Do you sometimes find yourself moving from one shiny object to another, in the hope that the new method will be the one that "cracks the code" and makes the profit you're looking for?
If you do, you may be overcomplicating things!
The rule to easily making a profit online is this...
"A profit is made in your online business when your prospects buy a solution for a problem they have."
We've already talked about how to find out what people want, so now we just need to find out which solution to sell to people.
This solution could be anything, but if you don't want to have boxes piled up in your living room, digital products and services are the most profitable way of doing this.
In fact nowadays, we only sell digital stuff, and here's why:
- They are delivered automatically, so there's no time-consuming delivery process required.
- You create them once, and can be sold over and over again.
- They have virtually zero costs involved.
... Along with many other reasons which create a reliable, stress-free, and profitable online business.
But not all products are created equal.
There are 5 types of products that are always in demand:
Most of your prospects see software as a "one click" solution for their problems, which is the next best thing to everything being done for them.
For example, the software could automatically post updates to your social media accounts on a set schedule, create professional videos, or pretty much anything else you can think of.
It also removes the element of human error, so they don't need to have as much trust in you to say "yes!" to purchasing from you.
The only downside is that is requires a lot of effort to create. Whether you have the coding skills yourself OR you outsource it to a programmer, it's going to take time and money to get it created. And even then, there are usually pesky bugs to fix.
However if you have the budget and time available to create it yourself or outsource it to a professional, this type of solution will always sell amazingly well due to it being seen as the "magic bullet".
2) Video Courses
This type of solution is our favorite, as our customers can see exactly what they need to do (live on screen), while being taught the reasons why. This means they often understand the strategies a lot better, instead of just relying on a piece of software - which usually leads to better results.
Not only that, but because people are listening to your personality (and possibly watching you if you're presenting on-screen), you'll find that people who purchase your video courses are more likely to know, like and trust you - which leads to them buying more of your other products compared to any other type of solution.
The length of the video course will vary depending on the price you'd like to charge for it, but you're usually looking at around 3-4 hours of content for a $27 price if you want to create a satisfied customer.
However the value you provide within the videos is usually what matters most - not how long each video lasts for. So just help people as much as possible, then the length becomes less important.
3) A "Done For Them" Solution
When people have the choice, they usually choose a solution which requires the least amount of effort on their part.
People always follow the path of least resistance.
That's why your prospects will usually go crazy over a solution where their problem is solved FOR them by someone else.
This includes templates or resources they can "copy and paste" themselves, like proven sales funnels, email templates, child behavior charts, motivational posters, and similar...
... And also premium services where an expert does all the hard work for them, including website set-up services, traffic generation, in-person dog training, and similar.
(Want to get your profitable website and sales funnel set up FOR you by our team of experts? Learn more here.)
Although these types of solutions sell the best, they do require the most work and aren't that scalable due to the amount of manual labor required from you.
However this is easily solved by increasing the price and/or hiring other people to run the service for you. Just do the math to make sure you'll still make a profit after paying any staff.
4) A PDF E-Book/Guide
PDF e-books are a digital version of a hardcover book, teaching a topic with step-by-step instructions.
They used to sell like hotcakes when they were brand new to the industry, and people would have no issue paying $97 for a 50-100 page e-book.
But nowadays, the market is shifting more towards video courses and more interactive solutions, rendering e-books to the bargain bucket.
That's why you'll struggle to sell an e-book for above $10 nowadays, with the ideal price point being $7.
(So if you're currently trying to sell an e-book for above $10, you'd be better off teaching that knowledge in a video course instead.)
Because of this low price point, they're perfect as an entry point to your online business's sales funnel, to change the relationship from a prospect into a customer - making it easier to sell your main (or "flagship") products.
5) Audio Interviews
If you're just starting out in your niche and don't have a lot of knowledge about your prospects' problems, you can find other people that do.
Simply ask them if they'd like to be interviewed over Skype, then sell the recordings in a bundle.
If you're wondering, "why would people give up their time to be interviewed by me?", there are a few reasons...
- Being interviewed by somebody positions you as an authority figure, so it's going to boost the interviewee's celebrity status in their niche.
- At the end of the interview, the interviewees get to explain where the customers can learn more about them, which is a great way for them to get new customers for free.
- It's often a fun experience!
So there's usually as much of a benefit for the person you're interviewing as there is for you.
These 5 solutions aren't the ONLY types of solutions out there, but they've always outperformed the rest in our experience.
Want Some Help With Creating Your Own Product?
Now you know the most profitable types of products you should create in your online business, the next step is to create one.
This can be pretty daunting for a beginner due to it being so easy to have your product become a complete flop if you don't follow the correct steps.
So if you'd like me to personally guide you through this entire process and guarantee you a $10,000 NET profit, click here to learn more.
Or if you'd like to go through all the effort without knowing if your product is going to sell or not, feel free to move forward with your choice from the above five products. Either way, always remember to use one of the above five formats, as they will get the best results from your hard work.