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Business with a single product

by cyberma
7 replies
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Hello warriors,

I would like to ask you for an opinion. There is a new business lanching their new product. It is a tanglible product for young people.

The question is: Is it possible to succeed with a single product? If the business doesn't have an option for repeated purchases I find the traffic very expensive and I have a hard time finding a strategy for positive ROI.

All ecommerce websites profit from repeated purchases, building their email list and making promotions to their former clients. We all know that it is much easier to repeat a sale than generate a new one.

Thank you for any ideas!
#business #product #single
  • Profile picture of the author ZanyZebra
    Originally Posted by cyberma View Post

    Hello warriors,

    I would like to ask you for an opinion. There is a new business lanching their new product. It is a tanglible product for young people.

    The question is: Is it possible to succeed with a single product? If the business doesn't have an option for repeated purchases I find the traffic very expensive and I have a hard time finding a strategy for positive ROI.

    All ecommerce websites profit from repeated purchases, building their email list and making promotions to their former clients. We all know that it is much easier to repeat a sale than generate a new one.

    Thank you for any ideas!
    Yes, there are single product businesses that thrive.

    The business model is different than that for those who rely more on repeat purchases or upsells, for example. Careful pricing and innovative pricing strategies are key here.

    Finding a positive ROI is not an issue caused from having a single product, it's caused by having insufficient margin (a completely different problem entirely).

    Additionally, you can always expand from your single product by either creating or purchasing related products that the same customer base would benefit from or apply affiliate offers of the same.

    Good luck with your venture.
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    • Profile picture of the author cyberma
      Thank you! The margin is very important and it what we need to work more on.
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      Business development, consulting, marketing/SEO audits and analysis. visit www.cyberma.us

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    • Profile picture of the author Enfusia
      Yes, single product businesses can do very well.

      In the MLM space look at Zango, Tahitian Noni and KM. They are all (or were) multi million dollar per month brands.

      The thing about no repeat sales is the sack slapper. The above companies all had repeat sales.

      The wealthiest salesman I ever met was making mullions selling light bulbs. His territory was Las Vegas. All of his money was repeat business.

      It would help if I knew what the product was. I could likely give a much better answer then.

      Patrick
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      • Profile picture of the author cyberma
        The product is a toy that can be customized. Most people by only one as a gift for someone. A typical price would be around $40-50. Target audience is teenagers and young people.
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        Business development, consulting, marketing/SEO audits and analysis. visit www.cyberma.us

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        • Profile picture of the author Oziboomer
          Originally Posted by cyberma View Post

          The product is a toy that can be customized. Most people by only one as a gift for someone. A typical price would be around $40-50. Target audience is teenagers and young people.
          You may want to clarify further.

          It the toy is for young people then the TARGET is probably "Old" people giving it to "young" people

          If it is teenagers and younger who are doing the purchasing then how are they going to buy?

          With age restrictions on credit cards and many teenagers having restrictions placed on "In-app purchases" by parents how are you going to sell the item?

          If it does have "NAG" appeal and parents are likely to buy for kids or friends of kids the the targeting needs to be very specific.

          Kind regards,

          Ozi
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          • Profile picture of the author Enfusia
            Originally Posted by Oziboomer View Post

            You may want to clarify further.

            It the toy is for young people then the TARGET is probably "Old" people giving it to "young" people

            If it is teenagers and younger who are doing the purchasing then how are they going to buy?

            With age restrictions on credit cards and many teenagers having restrictions placed on "In-app purchases" by parents how are you going to sell the item?

            If it does have "NAG" appeal and parents are likely to buy for kids or friends of kids the the targeting needs to be very specific.

            Kind regards,

            Ozi
            Spot on Ozi.

            Patrick
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            The Secret To Success In Any Business
            Yes, Any Business!
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        • Profile picture of the author Enfusia
          Originally Posted by cyberma View Post

          The product is a toy that can be customized. Most people by only one as a gift for someone. A typical price would be around $40-50. Target audience is teenagers and young people.
          Ok, they may buy only one of that toy. But that doesn't mean they won't buy more toys or related items.

          Build a list and affiliate related items and other toys.

          Patrick
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          Free eBook =>
          The Secret To Success In Any Business
          Yes, Any Business!
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