Online Product Creation Strategy

This article will talk about one successful online strategy based on product creation. Online products usually refer to ebooks, audios and videos that can be delivered and downloaded via the internet. Other online products involve software programs such as a sales letter generator.

Most successful online businesses are structured like a funnel which requires a range of products. Just like a funnel you might use in the kitchen or garden to fill containers with narrow necks, it is wide at one end and narrow at the other. At the wide end you would have at least one low cost or free product which you use to entice people to sign up to your email list and/or a webinar. Then you need to have a range of entry level products, usually priced between $37 and $97, that you would promote via your email list or webinar. Next you want to invite your customers to buy mid-priced products, or services, such as a home study course. At the narrowest end you would offer high ticket products and services such as a mastermind group or even 1-1 support and training.

This might seem like a daunting prospect if you have yet to even create your first product. The secret is to take it one step at a time and break it down into chunks. However you will need to be consistent in creating new and improved products on a regular basis if you want to keep your business growing and up to date.

One way to approach the task is to set aside some time to brainstorm and capture all that you feel your ideal clients would need to be successful in your niche. So if, for example, your business is about helping people to lose weight then what would they need to know and do according to your philosophy in order to achieve their desired result. This is a process that you should do over a number of days as you will find additional ideas will emerge at the most unusual moments. This will form the basis of the top level products, courses and membership programmes.

Then it’s a case of splitting these ideas up into natural groups which would indicate the mid-priced products you would offer. Then break down these products still further to determine what your entry level products would be about. Finally you would take just one aspect of your entry level product to use for your low cost or giveaway product.

Promoting and Marketing Your Online Product

There are several ways that you can go about promoting and marketing your online product and you can even start marketing before your product launches. The key is knowing how to go about everything so that your product information reaches its targeted audience so that conversions can be made. Marketing and promoting your online product before it even launches is a critical step in your overall campaign.

Why would you want to start informing people of the online product you’re about to launch before it’s even ready? By doing this, you are creating hype or excitement for the online product. If your marketing campaign is done correctly and intrigues people than they are going to remember it and they are going to remember when the product is going to launch.

Think about things this way: You have a brand new online product that is going to be launching soon but you found out that another company is launching a similar product around the same time. You haven’t started promoting or marketing the product yet but the other company has been campaigning for the past three months and they already have a strong interest and following on the Internet. That company is already three months ahead of you and now you have to play catch up. You never want to be stuck in a position of playing catch up and that’s why it’s vital to start promoting and marketing your online products as early as you can.

You don’t have to mention price if you don’t want to and sometimes companies like to leave the price hidden so that they can really capture interest without having to worry about people thinking it’s too expensive. The things that you should mention though include when the online product is going to be available and a good explanation of what it’s about.

As far as how you can start marketing and promoting goes, you should already have a website up with a blog as a good start. You should also be making use of the power of social media and email marketing (with permission of course) in order to create that excitement. Interactive videos are another great way to kick off a marketing campaign online.

You can have a lot of fun during the pre-launch period of your online product and you can also help increase the chances of conversions once the product is available to purchase. This is a time to meet people, interact with them, find out what they want out of your product and drive sales.

The Life Cycle of Online Products

Like many things, products go through a cycle during their effective lifespan. These cycles are regular and predictable. A formal life cycle can help build an understanding of the pattern of stages that a product goes through.

There are many different life cycles each based on the focus and pattern, which the author is observing. In this article, I’m going to share a very detailed nine-step life cycle of an online product.

1. Plan

A good online product begins with a plan. The plan details much of the background information required for the online product. However, only the requirements for the product are provided.

2. Design

In this stage, the requirements are given form. The online product that was described in the plan is defined in detail. A detailed outline of the product is produced.

3. Produce

This stage varies depending on the media of the online product. For example, an eBook is written at this stage. A teleseminar on the other hand may be written but it definitely is presented and recorded.

4. Package or Publish

The online product is still in a rough state at the start of this stage — although it is in fact complete. This stage polishes the product and adds elements that turn it into a professional, salable product. For example, a video will have opening and closing credits added and a cover designed.

5. Generating Traffic

At this stage, the product is available. However, sales are not actually occurring. Instead, traffic must be generated in order to ensure that sales are sufficient to justify the costs so far. This is often referred to as a pre-launch stage although it can occur after the launch.

6. Marketing and Selling

At this stage, the product is available and the traffic has reached a stable point. Sales are reasonably stable. In this stage, the marketing emphasis has switched to finding the right types of traffic, rather than the growth focus of the previous stage.

7. Declining Sales

After a period of time, almost all products begin to experience a decline in sales. This may be because of market saturation or real or perceived obsolescence.

8. Bonus

Finally, the sales have dropped to the point that marketing and sales efforts fail to produce sales. At this point, the product is retired from sales. However, it becomes available for use as a bonus to support the sales of other products.

9. Retirement

Eventually, a product will cease to be of value even as a bonus. At this point, the product will be removed from the products for sale list.