One of the most overlooked strategies for increasing your business during a recession is product creation (I believe that the number one strategy is to market your business more.)
When you apply product creation to expansion of your business, it includes adding new products to your product line, improving your current products, or adding affiliate products to the mix. Any expansion you do also allows you to add upsells (more expensive products) as well as offer your customers more options to solve their problems (This is why they buy.)
Now it’s obvious that when you’re expanding your product line you will expand according to what you sell. If you are writing and selling books or ebooks, you will want to simply write more ebooks or books to sell. The more books and ebooks you have to offer, the more likely you are to make the sale. It’s also much easier to expand a digital product line than it is a physical product line so you may produce these new products quickly.
If you have a physical product line that’s not related to books, ebooks, or something that’s easily distributed online, you may want to look for wholesalers that offer products that complement what you sell. Most businesses won’t be able to create their own products here so it’s necessary to find companies that may produce what you want to offer. Wholesalers make this process easier.
Offering more expensive products not only allows you to increase your profits, but you can sell less and still make more money. With books and ebooks, you may consider creating courses or changing the format. Audio and video tend to sell for a higher price, so this is easy. With other physical products, you may consider adding more to the package, or creating a deluxe version of what you are already offering.
Affiliate products are by far the easiest way to expand your product offerings, and it’s also faster because you’re not having to create products. You only sell them.
The best place to find these types of products is to browse large networks like Linkshare, Commission Junction, Clickbank, and other sites that offer thousands of products.
Regardless of how you decide to expand your product line, focus on solutions that solve your customers’ problems. Don’t just sell something because you believe it will be profitable. Ultimately this may cause you to alienate your current customers.
Finally, remember to add product offerings that will not only please your current customers and make them buy but add new product offerings to attract new customers.
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