3 Products Your Online Business Needs To Boost Income
Every online business owner wants to boost their income. You can do this by selling more of the same products to new customers or by selling the same number of products at a higher price. But if you're only selling one type of product it does limit your customer base. That's not to say that you need to sell so many different products that you can't keep track.
It's about having the essential product types that will appeal to your customers and boost your income.
1. Direct Income Products
Direct income products are the easiest way to start making money with your online business. The product is one-off purchase and is easily affordable for your customer. It's a product or service that solves a simple problem for your customer or makes their life easier or more enjoyable. bw productionsYou deliver the product to them in an effective and timely manner.
You can create your own product to sell or you can sell products created by other businesses using the affiliate marketing business model. Whatever route you choose, the product or service has to deliver what your customers want.
2. Recurring Income Products
Recurring income products are something that you sell once and receive an income on a continuous basis, normally every month. You get paid for so long as the customer uses the product or service. These types of products are usually items like software licences or membership websites.
Even though the first payment you receive may be less than a one-off direct income product, recurring income products have an excellent long-term value and can generate a significant income over time.
3. High Ticket Products
A high ticket product for an online business is something that will earn you in excess of $1000. A high priced product has to provide exceptional value and a clear difference to the lower priced direct sales products that you offer.
It goes without saying that you have to build a relationship with your prospects before they will consider spending a large amount of money with your online business. This is done by continuously delivering value in your emails, website content, blogs and forums, online seminars, pod casts, video tutorials, etc.
Customers are willing to pay a lot more if they get a superior product. Look at the difference between a first class airline ticket and an economy airline ticket. Lower cost products may do part of the job but don't provide everything that a customer may need in the manner and timescale that they want.
Success in business is mostly about marketing, especially online. Great marketing can sell an average product but poor marketing cannot sell a great product. To learn more about building a successful online business you can get access to a FREE Online Business Marketing Video Series.