Definition of a Product Funnel
Creating series of products for your ebusiness can be sometimes overwhelming and confusing. What products should you offer first and what should be the next? What are the best products that will make your product funnel more profitable? What kinds of products will attract your potential clients to the first level of your funnel? These questions and more will help you make your product funnel work for you.
If you are offering information base products just like me, your product funnel should look like this:
- First level - offer inexpensive or free products like short ebooks, downloadable PDFs, reports, CDs, etc. Ensure that they contain information that can help you position yourself as an expert on your chosen niche. You need to do this so you can earn the trust of your potential clients.
-Second level - Offer inexpensive products that will sell for $10-$30 like ebooks, tutorials, ecourses, and simple step-by-step guides.
-Third level - Sell $100-$500 products like CD series, short seminars, Webinars, DVD tutorials, etc.
- Fourth level - Sell $2,000-$12,000 products like one-on-one coaching, advanced coaching programs, boot camps, seminars, etc.
Now that you know how your product funnel should look like, it's time that we discuss on how you can accelerate this process using these 4 profitable methods:
1. Analyze your chosen niche. Determine the gaps and inadequacies on your chosen industry. Figure out the problems, needs, and demands of your potential clients that can be addressed by your products.
2. Analyze your competition. In order to set yourself apart from the rest, you need to offer something that is uniquely yours. Identify the weaknesses of your competitors and take advantage of them to make sure that your products and your marketing strategies will be more effective.
3. Define your target market. Always involve your customers in the process as you'll never know what they truly want unless you ask them directly. Build personal connection with them and strive to spend at least an hour everyday talking to these people through forums and blogs. Through this, you'll easily figure out what they truly require from you.
4. Solve a problem. Your products will sell well online if they are guaranteed to improve the quality of lives of your potential clients. When developing product ideas, keep the pressing issues of your customers in mind. Ensure that your offerings can help in resolving them.
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Source: http://ezinearticles.com/
Added: September 25, 2008
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