Table Of Contents
The Five Factors for Building Successful Products
The Five Things You Mustn‟t Do
Out-of-Demand Products – Is There a Market for Them?
Three Methods to Reduce Your Costs in Building Products
Buying Resell Products Online
What‟s More Important than Building the Product?
Selling a Refrigerator to an Eskimo
Keep Your Ears Open
Products Build Businesses
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Buying Resell Products Online
Actually, resell products go against the very grain of our concept, i.e. building products, because here you aren’t building any products at all. There are various people in the world who love building and developing products but hate the idea of having to sell them. Then what do these people do? Quite simply, they make these products available for reselling. In simpler words, these products are made available online so that other people can buy the rights to them and then sell them over. The money equation is simple – the purchaser of the resell rights pays a onetime price to the developer of the product and any gains achieved from selling the product are then those of the person that buys the resell product.
Though you aren’t building your own product here, it is still a good idea to discuss these products, because there are several marketers – especially Internet marketers – who are using this concept to build sturdy online businesses for themselves. They consistently buy resell rights to the products, tweak them if the developer permits them to, and then sell them over for a tidy profit.
Since people will continue buying these products, it becomes a possibility for the seller to earn a continuous stream of residual income. These products are generally sold online and are in the form of eBooks or software applications or on similar lines. Hence, once put up for sale, there can be a continuous sale of them.
However, you have to remember the basic rules while looking at resell products. It is best to have products that are in demand and if you are looking at some product that is out of demand, make sure it has something unique about it. Make an attractive sales page and use all the marketing knowledge you have and you will see that you get customers.
There are quite a few places on the Internet from where you can get resell products. The following are a few examples:-
Merely building the product isn’t enough.
What’s More Important than Building the Product?
We have been speaking about how a great product is integral to your business and in many ways it is. In fact, if a list of the top things to do to ensure business success were created, having a good product would be right there on the top. However, there is something that is also quite important. You could say it goes hand in hand with product enhancement.
And what is that? This important thing is promotion.
Without promoting your product, your business is dead in the water. It won’t get a good start, which will make you lose money and you will be out of your business soon. This is a vicious circle; you have to try to be out of this as soon as you can.
So, what does promotion mean? Basically it means advertising your product, but in simple layperson terms, you could also say it is highlighting your product where it can meet with good exposure. Today, the Internet has opened up various vistas for advertisement. You can actually reach out to your target niche and promote your product directly to them.
There are so many products in the market currently which aren’t better than their competitors but are still surviving and some are even dominating. Now, why is this happening? Advertisement is the answer. They spend millions on ad campaigns, both online and offline and increase the curiosity levels. If the packaging is slick, if the promotion has been great, then people don’t mind checking out the product.
But the most important thing that advertisements do is to create an awareness of the product. People know that the product exists; there builds up a curiosity level for the product. It is because of this that people don’t mind adding the product to their shopping carts to try them out if nothing else.
Slick advertisement and brand awareness are extremely important when you are trying to build a product that can reach out to people. Don’t undermine the importance of these two aspects, which can very easily make or break a product, however good or bad it is.
Traditionally, this line has been used to indicate a wily salesperson that uses every trick in the book to sell things to people that they don’t want. But isn’t this talent going to be great for you if you are entering business?
Selling a Refrigerator to an Eskimo
“There is only one way… to get anybody to buy anything. And that is by making the other person want to buy it.”
– Dale Carnegie, adapted for advertising
How do you sell a fridge to an Eskimo! That challenge has always been the symbol of the ultimate in marketing a product to someone who simply does not need it. There are funny answers that come up, which also stand for dubious practices in advertising.
‘Tell him there is alcohol in it’ is a kind of surrogate advertising. Your intent may actually be to sell him alcohol, so you sell him a fridge bundled with bottles of whisky. ‘Tell him it will make him feel warmer,’ is a partial truth, because technically speaking, the temperature inside the fridge can be adjusted to be higher than the subzero cold outside!
But let us revise that original statement – That challenge has always been the symbol of the ultimate in marketing a product to someone who apparently does not need it. That will lead us to ask – is there possibly a reason why an Eskimo would need a fridge? The answer is another simple question – Why do you sit at your dining table eating a salmon dish with a fork and knife? Why aren’t you out there in the jungle spearing the fish and roasting it on a crude fire? Product development, advertising and marketing are the driving forces of civilization and convenience.
The Eskimo needs a fridge because he no longer wants his wife to go and bury the reindeer roast under a pile of snow. And, here we come to another factor in advertising, he also wants it because his neighbor has bought one!
So that’s it! We have sold a fridge to an Eskimo without any trickery, without gimmicks or lies. We have simply fulfilled the three needs of a good product for the Eskimo – a product that satisfies a need, with great looks and high quality, marketed well.
That wasn’t very difficult was it? Now shall we attempt to sell bottled water to millions of people who have easy access to safe drinking water through taps in their kitchen? That is probably tougher than selling a refrigerator to an Eskimo!Other Details
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