
Product creation is one of the best ways to make money online, but it’s also one of the hardest. You have to have the time, money, and/or knowledge to invest in a product, and you have to be able to use your contacts very wisely.
The initial idea creation for a new product is the easy part. You can think up ideas all day. What you have to do next is assess these ideas. First, ask yourself if you would buy it. If the answer is “Yes,” then you’re on the right track.
Allen Says’ Private Posts
If you ask me to tell you what product has given me the most profitable ideas and gotten me into the “marketing mindset,” I’d answer Allen Says’ Private Posts Volume I. Allen’s sheer insight into the world of marketing is unbelievable. I have read volume I dozens of times, and I get new ideas every time I read it. As the next volumes come out, I’ll pay whatever I have to pay in order to get my copies.
Allen is also one of the few other “gurus” that I look up to with the utmost respect, because he is more concerned with helping others than he is with making money. That shows some definite character, and it’s hard to come by in this world anymore.
Research It Further
If you have an idea that you think is a good, profitable idea, move forward and research it further. Lay out exactly what you want it to be/do, and put it all on paper (or in MS Word, Notepad, somewhere). Figure out exactly what is necessary for it to work. Outline the process, the content, your ideas, then go back through your outline and expand on those ideas.
When you think you’ve covered all the bases, you’re at the fun part creating it. If you can create it yourself, and you have the time to do it, go for it. Doing it yourself will be the most cost effective way to get it completed, and you know it will be exactly what you want. If you don’t have the time, or you don’t have the abilities necessary (programming, writing, etc.) you can have it outsourced.
Outsourcing
Now, I don’t want you to think that you have to be a software engineer or a writer with a college degree to create your own product. There are many ways to get around your lack of expertise if you have a great idea. The best way is to outsource the product’s creation. And because of the great push to drive down costs, freelance programmers and writers have popped up all over the globe, offering VERY cheap labor for you. Where can you find these freelancers? You can find them on sites like RentACoder.com, Scriptlance.com, Elance.com, and more.
I do want to point out, however, that the lowest bid price is not always the best. There are writers and coders who bid low because they’re not as good as the others, and there are writers and coders who bid low because they can – because many freelancers on these sites live in a country where the US Dollar is worth quite a bit more than their own currency, so they can bid very low and still turn a nice profit.
This is where project feedback comes in handy. Before you accept a bid, make sure you check out their feedback ratings, and check for what types of projects they’ve done in the past. A buyer with a 10/10 for 20 projects is pretty good, but if your project is for ghostwriting an ebook, and those 20.
There is an ebook called Learn How To Speak Geek that you can buy if you want to learn more about how this whole freelancing process works, and how you can make the most of it. I have read this book and think every person who is about to put a project up for bids should read it, and I’m saying that both as a marketer and a programmer.
That book will more than make up for its own price by providing you with the communication skills you need to choose the best freelancer for your project, so you don’t have to re-post it again after your original choice screws things up. The small investment for that ebook is worth much more than the hundreds or thousands of dollars you could lose if you don’t choose the right freelancer.
What To Do With Your Product
When it’s finished, you’ll be able to reap the rewards of your labor. If you haven’t already, set a “launch” date so there is a definite start date for the sale of your product. Now, figure out how you’re going to promote it. You have options to get affiliates, do joint ventures (JVs), sell resale rights/master resale rights/private label rights, and more. Most are already discussed in this book already, so I won’t double-dip and waste your time by making you read it all over again. You can choose to do any/all of the ideas in this book, or create your own ideas for marketing your products! (If you have a truly unique idea, or a great spin on an existing idea, you could even turn that into an ebook and sell it as it’s own product!)
Your Own Affiliate Program
I want to talk very quickly about setting up an affiliate program for your product, as well. It’s very hard to get your product out to the masses by yourself, because the Internet is so huge. So you should always create an affiliate program for your products. You can do this with both PayDotCom and Clickbank, as I mentioned in the affiliate article. PayDotCom has great affiliate management tools, while Clickbank has many, many more registered affiliates, so it’s really a toss-up.
And when you’re considering which site to list your product on, you will also want to decide what commission percentage you want to give to your affiliates. Obviously, the higher, the better, because you’ll get more affiliates with a higher percentage, but your revenue will go down at the same time. Whatever direction you choose to go, if you promote your affiliate campaign and your product is good quality, you’ll have affiliates sign up for your affiliate program.
Letting Others Know About Your Product
Launching your own affiliate program is great, but how will people know about it? Obviously, you can use all of the traffic generation ideas in this book to get people to the site, but there is also another great way to get affiliates (and JV partners), and to let people know about your product. I use the JV Network for free to get notices about when others are launching products, and for a small fee, I can notify thousands of potential partners and affiliates that my product launch is coming up. Other big time marketers like Cody Moya and Mike Filsaime are registered for that site, as well. In my opinion, that kind of publicity is hard to match.