How to create my own product?

How to create my own product?

Creating your own product is easier than you think and does not require an inhumane effort and long hours of work. You don’t even need the skills and experience to make it work for you. In fact, you don’t even need a big budget to create your own product. 

The first step in creating your own product is understanding your business objectives and marketing strategy, whether your goal is to create a passive income stream or building a list. Think in terms of who your target market is. Don’t make the mistake of leaving your marketing strategy to the very end of your product creation efforts. You want to make sure there’s a demand for your product first.

Do I need the skills and experience to create my own product?

If you think that in order to create your own product you need the skills and experience to make it work think twice! You don’t need ‘A’ levels, you don’t even need experience of your product or service, knowledge and skills.  All you need is the ability to find the information you need and the ability to work hard.

Any man is educated who knows where to get knowledge when he needs it, and how to organize that knowledge into definite plans of action.

Napoleon Hill

With that being said, if you lack the necessary knowledge, skills or experience there are ways you can bypass this by e.g. outsourcing, hiring a ghost writer, partnering up with an expert, private label rights etc. 

Do I need a big budget to create my own product?

You can start with no budget at all.

What product can I create?

The dumbest mistake is viewing a design as something you do at the end of the process to ‘tidy up’ the mess, as opposed to understanding it’s a ‘day one’ issue and part of everything.

Tom Peters

Essentially, we can distinguish four main types of product you can create online – text, audio, video and software. Text and audio are a good starting point, however, their perceived value is lower hence the return on your investment (ROI) is also lower. Video creation, on the other hand is more time-consuming but offers a better ROI than the other two digital products. Software products are the hardest to create, however, they also yield incomparably higher profits than any other digital products.

Now let’s get to the nitty-gritty of digital product creation…

How to create my own product?

Text

Text product is by far the easiest digital product you can create, however, it’s unlikely you’ll make a significant amount of money from an e-book or report.

Step number one is finding and researching your niche. Keep in mind that you need to make sure that there’s a demand for your product first. It might be worth considering writing an e-book on a subject you already know a lot or are passionate about.  Generally speaking, how-to books providing an answer to a specific problem sell well.

Can I write my own e-book if I’m not good at writing?

If you’re not particularly good at writing you may want to consider hiring a ghost writer. Typically, a ghost writer is someone else you pay to write your e-book while you’re the one retaining full rights to the e-book.

You may also want to consider recording yourself talking. Once you’ve done that you can have it transcribed for you and then edit your content.

Optionally, you can also use Private Label Rights. Generally speaking, private label rights products are products you can buy and re-sell as your own.

Private label rights is a concept used in internet marketing and derived from private labeling. It’s a license where the author sells most or all of the intellectual property rights to their work. The license is defined by the author of the work and has no legal definition.

Public domain is yet another option to consider when creating your own product. Public domain products are products that no longer have a copyright (most books written before 1923 and some before 1977). Similarly, as in the case of PLR products you can sell and/or edit a public domain work as your own.

Works in the public domain are those whose intellectual property rights have expired, have been forfeited, or are inapplicable.

AUDIO

An audio product has a higher perceived value than an e-book meaning that it can be sold for more. Typically, an audio product can be sold for anything ranging from $27 to $147.

You may wish to consider creating an audio course, bringing in an expert, running a question and answer session, getting interviewed or creating a show. 

SOFTWARE

Software is perceived as a high-end value product and offers the highest return on investment, however, of all four main digital products it’s the hardest one to create as things can often go wrong… With that being said, creating your own software can prove to be rewarding in the long-run.

There are a few things to consider before creating your own software such as outsourcing, hiring a programmer, its time frame, design and customer support. You might want to ask yourself the following questions before you create your own software product:

  • Is your software unique?
  • Who will use your software?
  • Why will they use it?
  • What does your software do that other software doesn’t?
  • When will they use it? 
  • How often will they use it?
  • Where will they use it?

If you want to learn more about digital product creation watch the video below for a more in-depth process. I highly recommend you read Leon Jay’s Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online
for more tips on How To Create My Own Product.

Source: Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online by Leon Jay

What Is Online Marketing?

What Is Online Marketing?

What is online marketing and how does it work? Online marketing also known as Internet marketing or online advertising is a strategy that plays an important part in reaching out to consumers and establishing a brand. It builds your online reputation by increasing your chances to be found online and getting your name out to the public.

How does online marketing work?

By taking advantage of the fact that a large number of your potential customers browse the internet you leverage your chances of being found online and building your reputation.  Therefore, you increase your chances of getting your name out to the public. Online marketing takes on different forms and encourages potential customers to look for information, products or services you offer.

Online marketing boils down to a few essential aspects including website development, Search Engine Optimization (SEO) and Search Engine Management (SEM), email marketing, display advertising and social networks.

Search Engine Optimization (SEO)

Search Engine Optimization is the process of increasing the visibility of a website/web page in a search engine’s “natural” or unpaid organic search results for desired keywords. Generally, the higher the ranking on the search results page the more visitors the site receives. Search Engine Optimization tends to be a long-term and targets different kinds of search, including image search, local search, video search, academic search, news search and industry-specific vertical search engines. It has many contributing factors including on-site content, internal and external links, site architecture, keyword research and competition analysis. What SEO basically does is that it helps you being found online which is probably one of the most important aspects of online marketing, however, there are other strategies that supplement these efforts.

Search engine optimization (SEO) is the process of affecting the visibility of a website or a web page in a search engine’s “natural” or un-paid (“organic”) search results. In general, the earlier (or higher ranked on the search results page), and more frequently a site appears in the search results list, the more visitors it will receive from the search engine’s users. SEO may target different kinds of search, including image search, local search, video search, academic search, news search and industry-specific vertical search engines.

Wikipedia

Search Engine Marketing (SEM)

Once a website is built the next stage of your online marketing strategy is to promote it. Search engine marketing (SEM) is a strategy adopted in online marketing referring to promoting websites by increasing their visibility in search engine results with keywords related  to your business. Search engine management includes per per click ads (PPC) and search engine optimization (SEO).

Search engine marketing (SEM) is a form of Internet marketing that involves the promotion of websites by increasing their visibility in search engine results pages (SERPs) through optimization and advertising. SEM may use search engine optimization (SEO), which adjusts or rewrites website content to achieve a higher ranking in search engine results pages, or use pay per click (PPC) listings.

Wikipedia

Per per click (PPC)

Pay per click (PPC) is a method of charging for advertising on the Internet. Per per click is basically an ad ad that displays on search engine result pages. The advertiser (typically a website owner) pays only when the ad is clicked (as opposed to pay per view ad (PPV) when the advertiser pays when the ad is viewed).  PPC is simply the amount spent to get an ad clicked.

Pay per click (PPC) (also called cost per click) is an internet advertising model used to direct traffic to websites, in which advertisers pay the publisher (typically a website owner) when the ad is clicked. It is defined simply as “the amount spent to get an advertisement clicked.”

Wikipedia

The advertiser (or website owner) pays when the ad is clicked and the user is then redirected to their website or landing page. Pay per click can provide an almost  immediate exposure online while offering you a very transparent way of measuring your efforts.

What the difference between Search Engine Optimization and Search Engine Management?

In the past, Search Engine Marketing used to refer to both SEO and SEM. However, nowadays it tends to refer solely to paid search as opposed to SEO which refers solely to unpaid search.

Social Networks

One of the ways to leverage online marketing is through use of social networking sites which are a powerful marketing tool as they give you a platform to build a reputation. Their main advantage are word-of-mouth recommendations as  these networks give you the option to adopt reputation management strategies and advertise your company, website or services. .The main goal of social networking sites is to increase engagement with your existing and potential customers.

Email Marketing

Email marketing is an increasingly powerful online marketing strategy used to reach out to existing customers.  Essentially, every email sent out to your customer could be considered email marketing.  The main goal of email marketing is to build loyalty, trust and brand awareness by sending ads, request business, solicit sales or donations, newsletters, coupons or informational emails to either sold lists or existing customer database.

Broadly, the term is usually used to refer to sending email messages with the purpose of enhancing the relationship of a merchant with its current or previous customers, to encourage customer loyalty and repeat business, sending email messages with the purpose of acquiring new customers or convincing current customers to purchase something immediately, and adding advertisements to email messages sent by other companies to their customers.

Wikipedia

One of the ways to use email marketing is to give new customers an incentive to sign up for your newsletter or mailing list. While marketing to a new list is a fairly new concept it enhances your email marketing strategy by giving you access to targeted leads who have given their permission to receive newsletters or informational emails on the subject of their interest.

Display Advertising

Display advertising is a type of advertising that is located on websites. It can be seen in a wide range of different formats and contains items such as texts, images, flash, video and audio. The main purpose is to deliver general advertisements and brand messages to the plus 40 million people connected to the Internet each month.

Wikipedia

Display advertising or online display ads are advertisements on search engines such as Google, Yahoo and Bing. Rich media ads contain images or video and involve some kind of user interaction. They also give you the option to access metrics of your audience’s behaviour such as the amount of time spent interacting with your ad. Display network provides accurate measures regarding interest in your products or services while using visuals that increase your audience engagement.

Website Development

Website development plays a important role in reaching your target audience given the fact that potential customers search for information, products or services that you provide on your website. Your website is simply a tool to increase your online presence that lets your customers make an informed decision regarding your company, its products or services. Creating a website should not be underestimated as its a window to your target audience especially given that fact that nowadays designing a website is fairly simple and cost-effective. You can choose from free websites that come with a number of limitations, professionally looking template websites at a reduced cost and turn-around time or the more expensive custom websites tailored to suite your company’s needs.

Online marketing plays an important role in running a successful business in today’s digital world.