Marketing and Business Strategy Advice For Women Business Owners from NAWBO
Now that you have your digital informational product complete and ready to be sold, the next question is what to charge for it?
How much should you ask for your work? That is a hard question to answer but the general rule of thumb is: the more potential customers there are for your business or brand the less you can charge for it and the opposite is true. The fewer potential customers there are, the more you should charge for it. Think about how products are priced out in the brick and mortar world. In very exclusive shops, where very exclusive products are sold to only a few well-heeled customers, the prices are high....VERY high.
Internet marketing is the business of both advertising and selling goods and services over the internet
This form of business is ever-increasing in popularity, with millions of people now making luxury brands purchases on the internet. Internet marketing began in the early 1990s as primarily a means of product description, consisting merely of text descriptions. As technology progressed, internet marketing rapidly advanced to include pictures and other rich graphics as part of advertisements for products and services.
After realizing the remarkable potential of this means of marketing, internet-based brands started opening their virtual doors for business. As opposed to what are now known as "brick and mortar" operations, these e-businesses offer their products and services to a growing number of consumers, conducting all, or nearly all, of their business in the virtual world of the internet.
Information can be prepared and sold in at least three different kinds of products.
It can be in the form of the written word (e-books), it can be in the form of an online audio or a CD or tape or it can be in the form of a video online or on DVD.
It is a well known fact that people learn best in different ways. Some people need only read information and it is clear to them. Other people learn best when they hear the information....just reading information doesn't do it for them. Yet other people need to see the information presented for them to comprehend and grasp the information.
The type of information being presented also lends itself best to either the written word, and audio tape or CD or a video presentation. There are some things, for example, that just the written word can't convey adaquatly. Some 'how-to' information will just simply require video and some things like motivational speakers are best presented on audio tape or CD's. Let's discuss the three differnet types of informational products that you might consider.
This tip is going to dramatically cut down your stress level - work from only one master To Do list
Once you try this you will find that it is a very different way of working. If you think about it, right now you probably have a few voicemails on your cell phone. You might also have voicemails on your business land line. You've got some emails, probably have a To Do list, and may even have post it notes and notes from a meeting that have action items as well. So with all of all these competing sources, how are you going to know what's important and what you should be doing - today? How can you possibly know what is most important to accomplish by the end of today when you have all of these competing priorities scattered randomly across all these places? What I do is that I take absolutely everything and turn it into a task in Outlook.
If a client calls me and says they need something done I immediately capture it via my phone or Outlook (which synchronize wireless) When I get an email that is important and will take a fair amount of time I turn it into a task. And when voice-mails come in instead of letting them pile up and have 5, 7 or 9 to listen to I write them down immediately, turn them into tasks and delete them. When you use this technique you will now have one master list of everything you need to pay attention to. You can then use this as the context to prioritize everything that's on the list against each other.
Do you have the guts to place a vertical bet?
Years ago when I was working at a startup we were having a difficult time getting revenue traction. We had a phenomenal product that had won all kinds of awards and had a very high level of customer satisfaction. Yet we couldn't get the sales engine going.
At one point we realized that might have a "Crossing the Chasm" problem. Crossing the chasm is a famous book by Geoffrey Moore. The basic theory of the book is that in order to go from early adopter to mass adoption of a product you need to find a vertical niche. Focus on that vertical, make all of your product and marketing efforts target solving a pain point for them and then the market will create "buzz" and a viral effect and the product will take off. Moore gives great examples and it is easy to see how the theory can work. In theory that is.