Well, this is something we are all looking for aren’t we? OK, I suppose we need to know just what attributes the perfect product would have. I reckon they can be summed up as follows:
1) It should be precisely what the the customer wants, and is actively looking for.
2) It should be unique to you. That is that it cannot be purchased from anyone or anywhere else. This does not mean that it has to be a totally original product, as we all know there is very little left that is actually unique. It just should not be available in the exact format/style that you are offering.
3) The perceived value of the product should be a lot higher than the actual production cost. For example a manual or a course can have a mark up of anything between 500% and 1000%, even more in some cases. This way we make a nice profit. What are we in business for?
4) The product should be a quality product, and should look and feel it. Thus ensuring that your customer is happy, and confident of it’s value. A quality product also has the additional benefit of reducing refunds. We don’t want too many of those.
5) It should be easily deliverable, that is, not requiring special delivery, and not easily breakable or damaged in the post. Of course, downloadable products avoid all these pitfalls.
This brings us to products that should be avoided. I’m sure I don’t need to say it but please stay away from anything that could be regarded as illegal or unethical. If you are selling items that you have not personally created or produced for example, you have to acquire the resale rights. These do not have to be expensive, but you are in for a heap of trouble if you don’t have them. Also you should stay away from anything that could be considered in bad taste, there’s loads of excellent stuff out there without straying into those realms, and you really don’t want to be tarred with that brush. The comeback you are likely to get is just not worth it. Business can be tough enough without that sort of hassle. As mentioned before, avoid poor quality products. Customers can, and do, demand refunds, and your refund rate will be much higher with a rubbish product. Don’t cheat people, refunds are time consuming and costly, and it will make it difficult, if not impossible for you to sell your expensive back end product at a later date. Fragile, bulky, and difficult to pack items should be stayed away from. Broken and damaged goods will also generate complaints. Heavy items will be expensive to post/deliver. Your product should be as inexpensive as possible to deliver.
A successful product is probably not going to be unique. There aren’t many of those left. However, your product can stand out from the crowd as having better presentation, higher quality, and better value. It should stress the benefits to your customer. Benefits count, not features. They should be obvious to your customer, over and above anything similar offered by your competitors.
When you weigh it all up, what do you think is the perfect Internet product? Pretty obvious when you look at it isn’t it? I’m sure you all know the answer. Of course. It’s Information Products! They satisfy all the above criteria, and they are easily sourced or created. I’ll show you how in future articles.