One of the most important ways to sustain profits in your business is to create new products and services that your targeted audience will be eager to buy. If you have a product (or service) that your audience likes, you likely want to DO something to capitalize on this interest.
Of course, raising the price of said product or service is one way to raise profitability. However, raising the price will not extend your offer or grow your business.
How can you figure out which products/services your audience wants to buy? It may be time to create ancillary products and services related to your original, core offer. Or, it may be time to create a next-level offer for your audience.
Figuring out which products and services your audience wants can be an exhausting process. There are a number of different ways to go with this, so let’s explore a few of your options, ok?
8 Ways to Increase Profits by Creating New Products and Services Related to Your Business
- Launch a New Product
- Survey Your Audience
- Start With a Soft Launch
- Plan for a Hard Launch
- Record Webinars and Seminars
- Bundle Existing Content
- Research Competitor Offerings
- Bundle Paid Products
Launch a New Product
The most obvious way to increase profits is to launch a new product. If you know your niche well, chances are you should have a pretty good idea of what they really want and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.
Survey Your Audience
If you are not sure, take the time to survey the people on your email list or poll them on Facebook to ask which options they would find most useful. Let them pick from a range of choices.
The answers may surprise you. They will certainly stop you from wasting a lot of time and effort and perhaps money creating product A when they are really eager to get their hands on product E.
As you’re putting your product/service together, keep soliciting feedback. Your audience will help you to create the product they want to buy. This may sound strange, but it works!
Start with a Soft Launch
In terms of launching the product, have a soft launch and a hard launch. The soft launch should be to those in your inner circle. They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in reviews, and ask questions.
Let your Joint Venture partners know that the new product has arrived and let them have first look as well. Ask them for feedback so your product will be attractive to their audience as well.
Plan for a Hard Launch Next
Once you are sure your product is as good as it can be at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.
Record Webinars and Seminars
Webinars can prove very useful for product creation. Record each session and offer it as paid product or promotional item. Have a transcript made to sell as is. Turn it into a free ecourse, special report, or an e-book of insider secrets.
If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.
Bundle Existing Content
If you have a lot of content at your site or blog, consider putting ebooks together by topics. How to titles are extremely attractive to most audiences.
Consider different levels of learners in your niche, such as beginners, intermediates, and advanced students. You can present information in a sequential way, or go into more depth for those beyond beginner level.
Research Competitor Offerings
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.
Bundle Paid Products
Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonuses together, such as worksheets, hand-outs, templates, infographics and more.
Or you can group 2 of your most popular products and services together to create an all new offer that your niche market will be eager to buy. Add a few juicy bonuses on top of that and see how much profit you can make from your niche-related products and services.
The point is simple: create new products and services related to your business to increase your profitability. Look at the work you’ve already done, package it up, and sell it!
Where many ‘preneurs mis-step
The problem with creating a product that you think audience needs and then launching it is so obvious that it’s often overlooked. As the expert you recognize what your audience needs, but your audience may not know what they need. Or worse yet, they might not want to buy what you’re selling.
You go through the painstaking process of creating a stellar product/service, pour money and time into this genius idea, hire a designer for killer branding, and launch… to crickets.
Like, nary a soul is interested in your shiny new object. Oh crap. If this feels familiar, I encourage you to read this article BEFORE you create another thing that doesn’t sell!