Monday, May 29, 2017

Key To Success? Expand Your Product Offerings

Let’s assume that you have finished your special interest video, it’s available for sale and someone buys it. Yay! Good for you. So you just have to find more customers, rinse and repeat and your fortune’s made, right? Wrong!

Of course one of the ideas in marketing and being successful in this business is to get a lot of those “someones” buying your video! But even if you get thousands of happy customers, to truly be successful you don’t want to stop there.

Unless you have other products to sell your new customer, your relationship is over with that single transaction. You’ll be spending a lot of effort converting them to a customer and getting them to trust you enough to fork over their money. Once they do that, it’s the best time to hit them with an offer for something else related to what they just bought. If you don’t have anything else to offer, that’s leaving a lot of money on the table that you don’t have to.

So what should you do if you just have a single video title?

Expand Your Existing Products

There are ways to turn a single video into additional products. For example:

  • You can strip the audio out and sell it as an MP3 or an audio CD.
  • You can transcribe the audio into text and create an eBook. This works especially well with instructional videos. With the booming popularity of ebook readers, this can be a nice source of additional income at almost no cost to you.
  • Break your video into individual modules and sell them separately.

Ideally you want to develop multiple titles on a topic and plan for this before you start video production. Not only can you bundle them together to get a higher price, it’s also better to have six 20 minute videos for sale on a topic than one 120 minute video. Maybe a customer will buy them one at a time over a period of weeks or months. Our metaphor is of having lots of little streams of income feeding into a mighty river.

You want to keep the relationship alive with your customers. Producing additional videos along the same subject line is the best way to do this, but pursuing other methods will give you additional products quickly and at little or no cost to you. So if you don’t yet have another video produced to sell, it’s a good idea to begin thinking about offering other related products they would find beneficial, and the sooner the better. It’s more profitable when you own your own products but there are many ways to add products to your offerings immediately without creating them yourself.

Adding books from someplace like Amazon.com and promoting related affiliate products will increase your profit potential. Other great affiliate programs are Clickbank, Commission JunctionLinkshare and ShareASale. Do some digging into the products you buy and use that are related to your video topic and see if you can become an affiliate with them. That’s how we became affiliates with our favorite camera store, B&H.

Recommended Reading On This Topic:

How To Get Customers To Buy Your Video

Where Can You Find Your Competitors And Why Do You Want To?

Identify Your Target Market Before You Do This!

8 Ways To Make Money Producing Your Own Videos

Broaden Your Product Line To Grow Your Video Business

Distributing A Single Title SIV Dilemma

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Comments

2 Responses to “Key To Success? Expand Your Product Offerings”
  1. Kris Simmons says:

    The formula for success is definitely More Customers + More Products = Ever Increasing Sales!

    What we are learning is that it’s often easier to create new products that existing customers will purchase than it is to spend time trying to gain more customers to purchase the same product.

    Obviously, the best of both worlds is to have a plan to gain new customers while adding new products at the same time.

    Thanks for the insightful post guys! I love it!

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