I always tell online business owners they need to add multiple products into their sales funnel.
They smile, they nod, they agree with me.
Then I tell them they need to add one or more premium products into their sales funnel.
“No way,” they tell me. “No one would pay $100 or more for any product I create.”
That’s where I get to tell them they’re wrong. No one likes to be told they’re wrong, of course, but it sure does bring a smile to their face later on when they realise I’m right. Because yes, anyone can create a premium product – even you.
Let me show you how I do it using my training program at www.earncome.com as an example. Take a look…
Step 1: Do Your Market Research
There’s no use in creating a product if no one is going to buy it. That’s why you need to do your market research first. That is, find out what your market is already buying, and then create something similar.
The key here is to build a better mousetrap, so to speak. That means that you create something that’s BETTER than what’s currently on the market.
In the case of Earncom.com, I knew what my market wanted based on what they were already buying from me. So what I did was create the one of the most comprehensive training programs to help people make more money and take their businesses to the next level. I knew if they were buying shorter products on the topic, then certainly they’d purchase a comprehensive package where they’d have all the information they need at their fingertips.
Next step…
Step 2: Understand What Gives a Product Value
Here are some of the factors that increase the perceived value of an information product:
- The product contains information for advanced users.
- The product comes in a high-value form, such as a video, webinar, home study package, or via personal coaching.
- The product contains “never before released” information.
- The product was created by a known expert in the field.
If you check out Earncome, you’ll see I ticked several of these boxes. Most notably, Earncome is created by a known expert, it includes info for advanced users, and it includes “never before released” info.
Next up…
Step 3: Create the Product
This doesn’t have to take you forever and a day to create. In fact, I’ve created premium products in as little as 24 to 48 hours. If you’re creating an hour or two video set, you can probably get the first draft in that time, and have the whole thing out the door in a matter of days.
Or take Earncome as an example. Part of the draw of the site is that the information is brand new – the strategies work today. That’s why I create the lessons fresh every week. True, I’m creating a year’s worth of lessons… but I may take up to a year to do it. When it’s broken down like that, product creation is pretty easy.
Bottom line: don’t make this process more complicated than it needs to be. Just focus on providing good quality information.
Conclusion
You don’t need to have any special super hero powers in order to create a premium product. All you have to do is find out what people want, give it to them in a high-value package, and pocket the nice profits.
