-third of them are giving you a fake email. And of the ones that are giving you a real one, it’s usually one they reserve for “junk” which is how they think of your promotional material. That means it’s an address they don’t check regularly and so it’s about as useful as a fake one. And keep in mind, they’re called freebie seekers for a reason! They don’t really buy things. Usually what happens at this point is that a struggling internet marketer starts to realize his or her marketing emails are getting open rates of around 4 or 5% and generating zero sales and that all their effort in creating a lead magnet and landing page and driving traffic was a giant waste. So, they give up on IM and assume it’s all a big hoax. Sad story, but it happens every day and it’s the ultimate end of about 95% of would-be internet marketers.
So, what are the other five percent doing differently? Easy. They’re creating and selling products of their own.
You see, when you create and sell a product of your own, you’re creating a different type of list. A buyers list. Unlike freebie seekers who make it a point to never buy anything and also rarely give you their real contact info, buyers actually buy things (crazy right?). These are people who are serious about internet marketing and actually regularly pull out their credit cards and buy things. And because the email you collect comes from their transaction info, you’re finally getting real email addresses that people actually check!
And beyond list building, selling your own products carries another benefit. You control your profit. You don’t have to split sales revenue with anyone (although you certainly can if you’re having affiliates help with a product launch). So, you’re either keeping all the profit for yourself or you’re choosing how much to share with affiliates. Either way, you’re in control.
Furthermore, if you do choose to pay commissions to affiliates and have them drive sales, it’s essentially free traffic. You’re paying a pre-determined commission to people ONLY when they make a sale, so there’s none of the risk or gambling that usually accompanies something like paid display ads or solo ads. You finally switched places with the successful marketers you’ve been looking up at and now you’re letting THEM handle the problem of how to get traffic to YOUR offer. What a difference that makes!
Finally, creating and selling a product establishes credibility like nothing else. In a market packed full of so-called gurus and celebrity marketers, you’ll absolutely need credibility. Your credibility affects several things. Firstly, it affects the likelihood of people buying your future products. Secondly, it affects how many people will recognize your name and bother to open your emails. Finally, it boosts your ability to network and recruit affiliates and JV partners. And having a product of your own to point to is one of the quickest and easiest routes to increasing credibility.
You might be asking yourself if product creation is for you. Well, take a moment and look through your inbox right now. Look at all the emails coming in from top internet marketers. Sure, they’re all promoting other people’s products with affiliate links. But what’s the one other thing you see each of them doing at least once every month or two? They’re creating and selling their own products. It’s very rare that you encounter a successful marketer without their own products. So, if that’s the one thing that all successful marketers are doing in your inbox, then guess what: yup, you need to be doing it too. But don’t worry. It’s easier than you think and there are a ton of different types of products you can make. I’ll cover that in my next post. Stay tuned.
And a promise I’d be posting more regularly from now on.