One of the things I talk about a lot is having systems in place so you can do the bulk of the work once. This saves you time, delivers predictable and proven results and prevents you from having to continually reinvent the wheel.
But it’s not just your marketing that needs systems in place.
When creating products, a product-creation system will help speed the process and ensure that you can consistently produce GREAT products that generate handsome profits to you and add to the long term solvency and value of your business.
So in looking at what should be in this system, if you ask business owners to list the most successful products they ever created, many will judge what goes on the list by choosing what sold the most units and earned the most money.
That’s not what I’d do though.
Over the years I’ve created hundreds of products, including multi-million dollar plus income earners.
But I’ve found that while making money is favorable, looking at the success of a product purely on the amount of money it generates is more of a short-term thinking approach.
I can list products I’ve created that haven’t necessarily made me a lot of money in terms of dollars directly earned from the sale of them, but due to other factors they have been indirectly responsible for a great deal of income long-term.
For example, my book the Ultimate Sales Letter. The sale of this book alone is not going to make me rich. But it’s done a lot for me and I would list it among the GREAT products I have created.
Magnetic Marketing is something that has been a best seller–and continues to be a best seller for me even 20+ years after creation. This has certainly been a great income generator, but it also has done much more over the long haul.
So when creating (or for that matter evaluating) a product, some things you’ll want to consider about the makeup of your product are:
1) Does it attract really good customers? You might have a great product but if it’s attracting the wrong clients, customers, or patients, how valuable is it to you in the long run? Create products that attract your ideal best customer.
2) Does it create lifetime customers? A lot of businesses ask themselves, “What can I do that is fast and cheap and makes me a lot of money quick?”
However, I’d suggest a better course is to create a product that is going to develop your relationship with your customer and set them on the path to become customers for life.
If you ask a lot of GKIC lifers how they came into the herd, you’ll find a lot of them say they read The Ultimate Sales Letter, The Ultimate Marketing Plan, or purchased Magnetic Marketing. In addition to delivering things that get REAL results for people, I use consumer psychology that develops my relationship with readers—which is what it takes to get people coming back for more.
3) Does it grow a loyal “herd” of repeat customers? When you focus on making products as easily and cheaply as possible, you jeopardize keeping customers.
Products that deliver a lot of value will help you grow a hyper-responsive list and loyal customers—THE most valuable asset in ANY business—online or offline.
So every product you develop, you want to put your best foot forward to avoid winding up with a diseased or inferior herd or low value herd and instead end up with a high quality herd that not only will buy from you again and again but that will refer you to others.
4) Does it provide an asset for your business? A product that has longevity and continues to sell for you year after year is a valuable asset. (Tweet this!) Not only does it provide you with consistent, reliable income (and even a consistent flow of quality leads for additional products or services), but it can help you sell your business for millions.
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