Developing Your Product

Now it’s time to take the topic that you are going to base your product around and develop a superior tool to offer your target market. If you’ve taken heed to my advice and chosen to write about something from which you have experience, the product development phase of your business will be easy.

The first question you need to ask yourself is who is going to write my material?
The second question to ask is what is the best format for me to distribute my material to the public? (See page 4 of my course)

Creating your product from scratch

For example, if you are comfortable at job interviews and seem to always get offered the position on the spot, deciding to develop a product that teaches people how to increase their interview success rate may be a good idea. In this scenario, the best person to communicate your successful interviewing techniques to your target market is you.

All you would have to do is document the necessary steps in an easy to follow format making sure that not a single detail is left out and that you even go out of your way to provide additional valuable information as a bonus. (Hint: this is the same exact formula that I followed to create my real estate course and the very course you are reading now)

If you decide that someone else will write your material for you, be sure to provide that person with as many notes and transcripts of your work so that your product does not become too theory based. You will build a huge list of unhappy customers if you’re provide them with the “what’s” and not the “how to’s”.

Remember, your customers are paying you their hard earned money to learn information that can only be learned by reading your material. They will not be too thrilled if all you provide them with is information that could be found free of charge on the internet. With this being said, you should at least write the rough draft before allowing someone to create a product in your behalf.

Don’t cheat your customers. You will want to build loyalty through your offerings and hopefully be able to provide them with future products and services. I can promise that the two quickest routes to failure as an online marketer is to provide an inferior product and to not honor the terms of your purchase agreement. Both are considered unethical and will bring you down faster than you can count to three.

Selling an already existing product

Let it be known right now that I suggest creating your own product, however I know that many people simply will not and would rather take advantage of the opportunity to market and sell an already existing product. Besides, there is not a written rule that says you have to create your own product; it’s just my personal preference.There are a few advantages and disadvantages of selling a product that you do not have to take the time to create. Let’s explore them:

Advantages
1. Time ordinarily spent on product development can now be allocated to marketing and sales.
2. If the product you’re selling has a good reputation this may help increase your sales. Customers typically buy from people and companies that they view as leaders or “players” in the industry.
3. Any costs associated with creating your product will be avoided which will therefore reduce your total start up costs.

Disadvantages
1. Chances are that you would not be the only one selling the product, therefore increasing the chances of on oversaturated market.
2. Unless you have the right to reprint and repackage the information, you have no creative control of the product and will not be able to edit or improve your work if necessary.
3. It is difficult to increase the price of your product if a potential customer can find the same product at a lower price.

You can read more articles that I've written related to Internet Marketing on my website http://profitsbythehour.com/ and you can also learn the exact system I've used to build my online fortune.