One of the greatest and most valuable benefits of running a JV Launch is the email list of targeted prospects you get to keep after all of your affiliates and JV partners have sent you their prospects and customers.
That’s because even if you don’t have any other products to offer right away, you can find other products and services those people will be interested in buying and promote them as a JV partner or affiliate.
In fact, there are many business owners who make more from promoting other people’s products and services to their audience than they do selling their own stuff. And if you promote subscription based products or services that pay you recurring revenue, this truly is a way to generate a huge amount of passive income that can continue to grow over time.
How Do You Find The Best Products?
When it comes to creating products that sell well, the big key is to find something that your audience REALLY wants. They might also NEED it, but it’s best if they passionately WANT it even more.
Sometimes people want to create a product on a topic that no one else has created before. In many cases, the reason it hasn’t been created yet is because nobody wants it. If you create something no one wants, then you’re going to be disappointed by dismal sales.
Here’s what to do instead: find out what people are already buying, promote it as an affiliate or JV partner initially, and if it sells really well to your audience, you could create something similar (yet BETTER and/or use better marketing to promote it). And that’s exactly what you’re going to learn how to do in this lesson. Take a look…
Find Out What People Want
The very best predictor of what people will buy in the future is to look at what they’re already buying today. That’s why your first step is to find out what people are already buying in your market.
NOTE: We’re talking about evergreen products and services here, not fads. Fads are too unpredictable to determine if they’ll still be selling well next week, next month or next year.
To do this, you’re going to look for three things:
• Products with competitors
• Paid ads for specific types of products
Let’s take a closer look:
Bestselling products. If a product sells well in your market (especially over time), that’s a good indication of demand. To that end, you’ll want to check infoproduct marketplaces such as ClickBank.com, Amazon.com and Udemy.com to see what’s selling well in your niche.
Products with multiple competitors. If multiple marketers are creating similar products and services, that’s another good indication that there’s demand for that type of offer. Again, you can search infoproduct marketplaces to find out which types of products have a lot of competitors. You can also run a search for your niche keywords in Google, and check out what your top competitors are selling.
Marketers consistently placing paid ads for a product. Smart marketers don’t keep dumping money into paid advertising if the product isn’t selling well. That’s why tracking ads over time will give you an idea of what’s selling well. One way to do this is to regularly run a search for your niche keywords in Google, and then take note of the paid advertisements. Look for different marketers selling similar offers, as well as marketers investing in advertising a product over time.
As mentioned earlier, you can also quickly test a product for yourself to see if it might sell well before you invest too much time and money creating it. Here are two “quick and dirty” tests:
• Promote the product or service as an affiliate. If your audience seems to really like a particular offer, that may confirm to you that you should create something similar.
• Create a tripwire offer. Let’s suppose you have a big product or you have something in mind, like a multi-module course. You might create an “overview” of this course, or even just create one module, and offer it as a low-cost tripwire. If your audience likes the “lite” product, then you can take that as a greenlight to create the full product.
Take note that you can also create a “lite” product in the form of a lead magnet that you offer to determine demand (while at the same time building your list). Keep in mind, however, that what people request for free may not precisely determine if they’ll purchase the “full” product.
Once you have an idea of what people in your niche want, then move onto the second step of this process…
Create Something Better
Now that you know what your audience wants, about the last thing you want to do is create something that’s just like every other product on the market. Instead, what you need to do is create something BETTER.
The first step in creating a better product is to review the bestsellers in your market to determine their good points and bad points. This means personally reading/viewing the product yourself. You’ll also want to read customer reviews to see what they like and don’t like about a product.
Your goal is to create something that has the big benefits that everyone likes, yet it improves on the weak points of other products.
For example, let’s suppose you’re creating a copywriting course. Perhaps the bestselling products in your niche include a lot of real-life sales letters, case studies and examples. If people really like that, then you’ll want to make sure you include your own (unique) letters, case studies and examples.
Now let’s suppose that one thing that is missing from the competitors’ products are worksheets to help people decide what benefits to showcase, as well as audience profiling worksheets and other tools. You can improve on existing products by including these tools in your course.
The second step in creating a better product is determining how to make it unique. You can do this by:
• Creating unique case studies/experiments
• Telling personal stories
• Offering unique tips
• Providing unique examples
• Offering unique tools such as worksheets, checklists, templates and similar
• Sharing old information in a new way, such as by creating a formula around a step-by-step process
• Positioning the product in a new way. E.G., how is your product different and better than the competing products? For example, do you provide “take action” tools to help people get results quickly and easily?
The point is, you don’t need to create something so fresh and new that no one on the planet has ever seen it before. Instead, you just need to take your information, even if others are teaching the same thing, and present it in a fresh way.
For example, I’ve seen people create unique formulas around processes in the form of acronyms, where each letter of the acronym corresponds to a step of the process. E.G., they might create a five-step S.A.L.E.S. formula for optimising conversions. While others may teach how to optimise conversions, no one else does it using this unique formula—which makes these products stand out from the crowd.
The bottom line here is that you shouldn’t guess what your audience wants. Do your research, find out what they line up around the virtual block to buy, and then create something similar yet better. And if you want to use the email list you built during your product launch to generate residual income, find and then create your own subscription based products and services and promote them to your audience multiple times a year.
And if you’d like to learn more about creating and launching your new product successfully, including seeing how Jeff Walker builds his list using a JV launch and examples of email sequences and case studies of people who have used PLF with outstanding success, by checking out Jeff Walker’s free Product Launch Masterclass here.
PLUS: When you’re ready, here are 3 ways I can help you to grow your business using product launches:
1. How To Create A Signature Product Out Of Thin Air In 72 Hours Or Less
Creating your product does not need to take weeks or months. My 72 Hour Product Creation Guide shows you how to build high value products one after the other in 72 hours or less. Click Here.
2. How To Outsource Your Product Creation And Make It Hands Free.
Outsourcing the creation of some or all of your products and bonuses is a great way to save your time for the more important (and more fun) things you’d rather be doing. Grab my Hands Free Outsourcing Cheat Sheet to learn more. Click Here.
3. How To Build A Profitable Launch List.
Building an email list is critical if you plan on doing a launch for your product, service or business. My 1-2-3 List Building Cheat Sheet will show you how to build a responsive list of prospects who are ready to buy from you during your launch. Click Here.
Also, check this out 🙂