Choosing Your Products To Sell

bytjmoore

879 followers

11 years ago

There are two major types of products and services you can sell; physical and virtual or digital products. For the purpose of what I teach I will be focusing on the digital products. However, the marketing techniques applied to this type of product can also be applied to physical product marketing.

In this writing I will be focusing on the products, not the marketing. That will come later. There is allot to talk about when it comes to products so I will be writing as briefly as I can. For now I want to identify types of digital products you have to choose from, the niche you want to work with, and if you are going to charge for the product or not.

WHAT? What do you mean if I charge or not. Of course I want to charge. I can’t make any money if I don’t charge. Well, that’s not true. And I will get into that in a little while. Right now, let’s talk about the niche first. The word “niche” means the category of product you will be selling. For example, health is a niche. Romance, Internet Marketing, and Home Improvement are three "Markets" you can get involved with. A niche is a small piece of a market or a more specific aspect of the market. Here’s some really useful information: the top three selling markets are Internet Marketing, Health and Welfare, and Relationships (romance).

So, before you pick a product, pick a niche. Once you have the niche it’s time to pick a product. Yes, there are different types of products. There are eBooks (information), applications (software), audio files, video files, and plug-ins.

Plug-ins are for blogs like Word Press. More and more marketers are learning just how effective using blogs is. I’ll talk more about using blogs in a later post. The plug-ins are useful marketing tools you can plug into your blog to increase traffic or creating back-links and much more.

Audio files and video files are used to train and educate. They are often combined together to make a product even more valuable.

Applications can be anything from a calorie calculator to an application that helps you rank higher in search engines. This can also be a fully working website or web-based application. The last one I want to talk about is the one that makes more money than anything else. It is “information”. People are always looking for answers and information on how-to-do. And they will pay big money for it! It is also the easiest product to obtain rights to resell for or to create.

There are again different types of products in that there are those you can purchase and resell, those you create yourself, or those you are an affiliate for. For resell there are MRR and PLR. MRR stands for “Master Resale Rights” and PLR stands for “Private Label Rights”.

An affiliate is someone who agrees to sell someone else’s product(s) for a percentage. Most of the sales of products online are done through affiliates like you. This is a great source of income. The up side to this is you only have to promote the product and get paid for the sales. You have no inventory, you don’t have to worry about delivering the product, and you don’t have to support the product. The down side is most of the time you do not make 100% of the price. You will make anything from 5% to 75%.

There are some that pay 100% because they make their money on the up-sales. I will talk about OTO later.

IMPORTANT: No matter what the rights are you MUST READ THEM! Understand what your rights are.

MRR can give you rights as much as selling it anyway you can. But most of the time there are some restrictions such as; you can resell it but cannot give it away. MRR gives you the right to resell a product and KEEP ALL OF THE PROFITS! This is what you want. There is a difference between resale rights and MRR. RR means you can resell the product for a portion or all of the profits. MRR means you can do that but gives even more rights like the right to sell it on auction sites like eBay, or to bundle it with other products, or to include it on a membership site. RR do not allow for this.

PLR gives you rights to resell but also includes the right to put your name on the product. Again, the rights vary and you must read them and understand them.

So, how do you make money from these? Again, read the legal rights of a product. Most of the time when you buy a product you do not have the right to resell it. If you build your own products you may not want others to sell them until you’ve gotten most of the sales you’re going to get from them. Some products come with MRR or PLR. If you do not have your own products then this is a good way to go. Most of the products I sell or give away come with one or both of these.

By reading the rights you can also see if there are restrictions on the pricing. Often times the product with MRR or PLR will include a sales page and graphics. This is a complete web page that will sell the product for you. You know sales pages. You have seen them when you are prompted to look at a new product online. Now, I will let you in on a marketing secret used by the gurus in the business. People are willing pay prices that are inviting. For example, you would no doubt pay $1.00 for just about anything because the price is too cheap to pass up. There are marketers who make allot of big sales for $1.00. I’ll explain this more in a bit. We have found there are price breaks that sell better than others. $7, $9, $19.95, $27, $29, $37, $47, and $49. These are the most common price breaks that work. High-end products are $147, $149, $1100, $1295, $1495 and $2495. There are others but I think you may see a pattern here.

Here’s another price to charge: FREE! Yup. I told you I would talk about this. How can you make money when you don’t charge anything? I am only going to tell you what this is about. In another posting I will go into great detail on how to make this pay off. For now understand the principle of OTO’s.

OTO stands for One Time Offer. If you have purchased a product online you have no doubt been presented with a OTO. This is where the real money is made. You sign up for a free product, but before you can download it, you get a page that says something like, “WAIT! This Is The Only Time You Will See This!”. You are then shown a product that you are given an opportunity to purchase.

As I said, I will teach you how to effectively use this method to make huge amounts of money later. I hope you have gotten a pretty good idea of the type of product(s) you want to market. But you already have one of the best to market right now. As an affiliate of Wealthy Affiliate you can marketing the free membership and get paid when people upgrade. Best of all it is residual income.

Stay tuned for my next post where I will go into much more detail on products. Until then, God bless!

TJ Moore