Sustaining Profits by Creating New Products and Services

Sustaining Profits by Creating New Products and Services related to your business is a goal for most entrepreneurs. One of the most important ways to sustain profits in your niche-related business is to create or promote new products and service that your targeted audience will be eager to buy. You can accomplish this in a number of ways.

The most obvious is the new product launch but what is more important is giving your readers, students, and customers VALUE! If you provide value then everybody can be fulfilled by what you are teaching, promoting, or selling.

For Your Students.

If you provide value, it will be a win-win for you and your students. Not only do you get to share your knowledge and guide them to be successful, but you can keep them from pitfalls you experienced along the way-saving them time, money, and stress!

For Your Customers.

If you know your niche well, chances are you should have a pretty good idea of what your customers need and how much they are willing to pay for it. In other words, you will only create and promote products that you are certain will sell because they meet the needs of your customers.

Survey Your Readers And Students.

If you are not sure, take the time to survey the people on your email list/s or poll them on social media, to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will actually stop you from wasting a lot of your precious time, effort, and perhaps money creating a product A when they are really eager to get their hands on product E.

Launch And Promote.

With regard to launching a product, have a hard launch and a soft launch. The soft launch should usually be to those in your inner circle. You could provide them with a first look at your product for a substantial discount. You could ask for testimonials in the beginning and give them an easy way to contact you to send in reviews and ask questions.

Network A Bit.

Let your Joint Venture partners know that the new product is arriving soon and let them have first look now and then. Ask them for a little feedback so your product will be attractive to their audience as well.

Evaluate, Launch.

Once you are sure your product is as good as it can be for your niche audience, then you can widen your audience through your hard launch. You need to decide on what the correct price point is before then, of course.

Branch Out And Promote Some More.

Guest blog for an up-and-comer or an influencer. Offer a free webinar, give something away, and have your JV partners interview you to share your product.

Webinars can be very profitable of course, but they can prove very useful for product creation too. You could record each session and offer it as a paid product or promotional item. Have a transcript made to sell as is and then you can turn it into a free e-course, special report, or an e-book.

If you interact with the new audience by allowing them to ask questions, you can take note of their questions and see if any of them are worth creating a product for or if they want something you feel like promoting (affiliate or digital marketing).

Brand Awareness.

Consider putting e-books together by topic if you have a lot of content at your site or blog. How-to titles are extremely attractive to most audiences

Evaluate Your Students.

Evaluate your students if you are a teacher in your niche. Consider different levels of learners in your niche, such as beginners, intermediates, and advanced students. You can present information speedily, or go more in-depth for those beyond the beginner level.

Check Out Your Competition.

Look at what your competitors are selling, and at what price points. In this case, you have 2 choices. Charge less and give the same type of information, or charge more due to your expertise and the excellent bundle you will be offering.

Bundles Sell.

Bundling works for all paid products. You can sell one main product and bundle a range of very attractive bonuses together. Depending on your niche, you could bundle items such as templates, infographics, worksheets, and hand-outs.

You can group 1-3 of your highest selling products and services together to create an all-new offer that your niche market will be eager to buy. Add some solid bonuses on top of that and see how much profit you can make from your niche-related products and services.

Become An Authority!

These are just of few ideas to keep you on track or to make some goals to achieve down the road. Take action, one step at a time. Slow and steady often wins the race.