How To Create Multiple Streams of Online Income E-Course
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Part 4. What Is The Best Product To Sell Online?
I wish I had a dime for every time I've been asked, "Tim,
what's
the best product to sell online?" I also wish I had a nickel
for
every blank stare I received when I answered: "That's simple:
information." I'd have enough money to finance another startup
or
two.
As more and more entrepreneurs move to the Internet seeking their
fortunes, "What's the best product to sell online," has
become
the number one business question of the decade.
The next question is always: "Why information?" Again,
the answer
is simple: because no other type of product is easier to create,
faster to bring to market, easier to distribute, and potentially
more profitable.
Many info products net as much as 75% to 95% profit on the
initial sale after all costs have been deducted. And residual
sales to established customers can offer 100% profit.
Informational products come in many forms. An info product can
be
a digital book (e-book" is the accepted term), a digital report
or white paper, a piece of software, a website, a newsletter,
etc. Any product that is informational or informative in nature
can be considered an info product.
Here's why information is the best product to sell online:
Fast to create, fast to market
Forget a product development cycle that is years in the making.
Forget an intense design and costly manufacturing process. I have
literally created info products in as little as two hours and had
them generating revenue shortly thereafter. If you have an
appealing topic and a computer, you have all the tools you need
to create an info product.
No inventory to stock
Forget filling your garage with boxes of cheap watches and cases
of mega vitamins that you will never sell. When you sell
information there is no inventory to stock. Your product is
digital (I like to call it electronic air) and requires no space
in your garage, just a little space on your computer. One of my
most successful info products is a 30kb e-book that requires
almost no space at all.
Low startup costs
When you sell information you can literally create a product for
next to nothing. If your product is an e-book the only investment
required will be in the time it takes to put words to digital
paper. If you become an affiliate marketer of someone else's info
product your investment can be zero.
You can automate the sales and delivery process
Thanks to internet technology you can sell info products 24 hours
a day, 7 days a week, and never lift a finger. In fact, you don't
even have to be awake or at home to make money with an info
product.
I know many successful info entrepreneurs who are getting rich
despite the fact that they work as little as an hour a day.
They check the website and their email, then go play golf or hang
with the kids for the rest of the day. You can completely
automate the sales and delivery process so your website does
everything for you.
An automated website can give a potential customer your sales
pitch, take the order and process the payment, deliver the
product by email, and even follow up in a few days to make sure
the customer is satisfied and offer to sell them additional
products.
You can offer immediate access or delivery
Online consumers are an inpatient lot. They want things NOW!
These are people who stand in front of the microwave impatiently
tapping their foot and frowning at their watch. Selling
information is the best way to give your customers immediate
satisfaction. As mentioned earlier, an automated website can
process the order and payment, then immediately email the
download link for the product to your customer.
There's no shipping and handling
One of the things I never liked about selling hard goods was the
manual process of taking the order, running the credit card,
placing the order with a dropshipper or filling the order of my
stock.
I hated finding a box and packing peanuts and printing the label
and taping it all up and lugging it to the post office. Every
minute I spent filling orders was time that I was not being
compensated for, therefore, my profit grew less and less with
every minute spent on shipping and handling.
Informational products require no shipping and handling. Most are
delivered by email. In the time it takes you to click your mouse,
you can deliver an info product.
What if you don't have your own info product to sell?
This is one of the most appealing aspects of selling information.
If you don't have an info product, creating or finding one is
much easier than you think.
We will look at how you can create your own info product in
Part 5.
Click here to proceed
to Part 5 : What Is The Best Product To Sell Online?
