Day 21: Don’t Be One Hit Wonder

Well, in so far our 30 days Internet Marketing challenge. We have produced our first product(in form of short report) and started to leverage our efforts by starting an affiliate program.

Now, often if you look at marketing scene, you’ll lot of one hit wonders. People who come up with one good product and had really hard time sustaining the kind of success with other projects.

Here’s what a normal marketer situation

1. First Product (Hit and Bling bling)

2. Second product (often flops)

3. Third product (it might be ohk….)

and so on…

If you look at the income These situation generates they are like Up down, Up down… and so on… This is not a situation where you’ll call yourself “Bussines man” running a business….

How to Avoid being One Hit Wonder?

Ok, guys here’s some truth. Believe it or not, you’ll have lots of flop when you start out. When you win, you’ll win big. As you get more experience, you just make choices based on your experience and product better results.

Why I can say this? well because I have been One hit wonder myself. I know it sucks big time.

The best way to avoid this kind of situation is

1. Better Research

2. Create more products at faster rate

I think we don’t have to discuss much about better research… If you take note of what market wants, you’ll be able to create products that’ll sell. Make a mistake and they’ll flop Easy, isn’t it?

Lets try to understand 2nd point, Creating More products.

If you notice, most marketer have 1 or 2 Major products that is their main revenue generation device. They also have tons of other products which they are selling but again not as good as their Top 2.

Let me give you an example. David Deangelo is very much known for his main Ebook “Double Your dating”. That’s his big foundation stone. Later He product quite a few of those dating products based on DYD. His product count is around 20+

Matt Furey has made tons of money on Internet. And his foundation was Combat conditioning (He had other products before that, but they didn’t sell). Later He grew from there and create tons of products from that foundation. His product count is also 20+.

They have few things in common.

1. They don’t have tons of products in tons of different niche. They are both concentrated on very specific market.

2. They have a funnel system in place for their products Starting from low cost to very very high cost/end products.

Expand Horizontally & Shrink Vertically (An Ideal Sales Funnel)

Expand Horizontally: This is important point that you have to understand. Right now we are at the Top most point in the funnel System (Low cost products). Here you should try to expand as much as possible in your market.

What I mean by expanding is creating Multiple Entry points to your funnel system at the top. For example, if you have a product on “Weight loss for teens”. You have to think and expand horizontally in this market.

That can be something like this

Weight loss for teenage girls
For boys
Ab training for Girls
Ab training for Boys
Nutrition for Teenage Girls
Nutrition for Teenage Boys
Teenagers who want to Bulk up
Teenagers who want to tone up

Now of course, I am writing all this without doing any research in the market. But I am trying to hammer down this point of expanding horizontally.

This will help you create multiple entry points in your sales process. Remember our Simple sales process? From here on We’ll start adding more elements to our sales process.

Today’s Homework:

1. Find an Alternative extension in your niche market: I don’t know your market, so I’d recommend you to spend some time on finding other product ideas that you can create and sell in your niche.

2. Create Your 2nd Product : If you can find another product, start working on your new short report or may be a full e-book. It should be ready in before this challenge finishes. So By the end of 30 days, your goal is to have 2 products online and selling.

You can use our services and get your reports finished up in 8 days or less while you concentrate all your efforts on promotion and traffic generation (don’t forget traffic generation is backbone for your websites).

2. Vertically Shrinking : As you create more and expensive products, you’ll be shrinking your sales funnel as you go down. You’ll have less customers at Higher price point (that is obvious).

You’ll have more of your existing customers buy other products from you (that is also obvious.

Your customer will also buy from your competitors (that also is obvious). So think of ways you can sell your competitors product.

This is what you can call vertically shrinking in Sales funnel.

|—————| More Entry level Product
|————–| 2nd Level Product (Higher Price Product that Entry level)
|————|
|——–|
|——| Costliest product (often live training or consulting services)

This is your funnel Example…. Make sure to build your sales process something like this…

Whew… this post was pretty darn long… Well so much for today…

About the Author

Varun Pratap is working in online business as a pro blogger from 2004. His blog on Imbasics (Internet marketing Basics) is all about making money online ethically without resorting to tricks, techniques and gimmicks.

If This is your first time on this blog, Subscribe to my Feed to get regular updates.
By Varun Pratap | Filed Under 30 days to Online profits 

comments

Leave a Reply