How to Sustain Profits by Creating New Products and Services Related to Your Business

One of the most important ways to sustain profits in your niche-related business is to create new products and service that your targeted audience will be eager to buy. You can accomplish this in a number of ways.

The most obvious is the new product launch. If you know your niche well, chances are you should have a pretty good idea of what they really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.

If you are not sure, take the time to survey the people on your email list/s or poll them at Facebook to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will certain stop you from wasting a lot of time and effort and perhaps money creating product A when they are really eager to get their hands on product E.

In terms of launching the product, have a soft launch and a hard launch. The soft launch should be to those in your inner circle. They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in reviews, and ask questions.

Let your Joint Venture partners know that the new product has arrived and let them have first look as well. Ask them for feedback so your product will be attractive to their audience as well.

Once you are sure your product is as good as it can be at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.

Webinars can prove very useful for product creation. Record each session and offer it as paid product or promotional item. Have a transcript made to sell as is. Turn it into a free ecourse, special report, or an e-book of insider secrets. If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.

If you have a lot of content at your site or blog, consider putting e-books together by topics. How to titles are extremely attractive to most audiences. Consider different levels of learners in your niche, such as beginners, intermediates, and advanced students. You can present information in a sequential way, or go into more depth for those beyond beginner level.

Look at what your competitors are selling, and at what price points. In this case you have 2 choices. Charge less and give the same type of information, or charge more due to your expertise and the excellent bundle you will be offering.

Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonuses together, such as worksheets, hand-outs, templates, infographics and more. Or you can group 2 of your most popular products and services together to create an all new offer that your niche market will be eager to buy. Add some fabulous bonuses on top of that and see how much profit you can make from your niche-related products and services.

3 Tips for Setting a Price for Your Product or Service

Trying to set a price for a product can be awkward if you don’t really know where your product fits within the market. Before you can justify a price tag, you need to understand your product completely. Given below are three simple tips to help you price your products better.

Market the product as exclusive so you can capitalize on upper class or high end sales. People are willing to pay more if they believe it puts them in a more exclusive group. People that belong to this elite crowd won’t mind paying a higher price just to remain exclusive. One option to consider is offering a full featured product at a higher price point and a “lite” version that offers fewer features and/or services. This option offers the emotional fulfillment of getting a little bit more to those who have the “elite” mindset. People in your target market will find this particular psychological trigger hard to resist. This is a tactic that doesn’t suit all products on the market but it is very applicable to many of them. Be alert for new products being released within your niche. There will always be marketers on the search for new niches to exploit. You have to keep an out for anyone that’s launching out a product because you obviously don’t want their price to affect your sales. It’s easy to do this with a simply Google Alert or even by subscribing to your competitor’s newsletter or blog to help keep you up to date on their offers. Competition is a good thing in any industry, but don’t let them stop you from improving your own offers.

Last but not the least; keep an eye on the competition and find what kind of special deals/discounts they are having and on which days. This gives you a chance to tweak your own offer to make sure yours is a better deal. If you watch what your competitors are doing with their strategy you have a clearer idea what you need to do to continue standing out from the crowd.

You should be learning from their strategy and then using the information to enhance your own marketing efforts. If you ignore this simple tip, you risk giving your competitors the edge over you, so stay ahead of them whenever possible and offer better value. Now you can see why setting the right price is so important for your product. Changes in price are simply ineffective when it comes to boosting sales. It’s best to set the right price from the start if you want to enjoy greater overall profits.

Outsourced Product Development – A Trend or a Business Necessity

Nowadays the concept of outsourcing is a new hype in the software industry and many businesses are investing billions in outsourcing all their core and non-core product development activities. Since companies are intended to bring innovative products to the market rapidly, they need a strategic model of outsourcing for their upstream functions such as product designing and product development. An external engineering expertise not only reduces operational costs but also provides long-term benefits which, in turn, help to stay abreast of the competitors.

Though reasons could be numerous, the consistently emerging marketplace competition has actually drawn companies into new markets, domains/technologies for which they require expertise and skills in place. But when a company recognizes that they lack required infrastructures or skills, they end up on outsourcing product development activities. From this, it is evident that outsourcing is just not a mere trend but a business necessity which help companies to transform their raw ideas into innovative products. Let’s discuss in detail few reasons for why outsourced product development is a business necessity:

To Gain Expertise in Multi Domains

A saying states that it is always better to have more, which is true especially in the field of product designing and development. In order to build innovative and unique products, working on multiple concepts and theories is truly important. It not only helps to differentiate your product from others but also helps to determine product’s viability in the market. An outsourced product engineering firm generally has a team of design experts who work collaboratively with industry experts to build a working prototype of the product.

To Focus On Other Core Activities

Other than product development activities, a company needs to focus on several other tasks including IT operations, marketing, and sales. Not necessarily, engineering requirements are the only core requirements of every company especially when most of the R&D activities can be outsourced. Cost, in-house expertise, complex development processes, and resource management are some of the key areas which a company find challenging to deal with. Also, development teams are often swamped with numerous projects that require assorted expertise. Here the role of outsourced vendors comes into play. Their dedicated resources focus on a single project while freeing-up company to focus on other activities.

To Minimize Staffing Requirements

Since different projects have different requirements, organizations consider recruiting new talents for short-term periods to complete a specific project. But is this reliable to hire full-time employees that may put an extra burden on HR department as well as can create confidentiality risks? Getting the right person on board usually requires more time, and sometimes training sessions to learn. While outsourced firm, with their full-time staff, can help in completing development projects on time, nothing could be better than applying targeted expertise at the right time.

To Meet Fixed Project Timelines

It is very usual for companies to miss their project timelines due to failing in committing resources to it. On the other hand, outsourced partners, prior to signing a contract, clearly understand a project’s timeline and requirements and consider assigning their resources on it accordingly so as to ensure its on-time delivery.

To Minimize Operational Costs

High developments cost is one of the basic reasons why companies outsource engineering firms. Outsourcing helps to minimize product development costs by discussing project requirements and deciding a budget for it. Outsourced partner allocates resources and prepares regular reports in accordance to keep the company informed about the expenditures made for the changes other than the fixed budget.

On the other side, when product development is carried in-house, it becomes challenging to allocate extra resources or time for the new requirements. But outsourcing identifies the areas where extra resources are needed and sets a budget for it. With holding years of experience in optimizing product designs, outsourcing can help business to achieve their goals is shorter span of time.

To Win Over Competitors by Gaining Market Ownership

As we have mentioned earlier, businesses are striving to gain a competitive edge over their competitors, which is only possible when they would have a clear picture of the market trends and customer’s requirements. Their launched products should be unique and innovative for a customer to accept. Outsourced partners with their expertise can be a great help in terms of bringing creative ideas to the table. Also, by performing a complete market analysis, they can assist with the products having higher demands in the market, customer’s expectations, scope of transforming existing product, and marketing strategies for launching a product.

Amazing Tips to Turn a Budding Sales Executive Into a Seasoned Professional

Sales figures, profit and loss, balance sheets, quarter result disclosure and much more… Every day at office is no less than an ordeal for a sales executive. But as he learns the trade and grows in experience he learns the tricks and imbibes qualities that make him grow far above being novice. Joining a sales force is not just to prove one’s capability to convince people and generating leads but also to establish a name and market for the company in the global environment. The lessons that a budding sales professional learns while at his work are many. But a few of them remain etched in his mind which will take him to new heights in his career. Some of these lessons are listed below are effective sales techniques that can be adopted by any organization to their benefit.

Learn from mistakes

The best sales training programmes caution its audience by telling them to be alert and leave no scope for mistakes. But as to err is human, mistakes are prone to happen during sales meetings or even during presentations. Rather than sulking over a mistake committed, one has to learn from the mistake and never repeat the same again.

Create new opportunity from crisis

The word business is synonymous to the words crisis and risks. A sudden business decision, a change in marketing plan or even a new business sales strategy could back fire and can take the product launch plan to drain. The situation becomes critical but a professional sales expert tries to find a new opportunity from the crisis and does not mull over the past. This positive attitude helps the company to assimilate their energy, courage and self confidence and go places in the future.

Build a quintessential relationship with prospects

A sales expert knows every prospect is capable of bringing more business. Hence, he does all the needful to build a nice rapport with every prospect. He is good at remembering names and tries to have a personal connect with every prospect through media interactions, social networking sites updates, email campaigns etc.

Question, influence and persuade

The best sales executive learns to question, influence and persuade clients in the most formal but interesting way. Patience is the biggest virtue for a seasoned sales professional. When the sales professional begins his address, he tries to bring out the best about his product, list its advantages, talk how it can change the future and most importantly, its cost and user friendliness. Influential talks persuade the leads to become customer upon repeated attempts.

Convince customer with delight

With the best presentations, reasonable facts and figures, the sales executive needs to possess the ability to convince customers with delight. Content driven presentations, timely project updates and quick responses are few customer driven approaches that convinces the customers big time and keep the association strong and long.

These tips give a detailed understanding of the complete sales process to any newbie sales guy and ensure his win in every step thereby maximizing sales for his organization. These new techniques along with the traditional ones definitely work well in today’s scenario and will guarantee top results within the shortest time span. To learn these unique and effective techniques the perfect destination is Phil M Jones where an executive can get trained in the techniques suggested and approved by one of the most renowned speakers in the world.