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Some products and services are forever make you money. In this article, I’ll show you how to instantly spot them and how to start making as much money as you can from them. The basics are pretty straightforward: You’re constantly looking for products and services that offer the biggest difference between perceived value, which is what buyers think they’re getting, and their actual cost. That means you’re looking for items that the average prospect doesn’t know or care about their cost. In those situations, the actual cost may be very cheap, but that doesn’t matter as long as the item provides a high level of benefit.
It is not always easy to find such products and services. You have to understand that from the beginning. You may end up experimenting a lot before you find the right format, but it’s worth the effort. Most small business owners work too much for too little money, in part because they are misapplying this concept. They often sell products and services that are more like commodities, typically offering very little profit. Worse yet, they are selling products that are easy for the average prospect to determine what their cost is.
Let the giant corporations sell that kind of stuff. Let them fight over the razor-thin profit margins. They can afford it. You should look for products and services that have the highest possible profit margins and perceived value in the minds and hearts of the people to whom you promote those products and services.
The maximum high perceived value/low real cost ratio is in the information. Knowledge really is power, and it can usually be bought low and sold high. I dare you to go to Google and search for the words “information marketing.” Do the same on YouTube. Spend a couple of hours watching videos and visiting websites. The more you study information marketing, the more excited you will be. there are all types of ways to earn money, and endless information products and services that you can sell.
Even if you sell traditional products, you can always add services or information products to your line. By providing them together with your original products, you can collect more money. People get more value when they receive these products or services, so they expect to pay more. It doesn’t matter in the least that it may cost you a negligible amount to provide that information. As long as people perceive the value to be too high relative to the benefits it offers them, they don’t care what its real cost is. You have a special advantage when you develop proprietary information products and services.
These are just a few types of information-based products and services you can sell: newsletters, books, brochures, pamphlets, special reports, audio programs and their transcripts, video programs, workbooks, courses, CDs, DVDs: the list is huge. . You can license various aspects of your business. You can sell distributions. You can provide consulting services and guarantees. You can do seminars and workshops, and hold a variety of other events.
Even if you decide not to go the information marketing route, look for value-added services that you can add to your product mix to drive sales. My wife runs a pet store. She sells all kinds of things, especially for dog lovers: dog clothes and jewelry, gourmet treats and premium dog food, and of course everything possible that a dog can chew or play with. But the big profits are found in dog grooming; that’s what keeps customers coming back more than anything else. People hate grooming their own dogs, so that service drives the entire boutique. Take away that preparation and all of a sudden you won’t give people a reason to come back to the store. Originally, it was a value-added service alongside the products you sell in your store, but ultimately it drives business and generates profit.
Look for similar value-added services that you can link to your own business. I recommend that you strive to become an expert in your field by developing a wide range of information products and services that you can sell for handsome profits. They are generally inexpensive to produce and generate profits far beyond their actual cost. This does not mean that you are taking advantage of people, because information it’s the product It doesn’t just sell the paper and ink on which a book or brochure is printed, or the CD on which an audio product is recorded. You are selling valuable knowledge.
I remember a seminar held in Orlando, Florida several years ago by Ted Thomas, who discussed all the benefits of information marketing. He has made much of his money and wealth through information marketing in the real estate field, and he pointed out how good it was and how the product could be produced at such a low price compared to the selling price. Then it was time to sell his package: a bundle of videos, audio products, and large manuals that he offered for $995. One woman raised her hand and said, “You just told us how cheap these things were to produce. How about a deep discount?” She thought about it for a minute and said, “I’ll admit it’s not that expensive to produce this stuff…but it took me 25 years to learn what’s here.” Everyone got the point.
Something like this happened to my mentor once when he was in Spokane, Washington, years ago, speaking at an Al Gallasal seminar. He was discussing all the advantages of information marketing and the big margins he can get that he can’t get anywhere else, when a guy stood up and asked if he could say anything. Russ said yes, and the man said, “I work here at the local theater. We sell popcorn for $5 and it costs us 15 cents.” Russ responded, “You have a point there. You have a captive audience, which is another situation where this type of markup works well.”
There are ways to incorporate information and value-added products and services into any market you serve. Just remember: you can (and should) charge much more than just the production value of a product. Consider this: If you had a real, workable cure for cancer and printed the formula on a laser printer, how much would it be worth? The cost of paper plus toner and electricity? Of course not. All of that may be worth just pennies a page, while what’s printed on that paper could cost millions of dollars. Those in need would pay whatever price he asked of them. Don’t confuse the cost of producing something with its value.
The deed to a house consists of only a few sheets of paper, but it is worth tens or hundreds of thousands of dollars. There’s a enormous potential difference between production cost and value, and you need to understand that and how to strike the right balance to maximize your profits without losing your customer base.
Think about how you could incorporate an information product of some sort into your current business. Suppose you own a gardening service. My landscaper works a lot and I have thought before about how he could increase his business by becoming an expert in paper or audio landscaping. He could produce a book, write a report, dictate a short audio program, or something as simple as that. You could distribute that product for free to generate more business, or sell the product itself. It could reveal all your strategies for having the perfect lawn.
You could even hold events where you teach people what you know about it. For example, you could charge between $100 and $200 for an annual spring event where you teach people everybody of your best strategies. They can spend the day with him and learn how to create the perfect garden and patio. This could improve his ability to earn money as a landscaper. You could also use information products as lead generation tools, for example by distributing a free guide that tells people like me how to do it all on my own. By teaching the many things it takes to do it yourself, you could be selling yourself—that is, showing people why they really should hire. to the to do it all
That’s just one example of a business you can use this strategy with; And honestly, you can do it with any number of companies. Be creative. Think about how informational products can increase your sales and profits and generate new sources of income. If you can’t find anything you like on your own, look at what other companies are doing, and not just your direct competitors. Keep your eyes open everywhere for unique and innovative marketing ideas. When something catches your eye, find ways to use it in your business.
You find what you seek in this world. As long as you remain open and receptive to new ideas, you will see many innovative marketing methods in use. They’re easy to spot, because most marketing methods are so boring that they make the ones that aren’t really stand out. Keep your eyes and ears open. Try many different things. Think out of the box. Damn, throw the box out the window!