Ways To Develop Your Own Outrageously Profitable Product

If you want to make big money on the web, you need to have your own product. A lot of people would like to have their own product, but they lack either, the expertise and/or have no idea how or where to begin.

Before you even think about creating a product, you need to research and make sure there is a market. You need to identify your market and find out exactly what they want for a product.

When it comes time to decide on a product to develop, you need to realize that the niche your researching is something that people want and not need. People are more apt to purchase something they want over something they need.

Why?

People on the web are impulsive shoppers, they make decisions based on emotions. When they see something they want, they buy it based on their impulse and desire to have it. Any purchase based on emotions is an impulse purchase and emotion is what sells!

Develop The Product Yourself

Today, the two hottest and outrageously profitable products on the web are, software and informational products, such as ebooks. If you want to build a solid reputation on the web, then having your own product is the best way to go. When most people develop their own product, they tend to favor an ebook over software.

Why?

A couple of reasons, one is, ebooks are a lot easier to develop, then software. Another reason why ebooks are so popular is, because they cost next to nothing to start up and maintain. The profit margin of an ebook is extremely high, compared to software, anywhere up to 95% is profit.

On the other hand, with software your profit margin is not nearly as high as an ebook. Unless you know how to develop your own software, developing costs will be at a minimal. You probably don’t know how to develop software, so the chances of having to hire a software developer is high, and can be very costly too.

Moreover, it takes time to write and publish your own ebook. You need to write, go through the lengthy editing process, and publish it. I am not trying to discourage you, it takes time and dedication to write your own ebook. When it’s all said and done, the end result is well worth it, because your are gaining the name recognition.

If you can’t write, or don’t have the expertise to develop your own product, no problem. I will give you a few other alternative solutions to help you on your way to developing your product.

Conduct An Interview

You would like to write your own ebook, but you don’t have the expertise to educate your reader. This is a problem that many people face. If you don’t have the expertise for your ebook than find someone who does and conduct an interview with them. It’s that easy!

You might be able to find an expert in your particular field that might participate in your interview for free, because it would be more exposure for them. On the other hand, a real expert knows their expertise is valuable and will charge you a consultation fee for participating in the interview.

Ghost Writers

If you are the type of person that doesn’t think they can write, let alone write their own ebook. Well, that’s where you can hire ghost writers. There are literally thousands of writers out there that are hungry to write for you. Ghost writers will write your ebook for next to nothing.

You can find thousands of ghost writers by going to the Search Engines and searching for the keywords “ghost writers”. With ghost writers no one will even know that you have hired a ghost writer, with the exception of you and the ghost writer. I wish that I could recommend one for you, but I don’t use ghost writers, so I can’t.

Freelancers

If you have ever wanted to develop your own software at a reasonable price, then freelancers might be the way to go. A freelancer is a professional independent contractor that you can hire to develop your software, or just about anything else you can imagine.

The best place to find freelancers are at network giants, like Elance and eMoonlighter. Elance is my personal favorite. Just to give you an idea, Elance alone has tens of thousands of freelancers waiting for your job.

Let me give you a quick rundown of how it works within these networks. It works just as though you were selling an item on eBay. The first thing you do is post your job, giving a detailed profile of the project. Then, you will select a certain amount of time for the professionals in that field to place their bid on your project.

These are some of the popular methods that people use to create their own products. Just make sure you do your research before you think about developing a product. You don’t want to develop a product that no one wants, you will not be happy with your results.

How To Take Advantage Of Your Competition

When people market their business, they pay little attention to their competition. However, they can learn a lot from them. Your competition plays a large role in your business and in your marketing efforts, so don’t ignore them.

There is an old saying, “Keep your friends close, keep your enemies closer”. In this case, your enemy is your competition. You shouldn’t look at your competition as an enemy, but, as a guide or a valuable tool.

Your competition can be an asset to your business. I want you to think about this for a minute, your competition is like having a one stop shopping center, they have it all. Let me give you an example, take a look at your fearsome indirect competition, they have it all. They may have targeted an area of the market that you’ve missed, on the web that’s not hard to do.

Who Are Their Link Partners

One day when I was analyzing my competition I immediatley noticed something about their link partners, a lot of them were different, but some were the same. Let me give you an example, if you were to take three of your competitors, you may only find a few of them with the same link partners, other than that, a large portion of your competition’s link partners will be different.

Once you’ve found out who your competitor’s link partners are, persuade them to link to you. By getting your competition’s link partners to link to you, it will take some of your competition’s traffic away and give it to you, bringing targeted traffic to your web site.

How do find your competition’s link partners? A couple of ways, one is you can use software like Arelis. Arelis will retrieve all the web sites that are linked to your competitor in minutes, saving you a boatload of time. Another way to find your competitor’s link partners is by using Marketleap’s Link Popularity Tool, which is free to use.

Who Are Their Affiliates

Another way to take advantage of your competition is to find out who their affiliates are. If you offer an affiliate program, this may be an ideal strategy for you. Track down your competition’s affiliates and persuade them to promote your product or services, instead of your competitor’s.

If your competitors offer their affiliates a lower commission percentage than you, then you already have the upper hand. How? Affiliates are always looking for away to make more money and by offering them a higher commission percentage, they’ll be able to increase their affiliate profits.

How do you find your competition’s affiliates? You can use the same methods to find their affiliates, as you would trying to locate their link partners, by using Arelis and/or Marketleap’s Link Popularity Tool.

Spying On Your Competition

Thanks to the power of the internet, spying on your competition couldn’t be any easier. You can easily find out what their marketing angle is, what they have for products, how much they are charging for their products, and any new products that they may be working on.

If you were to go to your competition offline and evaluate their establishment, while taking notes on their products, you would immediately draw attention to yourself and get thrown out of the store. There is nothing worse than letting your competition know you are keeping tabs on them, but on the internet, it’s completely anonymous. Your competition will never know you are there or what your doing there.

When you pay a visit to your competition’s web site, the first thing you want to know is, what their weaknesses and their strengths are. That way, you can capitalize on the opportunity of making their weaknesses, your strengths.