Can huge money be found in product creation?

by fantasyzer 9 replies
(I was recommended to open a new topic on this one)(and after that I was recommended to place this topic here)

Originally Posted by x3xsolxdierx3x View Post

The reason the 'gurus' make so much money is because they sell products to an identified hungry market of people about how to make money. Whether or not they have actually been successful implementing their own "systems" or not I am sure varies greatly dependent upon the guru. Huge money can be found in product creation, however, many don't have the knowledge, skill, or patience to pull it off.
I'm in for that...actually I tried to bring a product on the market of which I made an electronic functional prototype...BUT as no company was interested in supporting me, nor financially, nor with knowledge I was not able to bring this product to the next step. What are you suggesting?
#main internet marketing discussion forum #creation #found #huge #money #money making #product #product creation
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  • Profile picture of the author dvduval
    You've got to get your own revenue stream going before people will take you seriously. And even then you might find you don't want people's money at that point.
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    It is okay to contact me! I have been developing software since 1999, creating many popular products like phpLD.
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  • Profile picture of the author Lisa Gergets
    I don't know any full-time internet marketers that do not have their own products. It just makes business sense...why would you want to continually promote others' products for a percentage of the income when you can promote your own and make 100% of the profits, plus some, when you get your own affiliates?

    Having your own products is just working smart.
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    • Profile picture of the author 04real
      Originally Posted by Lisa Gergets View Post

      I don't know any full-time internet marketers that do not have their own products. It just makes business sense...why would you want to continually promote others' products for a percentage of the income when you can promote your own and make 100% of the profits, plus some, when you get your own affiliates?

      Having your own products is just working smart.

      I strongly agree.

      If you go beyond the Internet marketing realm -- you'll find that the companies in the business world making the most money most likely have their own products. The affiliates or salespeople selling the company's products don't make quite as much and don't have a market capitalization anywhere close to the company making the product.

      Example -- look at Microsoft versus your local computer shop. Microsoft makes the software, your local computer shop sells them. Who makes more money?

      BTW -- I like the Chinese Proverb quote in your signature, Lisa.


      JP
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    • Profile picture of the author CDarklock
      Originally Posted by Lisa Gergets View Post

      why would you want to continually promote others' products for a percentage of the income when you can promote your own and make 100% of the profits, plus some, when you get your own affiliates?

      Having your own products is just working smart.
      There are two sides to this.

      The real money in product promotion (whether it's your own products or affiliate products) comes from having a large enough selection of products. My own calculations suggest that for a full-time income from product promotion alone, it takes twenty products.

      Not just any products, either - quality, reliable, in-demand products with sufficient relation to one another that a common thread is clearly discernable. Twenty products which you can sell to the same broad market segment.

      The affiliate marketer has this NOW. You can go out to Clickbank and just make a list in any category. Twenty, thirty, fifty products. Load up the autoresponder with aff links and shove a free report on a squeeze page. Away you go. As your understanding and awareness of marketing improve, your income goes up. Fast. You're tweaking a sales funnel, that's it.

      The product creator isn't going to have this for a couple years.

      The primary difference between the two is control. As a product creator, I can put any product I want on sale. I can make a 50% off promotion in an hour, and sell product. Affiliates can't do that. And I'm a control freak, plus I hate monitoring other people's stuff... if Bob's product is awesome today, well, Bob might decide tomorrow that it's a good idea if he changes it to something that sucks.

      Not that I might not do the same thing (happens to the best of us), but at least I could change it back once I figured out it sucked.

      I think there are slightly different values in product creation as opposed to promoting as an affiliate, but some people just don't share the values of one model. I think most of us can do a bit of both, but one or the other feels more natural and makes a better long-term business plan.
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      "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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      • Profile picture of the author JohnMcCabe
        Originally Posted by Lisa Gergets View Post

        I don't know any full-time internet marketers that do not have their own products. It just makes business sense...why would you want to continually promote others' products for a percentage of the income when you can promote your own and make 100% of the profits, plus some, when you get your own affiliates?

        Having your own products is just working smart.
        Lisa, I'm not saying I disagree with you, but something about the phrasing is nagging at the little engineer officed between my ears...

        How can you make 100% of the profit and still pay your affiliates?

        Never mind, the little wombat with the desk next to the little engineer set him straight...

        You make 100% of the profits from your own promotions, plus whatever percentage is left after paying affiliates.

        I wish those two would talk things over before they let me start typing...
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  • Profile picture of the author Vincenzo Oliva
    You need to understand the state of awareness in your market, like advertising great Eugene Schwartz taught:

    Detect existing mass desire.

    What is the mass desire that creates this market?
    How much do these people know about the way your product satisfies this desire?
    How many other products have been presented to them before yours?

    Do they know about your product and know they want it?
    To they know about your product but don't yet desire it?
    Are they totally unaware of the product or need for the product?

    You won't have success trying to create a need in a market, you must find a need that already exists.

    Then you need the marketing skills to create the desire that makes the sales process superfluous as Peter Drucker once said.
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    • Profile picture of the author fantasyzer
      Thanks everybody for the high level of thinking with me...

      Vincenzo: They are totally unaware of the product...just a medication device satisfies them...but doctors and researches should have more info...I have at least one doctor who agrees on this with me but wasn't able to help me any further.

      Zeus: Where would you post these short reports and where would you sell these ebooks?

      What I actually mean is...how will I get this product on the market? That there is a need for this product is plain: Asthma will keep existing, and maybe even worsening if people won't research it. This device helps both the patient as the researchers.

      There is a housing and a electronic functional prototype. It has a bug which I should be able to solve myself. (battery discharges in a day) Furthermore I should calibrate the sensor...for which I need an accurate flow sensor.

      But even then, when everything is working...where will I get the money from to put it in mass-production? Or do I need to sell it before actually doing this? And do you have any suggestions on companies who might be interested in a device for asthmatic patients?
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  • Profile picture of the author Zeus66
    Lisa nailed it. Sell your own products and get some affiliates working to bring you the traffic. Making an ebook used to be kind of difficult for those of us who are techno-challenged, but it's a breeze now. So that excuse is off the table.

    Go where your target audience hangs out online (look for forums) and participate. Push your ebook with a sig link. Be smart, too. While selling the ebook, build a list. You'll have a list of buyers who you can go back to again and again. As long as you provide 2 things every time, they'll stick with you and buy over and over:

    1. Good info
    2. Excellent value

    In fact, if you really want to ramp things up with your info product business, create a short report about the topic that your longer ebook really details. Give the report away as an enticement to get on your list. Then, offer the ebook at a reduced price as they're signing up to your list. That's called a One-Time Offer (OTO). Some of them will take you up on it. Some will not. But everyone will be on your list! Now, whenever you come up with a new info product, you have a market for it (your list).

    So it's not JUST about creating products. It's about creating a BUSINESS which revolves around the products. That's the difference between making a few sales and having a sustainable income.

    John
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