You might have watched several product launches around you.
Obviously they want to earn money big.
Those who showcased their online products may be your friends, your mentors, guides or some other respectable beings.
Did you observe one thing soon after they released their product?
Initially they offer the product at a discount price to bring you in a fixed lot of first lucky buyers.
Then they extend the offer time of their product.
Finally they put it for selling at its normal price.
It does not end here.
They off and on try to sell it with different packages and discounts.
They ask you to become their email subscriber and get their product on 50% or 25% discount.
Sometimes they on a seasonal or cultural event offer a huge discount on it.
Meanwhile they also proudly declare that their product is being sold like a hot cake.
Did you get my point what I mean to say?
If their product is being sold massively why they are offering big discounts again and again?
- Either their product is not being sold massively
- Or they want maximum people take its benefits and especially those who can’t afford to pay the full price
Situation one above is a business reality and situation two is a non-business reality and it simply covers the humanitarian aspect of a product sale.
Just imagine if more and more people keep following the strategy to give more and more discounts to benefit maximum people what will happen.
Those who are serious buyers with strong purchasing power will be shy in future to buy products at the time of their launch. They would expect more discounts after sometime. They may avoid buying it just hoping to get a more attractive offer after sometime.
So the whole business of that product will run on the basis of expectations on how much discount its seller likely to give in future and how frequently he will up the level of discount.
It means the sale of such products is entirely dependent upon its prices.
Is the price factor sole criterion to buy or not buy a product? It can be one of the factors but not the only factor.
According to any business norm if a product is being sold just on the back of several discount packages on different occasions it means its own quality is not the only reason of its sale. Nor people have much demand of that product.
Who sets the price in an economy? It is the power of demand that sets the price. Higher the demand of a product means higher is its price. On the contrary lower the demand or higher the supply of a product means lower is its price.
So offering discounts over discounts means demand of that product is not higher while supply is going higher and higher.
It’s a fact that there is no supply constraint of most of the digital products. They are mostly idea based products with one-time manufacturing.
For example you write an ebook and can copy it as much as you need to sell. You can create a plugin once and then keep displaying it forever for sale. The only thing you require is to update it. That too does not require very frequently unless any advancement related to your product is done.
So the main reason of no big sale of a product is either
- Its launch without creating its demand
- The created product is not fully able to serve the customers need
- Failure to create it as much perfect as the same type of products in its niche
Usually a demand of the product goes high if it is:
- Easy to use
- Offers instant benefits
- A step ahead of the already available competitor products
- Not lesser but competitive in price which means maybe higher in price but equally greater in benefits as compare to same products in the market
- It must have a longer service life; which means it does not get outdated and receives its timely updates
So these are the general requirements of a buyer to use a product. They may apply to any kind of digital or physical product.
But while creating a product you must know the answer of the following questions to set its price higher and sell it like hot cake despite its higher price.
What has already been done – your first objective
The competition with already available products in your niche is possible if
- New product offers more benefits
- Its price is more competitive
- Your brand has same or higher level of awareness as compare to those who already have introduced such products. In simpler terms if I introduce a blog coaching series so my authority being a blog coach should be equal to or higher than most of the blog coaches working in my niche.
What people want – your second objective to know
It should be in exact term. Let’s say people want blogging success. Right. But the question is who doesn’t want blogging success in blogosphere. So what people want should be in clear terms as:
People want to start and run a blog without spending much time and money and become successful blogger in appropriate time –neither so early nor so late.
What has not yet been done – your third objective to know
So after fully knowing what has already been introduced in your niche market and what people want in exact term the third questions gets a little easier to answer.
Now you simply need to know how already available products are serving the needs of your blog visitors and which needs are yet to be met. Here starts your conceiving the idea of your product.
For example in blogging niche people want to adjust with new ranking rules of Google and become successful blogger without taking the risk of even slashing the time of their main profession or job. They also don’t want to invest huge money and remain quite judicious to meet the cost after fully believing that will get them almost double benefits.
So your product should cover all the above needs of your blog visitors. If you are in blogging niche so create a product that fully guides them how to write contents equally good for search engines and people, how to promote their contents neither by entirely free tools nor by just investing huge money to go broke eventually.
Idea is usually conceived in a vague term, especially if you are new in a field. That is why the ideas of experts are usually awesome while ideas of mediocre need several explanations to fully convert into a product.
So do extensive research to learn what has already been developed in your niche. Create an excel sheet with four columns; first as serial number, second as the name of product, third the benefits a product offer and fourth its url.
Now you have a clear picture what has already been introduced in the market to check if all the needs of your blog visitors could be served with the available products.
Do remember all the products that are created so far are not unique. Most of them are replica of others so uniqueness wise you simply have a few kinds of products. So think beyond it to create the one that is a step ahead of all of them to serve a few un-met needs of your blog visitors.
Create yourself or hire someone to create
Every blogger cannot be a PHP developer to create a plugin. Generally a struggling blogger has not that much time to create a technical product by himself, it may be a tool, plugin or very advance community forum.
So equally evaluate your affordability before deciding the nature of the product. If you don’t have resources, so pick a non-technical product like ebook, tutorial or e-course or a simple technical product which you can create easily with the help of a software or guidebook.
If your visitors needs cannot be served by creating a general or non-technical product so you either need to outsource its creation after fully be assured of its success.
If you are not much confident of its success it means you didn’t have properly researched for your product. So must research again to be damn sure of your technical product’s success. If still you are not confident so do a little compromise on benefits and create a product of non-technical nature to serve as much needs of your visitors as you can.
Create a pilot product
Your image as an authority in your field equally counts a lot. So never judge everything on the basis of money and success. Your long-term success and regular stream of money mostly depends upon your brand image.
So don’t take the risk of introducing your product directly in the market. First do its field test or test launch and distribute it into a limited number of experts and influencers that are strongly connected with you.
Just give them your new product for free because they would give their feedback in return that is precious. Once you get the feedback and that is more or less same as you want from your whole audience then float it into the market and follow the general steps to release it, promote it, sell it and earn money hugely with it.
So these are the points to consider for creating a product that will sell despite being high-priced because of its value and uniqueness.
These are the steps to conceive the product idea and after that there are a few steps to go through the whole creation process to develop your own product and make money blogging.
Once you develop it you simply need to follow these 5 proven ways to make your digital product the best seller for earning big money with it.
How did you find this whole process of creating a high-priced product? Do you have some more suggestions to still refine it? I would love to hear your thoughts on this topic.
I am sure you would also reshare this post on social media to let your friends equally take its benefit.