Presentation on theme: "The Irresistible Offer Creating and Positioning Your Signature Product."— Presentation transcript:
The Irresistible Offer Creating and Positioning Your Signature Product
Your Irresistible Offer One of the easiest ways to get started online is as an affiliate marketer, but it is not long before you realize you could make even more money if you had your own product. Marlon Brando said it best in The Godfather (Part 1): I'm going to make him an offer he can't refuse. There are GOOD offers, GREAT offers, and IRRESISTIBLE offers.
Required Get Elements For Creating Your Signature Products Get discovering your niche. Get researching your targeted market. Get over your FEAR which keeps you making one excuse after another as to why you cant. Get finding out what WORKS for YOU. Get EXCITED & have FUN.
What is an Irresistible Offer? It is actually quite simple: When your prospect reads (or hears about) your offer, it should appear to be so incredibly compelling, and that you are being so utterly generous with them, that they feel like theyre totally RIPPING YOU OFF and getting away with it.
What Makes My Product Irresistible? Does my product or service have relevance? Can the prospect see there is credibility? Is there true value (return of investment to customer)? Does the customer see a risk to them to purchase? Is there a sense of urgency? Do I have a targeted audience, and the right audience? Can the prospect or customer visualize the benefits? Does my offer seem too good to be true?
Whats in it For the Customer? Relevance. Credibility. Value. Risk protection. Sense of urgency.
Think Long Term This is a Big Deal – Will you be satisfied to make just one sale or would you rather have a customer for life? Be Generous – If that means making LESS profit up front, go for it. Put Yourself Out There – You need to put yourself at the mercy of your customers. Once youve got your prospect hooked on what youve got to sell, reel them in again and again.
Be Creative When youre crafting your offer, let your creativity shine. How creative can you be in your payment terms to make it as easy as possible for your prospect to buy from you... and for you to still make money? Can you cover shipping? Can you send them the package for a 30-day trial? Can you be creative with your guarantee? Can you add special bonus offers? Either create or use PLR
Be Generous Ask yourself, what do my prospects truly want that I can give them at low or no cost that will skyrocket the VALUE of my product? And then give it away. Bonus Offers Marketers frequently either dont include bonuses at all, or pack their products with untargeted, meaningless bonuses that nobody actually wants. These dont even make sense in the mind of the customer. Must be relevant… Must make sense in the customers mind Use Private Label Rights for bonus offers!
Product Creation and Idea Generation Before you begin on the actual product, you need to decide what your product will consist of. Use competitive analysis to find what is missing in the marketplace. Search for weaknesses in your competition. Come up with ideas based on what people want, need, and whats missing to solve their problems.
Product Creation & Idea Generation, cont…. Decide on your main goal! Is your main goal to accomplish list building? Is your main goal to make money? Is your main goal to brand yourself?
Product Creation and Idea Generation, cont…. Creating products can be easy. There are many different types of products to create: E-Books Audio files (mp3s) Transcripts of audios (escriptionist.com) Flow charts (smartdraw.com) Camtasia videos (how to) Resource lists Stand-alone software Web and content-based memberships Software plugins (like wordpress plugins) Graphics packages, or anything that compliments a structure many are already using. Coaching & mentoring Offline events Physical products: Books, CDs, DVDs, etc. Live Webinars and Teleseminars
Product Creation & Idea Generation Webinars and Teleseminars Webinars and teleseminars are two of my favorite ways to keep in touch with my customers, create valuable relationships and deliver top quality content. http://www.gotomeeting.com http://www.gotomeeting.com (Webinars) Instant TeleseminarInstant Teleseminar (Teleseminars) Fast and easy way to create a product.
Product Creation & Idea Generation Webinars and Teleseminars Create a content-rich PowerPoint on a subject in your niche that you are an expert at, and then click record and teach away for instant product creation. Some benefits: Product creation Product introduction Relationship building Credibility building List building Vital two-way communication Affiliate marketing tool Use a screen capture software such as Camtasia and record your presentation and your voice while presenting
Product Creation and Idea Generation Decide on where your strengths lay to create the best product you can create. Combine competitors products together to come up with new ideas. Search websites like Clickbank.com to find out what types of similar products are out there and look for holes to fill.Clickbank.com Determine what price point you need to enter the market at to compete. Beware of pricing too low (think Rolex vs Timex) Look for Private Label Rights products you can tear apart and use to include in your own package.
Product Creation & Idea Generation Access PLR Content The problem is that creating your own product could take you weeks and sometimes months to produce, and this is if you have some idea of the product you want to produce. Many product creators use PLR content for their products as this saves time and money and gives them access to material that has already been researched and created, and is easily accessible. You should always try to get high quality content
18 Product Creation; Using PLR Challenges of Product Creation: No Time No Money Lack of Idea This is where PLR or 'Private Label Rights' products come to the rescue. Time Saver – Who wouldnt want more time in their day? Product creation takes time PLR gives back time. Inexpensive – PLR is easier on the wallet. Who doesnt like that! Flexibility – Rewrite it, Re-brand, and add your own spin and personality Profitable – Very high return on investment Idea Generator
19 Find several and take pieces and parts from each of them and create a brand new product for your backend. Find high end training courses that compliment your front end Use PLR as bonus offers for increasing your backend Affiliate product recommendations to increase conversions. Break high end courses with several modules into several smaller courses. Just personalize it, improve it and market it Using PLR To Create Your Product
Here's a Quick Quiz for you... Are you having problems finding great new product ideas? Are you investing too much time & money and still getting nowhere? Are you wasting too much time looking for your first/next big product idea? If you are struggling to create your own product to sell online, then the question should not be Why Use PLR? But why are you not using PLR?
Outsourcing Secrets Using Elance, guru.com, rentacoder.com, O-Desk.com, etc. Post your project in as much detail as humanly possible Never accept the first bid Be patient Finding Interns Local tech school and college students Mastermind group members People on your lists Splitting profits with partners (works for copy as well). Use Forums
Product Positioning and Differentiation Strategy Why New Products Fail Your product differentiation and your positioning of the product is weak. Man, I'll tell you right now. There's nothing worse than sinking 6 or 12 months into creating a product that no one wants to buy. I've done it before. And it stinks. It 100% stinks.
Positioning Think in reverse… instead of starting with yourself, you should start with the mind of your customer. Get to know your customers. You may have the best product and know it is something that makes sense to you. You may even know the customer needs it. But if it doesnt make sense to the customer, they will not buy. Research & Communication is IMPORTANT!
Your Product Solution to Customers Problem The more help you provide your customers to fill that gap, the more value you add to them This differentiates you from your competitors who are still scrambling around at the bottom of the ladder Control as much of the ladder as possible Customer More of Your Products & Affiliate Products You Need to Fill and Control This Gap
Differentiation Strategy This is your action designed to produce products or services that customers perceive as being different from your competition. A marketing process that showcases the differences between products. Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products. Successful product differentiation creates a competitive advantage for the seller, as customers view these products as unique or superior. Most of your customers will be suffering from Information Overload Syndrome. You will find that the customers will only accept new information if it matches their current state of mind. It is increasingly becoming difficult to create something new that doesn't already exist in your prospect's mind.
How To Achieve Product Differentiation Product differentiation can be achieved in many ways. It may be as simple as packaging the goods in a creative way incorporating new functional features. Sometimes differentiation does not involve changing the product at all, but creating a new advertising campaign or other sales promotions instead.
Effective Communication A product differentiation strategy requires effective communication with customers. advertising public relations sponsoring of events, etc. Advertising will usually plays a critical role in an effective product differentiation strategy. It is not 100% necessary to create a product with actual differences if you can effectively convince customers that real differences actually exist. Products with actual differences will have a much easier time convincing customers that those differences exist.
SUMMARY OF PRODUCT DIFFERENTIATION The main points from this discussion that students need to understand are: Successful product differentiation leads to customer preference for products and/or services Customers preferences leads to premium price paid for products and/or services. Many possible bases of differentiationin fact, almost anything could be a base of differentiation. Features and benefits, packaging, new advertising and sales promotions, Product differentiation may, and usually leads to competitive advantage
Product Pricing Pricing your irresistible product or service is a very important decisions you will need to make. You must offer your products for a price your target market is willing to pay Price you set should produces a profit for your company or you won't be in business for long. Take into account your costs, Competition product and service prices Customer's perception of value. There will be times when you decide to set prices below cost or even FREE for specific purposes, such as trying to gain entrance into the set market, list building, or clearing inventory.
Product Pricing As a general rule, better products have a higher price higher production costs (more & higher quality materials, longer production and creation time, more selective tests) bigger expected advantages for clients Consumers without their own opinion nor the capability of directly judging quality may rely on the price to reflect quality. They will prefer to pay a higher price because they expect quality to be better. Important flaw to consider is that it can be purposefully exploited by the seller, with the result that not all highly priced products are of good quality.
Competitive Pricing Generally used when there's an established market price for a particular product or service. If all your competitors are charging $37 for a 100 page ebook for example, that's what you should charge. (Research your competition) Competitive pricing is used most often within markets with products that are more difficult to differentiate from another. Market leaders will often set the price that other, marketers within that same market will usually be compelled to follow. Be able to defend the prices you've set. Be able to make a case for setting a higher price than competitors. Example: providing a superior customer service or stronger guarantee.
Perceived Value (Value-based pricing ) How the customer perceives the value of the product determines the maximum price customers will pay. Ways to create Perceived value Established reputation Marketing messages Packaging Sales environments. Added bonus offers Testimonials Strong Guarantee (eliminate risk) Show benefits not features Add affiliate program (way to make money) Higher price Graphics (puts in the mind that product is real) Sell Resell or PLR to your product
Perceived Value continued… An obvious and important component of perceived value is the differentiation or comparison customers make between you and the competition. Perceived value pricing makes you look at things from the customer's perspective. If the customer doesn't or cant perceive the value worth pulling out the credit card & paying for, you need to re-think your game- plan.
Why Not Just Be An Affiliate Marketer? Its a food chain! You have a choice in life: You can be at the bottom of the food chain helping make the fat cats at the top rich. Or you can be on top of the food chain where others sell your products and help make you rich or at least better off than you are now. Do you want to be the worker bee working your tail end off selling other people's products. Or do you want to have a whole lot of people selling your products? You can work hard making other people money. Or you can have other people working hard to make you money. Which do you want?
Here is the only secret of success in this simple business of ours... Find out what people want to buy then sell it to them! Please understand that there's nothing wrong with selling other people's products while you're developing your own. There is a number of people who make good money selling products as Affiliates. But the best way to use Affiliate products is to have your own lead product and use Affiliate products (or other people's) for repeat sales to existing customers.
In Summary Make your offer irresistible. Make it worth the effort to the customer to place the order. Transfer the risk from the customer to you and add a sense of urgency. Not many websites have truly irresistible offers, which means you have plenty of room to differentiate yourself from competitors. Think in reverse… instead of starting with yourself, you should start with the mind of your customer. Get to know your customers. You may have the best product and know it is something that makes sense to and that your customer needs it. But if it doesnt make sense to the customer, they will not buy. The type of irresistible offers you create are limited only by your imagination, so nows the time to start brainstorming about yours!