Archive for July, 2009
How Can You Develop a Product to Sell Online
Posted on Jul 30, 2009 09:41:39 PM
1. Go for high profit margin products
The maximum number of people that went on to become millionaires was due to the internet business. Online business is the only business wherein one can expect around 100% profit. The margin of the profit that one can get during the other business is merely 20% to 33%. The original cost price of the product is around 67% – 80% is covered by the cost price. But if the product is a virtual one, there isn’t much of a cost-price or production cost (except the early investments), and as such you can expect to make a 100% profit from every sale. You can take the example of the software giants who gain 100% profit from every sale that they make. It is just the same for e-books. To order a tailormade ebook you can hire a writer inexpensively. You can check out www.writerpinaki.com and www.writer4me.com for this purpose.
2. Target niche market rather than the general market
Whenever we experience a heart pain, we take the initiative to visit the cardiologist rather than the normal physician. The same way, it’s a not a bad idea to select a position a niche market than targeting the general market, which is often over-saturated. As you go into the niche market, which deals with just a specific range of products, the chances of you getting noticed are much higher. You must try and develop the product which is aimed at specific interest groups.
3. High quality
While selling your product, one thing that is utmost necessary is that you never compromise on the quality of the product. Remember, the old or the existing customers and clients are your best clients. Keeping them happy with the quality would compel them to remain satisfied with the product that they receive from you. If you have around 300 customers who are satisfied with the service and the quality, you will get a steady sale from them all the year round. Therefore keep them updated with the newsletters especially while announcing your new products.
4. Quick delivery
One might observe that the humans are highly impatient. They would want quick service. Thus, your products must be easily accessible and auto downloadable, preferably quickly downloadable…something that the customers would be able to get their hands on immediately after payment.
5. Trial version
When you deliver a trail version of the product which is absolutely of no cost to access, sometimes, there are 40 % chances that the people who get to access this, would want to purchase the original full version. Therefore, in such cases, the trial version that is, when the product has a time limit, the item needs to be downloadable then may it be a software, e-book or a mere courseware.
6. Research
Look out and find more about the products that you need to sell online. Better if you can get the copies of the product and study them. If they sell well, then you can be assured of the plan and the product. You must try and do something related to the subject or may be the same in a different fashion. To start with, your product must be better than that product and at the same time, at a lower price than that product.
7. Keep upgrading
If the item that you are promoting and dealing with is the one related to the software field like the e-books, constant up gradations and improvements are necessary. At any level when you stop you tend to stall your business which is the untimely death. Thus, you must upgrade the same at least every 6 months. Even a minor up gradation would work.
As you may notice, the 7 tips are neither costly nor very difficult to keep in mind. The lower versions of the software’s and the games or even the e-books can be rated around $30 for every time that one downloads. If you have around 200 visitors every day, one can expect 3% – 5% conversions which may increase later on after the trail versions have been tried and used, which also means approximately $250 of the daily sales which sums upto about $7500 every month. If you go on at this rate, this figure would be achieved along the 4th month. Therefore, why wait, put along your best foot forward!