What makes an online product profitable? It could be that there is a huge market and demand and so the product could actually have quite a low price tag and still make you a lot of money. It certainly needs to be something that costs very little to create, sell and deliver in order to maximise your profit margins. It could be a high-ticket product that really meets the needs of a very exclusive market. It definitely will need to deliver great value content and help people to actually achieve what it promises.
So rather than being very specific products I see the 3 most profitable ones as 3 key types and I'm using the term product quite loosely. So the 3 types are membership programmes, coaching programmes and 1-1 or small group mastermind programmes. The reality is that the more traditional information products such as ebooks, audios and videos sold on their own may not be profitable in their own right but are often used to build up trust and lead customers on to enrol in one of the 3 types of programme I've listed above.
So rather than being very specific products I see the 3 most profitable ones as 3 key types and I'm using the term product quite loosely. So the 3 types are membership programmes, coaching programmes and 1-1 or small group mastermind programmes. The reality is that the more traditional information products such as ebooks, audios and videos sold on their own may not be profitable in their own right but are often used to build up trust and lead customers on to enrol in one of the 3 types of programme I've listed above.
The benefits of a membership programme is that you have regular income coming in each month and if you set it up right, then you only need to create each month at a time and yet you will continue to generate income from all that you have previously created as new members start with your first month. Indeed you could set it up as a year-long membership programme and then after your first year you would continue to make profits without additional work as new members join. The common strategy is then to offer a higher price membership programme to those that have completed the first one and so on.
With a coaching programme again most of your creation efforts will only need to be done once i.e. the first time you run the programme. Just record everything you do the first time ready to use with the next groups of coaching students. Students will want some access to you which you can easily provide through a once-a-week Q&A call. If you organise it right you can even have just one Q&A call that covers more than one coaching group to leverage your time even further.
Mastermind groups or 1-1 consultation work demands the highest investment because they get the most contact with you. Even here there are opportunities to leverage your time and minimise your work load. For example with mastermind groups you will find that other members of the group will help each other out so that it doesn't always fall to you to provide a solution. With 1-1 work you will find that there will be common ground that you cover with each client and so you can build up a bank of resources to save you time and effort.
Article Source: Dawn Marchant
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