Wednesday, July 19, 2017

Want to Make More Money? Expand Your Existing Product Line

BooksAfter checking out the two profit making scenarios – the “Low Price, High Volume” and the “High Price, Low Volume” models – I shared in the previous two posts, do you see the financial potential in producing and selling your videos?

Today I’m tell you how to further increase your profit potential in this business.

Expand Your Existing Products

Now bear in mind the two scenarios I shared were based on selling just DVDs. But you don’t want to stop there to make this a stronger business. Why?

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! Obviously, one of the key goals 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 have to do more.

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 make a purchase decision it’s the best time to hit them with an offer for something else related to what they just bought. That is often called an upsale. If you don’t have anything else to offer, now or in the near future, you’ll probably never hear from that customer again. So what should you do if you just have a single video title?

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. You can also offer this as an added bonus, an incentive to make a purchase within a limited time frame.
  • 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. This could be the beginning of a membership program.

But you don’t have to just sell your own products. Next week we’ll cover adding other people’s products to the equation.

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