There is one very simple and often overlooked way to quickly boost your income as an online business owner or digital marketer, and it’s simply this:
Create A New Product For Your Existing Customers
We’ve talked before about how repeat sales can be the key to sustainable profits. It’s generally much easier to sell ten related products to one perfectly targeted customer, than it is to go out and find ten different buyers. This is one of the most powerful marketing concepts out there, and it’s far too often overlooked by online business owners.
Basically, it’s much easier to create a second (and third, and fourth) product, and sell it to your current customer base, than it is to go out and market to new people. Satisfied customers want to buy from trusted sources, especially when those sources are offering a new product that builds on or compliments something they’ve bought before.
One of the quickest and easiest ways to increase and even double your income is to create a new product. Find out what your audience needs next. What else are they struggling with? What’s the next step they should be taking to reach their goal? Talk to your customers, ask your email list and online followers, and do a bit of research in your niche. I’m sure you’ll come up with all sorts of fun and creative product ideas. Pick one and get to work.
You’ll find it’s much easier (and quicker) to create that second product than it was to produce the first. You know what you’re doing now. And guess what? It will get even easier the third and fourth time around. Plan to create a whole series of products that help your customers reach their ultimate end goal. That’s exactly what I did with my series of Savvy Solopreneur Kindle books.
When you start to run out of ideas on what they should be doing next, think about related topics. For example, once you’ve taught your tribe everything you know about list building, branch out into social media or copywriting. If you’re teaching them about container gardening, consider branching out into composting, or food preservation for example. After I launched my Busy Blogger’s Success Kit, to help my followers get their blog up and running, I went ahead and created the Affiliate Marketers Success Kit to compliment it. Many bloggers make money from affiliate marketing, and sure enough some of my existing clients jumped at the chance to buy the new kit.
Speaking of affiliate marketing, this strategy can definitely work for you affiliate marketers, too. What have your audience bought through your links before? Can you offer them similar or more advanced products in the same niche? Can you promote a new product from an online creator or educator you’ve had affiliate success with in the past? Affiliate marketers, in fact, are better placed than anyone to build on past sales. They don’t have to create a new product, just source ones that are similar to ones their audience has bought before.
So either create a new product and get it up for sale, or create a strategy to build on past affiliate sales. Then email your list of existing customers about what you have to offer. Often, you’ll start seeing quite a few sales from that one email. Compare that to all the work, effort, and time it took to find those customers in the first place. Doesn’t that make you want to get to work on the next product?
Of course the benefits of adding a new product don’t end there. Start promoting the second product the way you did the first. Send an offer for it out to your list of leads. Mention it on social media. Link to it from existing content on your blog. Mention it in guest blog posts and podcast interviews. People who weren’t interested in your first product may end up picking up this new one, resulting in even higher profits. And who knows, maybe they’ll be interested in the next one, too.
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