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ilya

The product business

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Why choose for the product (development) business?

Why this business is one of the best out there, that's what I'll explain in this post.

 

If you've tried PPC (paid traffic/ads) to promote an affiliates product (such as ClickBank or CPA offers) you must've certainly had a lot of trouble, and most likely made no profits at all. The reason is simple; the products you've promoted were public ones, so dozens or even hundreds of people are promoting them simultaneously.

The secret to effective product marketing is promoting privately held products. The big time PPC moguls exclusively promote private products, not the public ClickBank ones.

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The second reason why getting into the product development business is that you / your team has full control over everything.

You have no middle-men taking any cuts from your profits. Nor do you have to rely on a third party for your own success. As long as you can host a website and communicate with people/customers, you'll be in full charge of your success. And if you're in the offline business, all you need is a phone to call potential customers.

The key rule in business is to be as independent as possible. This does not mean you should work alone, but you should be the key player who's in charge of every detail. If you're starting out with little or no money, then you'll have to learn a lot of things by yourself and probably spend a lot of nights learning. On the other hand, once you've learned the ropes, then you can easily hire freelancers/employees and tell them exactly what needs to be done. This is how any business grows.

Be independent, have your own great plan. Because if you don't, somebody else will have a plan for you. And guess what they have planned for you? Not much.

Another misconception a lot of people have, including myself: you don't have to wait until the product is finished before you can start selling it. If you have access to a platform with active users (such as a simple niche related forum), you can start by promoting a landing page / website on which you promote and announce your new product. Make sure to ask people to opt-in, that way you can stay in touch with them for any updates and release date.

Think about how many video games are being pre-sold now, but only get released 6 to 12 months after, crazy right? And, yet still thousands of people pre-order daily just to get that little extra of value. You can apply this tactic for your own venture, just as I did. When I was developing the official version of PinBot v1.0 I allowed people to pre-order it for just $29. Those who took the risk didn't end up paying the full $59, many even thanked me many months later. These customers still receive the support, product and updates which are now valued at $179.

Another simple business rule is:

"give more in value than you take in payment".

Now for some final notes regarding this business model; it does require a lot of work to develop and maintain a product, especially if it's a complicated software product (such as a bot). But you don't have to develop the same thing, I have also developed quite some informational products. And 99% of the products being auctioned on ClickBank are info-products (PDF's / ebooks). So if you're a good writer, then it's not going to hurt you to write many great tutorials/guides/articles for your niche.

I talk a lot about product development, but this can also be a service product, where you for instance do SEO services for clients. And remember, it does not have to be unique. I did not succeed because I had a unique product: there were more than 5 other popular products just like mine out there, which were better and more reliable than mine. But I succeeded because I took action, I gave more in value than stated on my sales page. I gave great support and attention to the customers. These small but generous acts contributed more than 90% to my success.

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Finally, don't be afraid to share your new idea with people. Nobody will steal it, even if it earns them a million. The reason is simple, most people are lazy anyways and all they do is talk talk talk. So if you have the idea, go and find some people to refine your idea, get to know their thoughts; But do not get discouraged, what they can say may sound silly or lower your belief. Do not act from a mental state of poverty, but think about how much success and money you can earn by involving other people to help you. It didn't take one man to build Rome, it took them all to build it.

Share your business ideas in the comments below. If you're unsure whether it may work, if it's good or bad, hard or easy. Get in touch with other people to join on their plan, and in return they might help you out as well.

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