Understanding the Basics of Developing an Online Product

If you’re a speaker, business owner or coach, creating and selling online products is a great way to expand your offering and increase your sales. Selling a product online is affordable and it’s easy to promote. There are also a number of different routes that you can take to develop an online product that meets the needs of your target audience.

Before you start developing a product though, it’s important to understand the 5 most common learning methods.

People enjoy learning in different ways and by understanding how your market would prefer to learn, you can create unique and interesting products that will appeal to them.

Here are the 5 ways that people tend to learn something new:

  1. Reading. Many people love sitting down and reading in order to learn something new. Reading requires you to be focused and in a quiet space.
  2. Listening. Some people prefer to learn on the go so there is also the option of creating an audio product that will help your audience learn something new.
  3. Watching. When people watch a video, they’re using more than one sense so they really need to pay attention. If you want to develop video content, remember to make it as visually appealing as possible.
  4. Group Experiences. Learning something as a group is another way that many people prefer to take in new information. A group experience is an interactive and social learning option.
  5. One-on-One Experiences. Others prefer to learn from someone directly as it gives them the opportunity to ask questions and really understand something on a deeper level.

How to Sell Your Product

Once you have a product that you’re ready to take to market, there are a number of ways that you can sell it.

  1. Giveaways. Everyone loves getting something for free so why not give clients a small freebie in return for purchasing your product.
  2. Product Launches. Since product launches do cost money, it’s best to only take this approach if you’re trying to sell a high-value product.
  3. Recurring membership program. The biggest benefit of a recurring membership program is that it’s not time constrained or linked to trends in the market. Clients can pay a monthly fee and receive your products on a continuous basis.
  4. Webinars. Hosting a webinar is a great way to offer your clients extra value and a platform that can be used to sell your products too.
  5. Sales Pages. Adding a professionally written sales page to your website that you can direct people to via your emails or online advertising is another route that you can take to sell your online products.
  6. Static Online Products. The final way that you can sell your products is to simply setup an online store that potential clients can navigate to when visiting your site. Unfortunately, this is the least effective way to make sales since you need to rely on people finding your products themselves.

Product Pricing: Covering Your Market

When you’re setting your product prices, it’s important to cover your market. What this means is that you should cover a broad range of offerings and prices in order to not lose out on potential business.

Price your products in such a way that clients from every level can make a purchase and benefit from your products.

Designing Your Product

Leverage is key when designing your product!

It’s important to be smart about how you use your time if you want to develop a product but still operate as a speaker or coach.

For example, when you’re hosting a live event, record it. The audio alone can be used to design a complimentary product and short video clips can be used as content on your website and social media platforms.

If possible, it also helps to sell all of your products before you produce them. By gauging the market’s interest before you spend time producing and designing an online product, you can save yourself time and money. Sell a ticket to a specific event and once you see that there’s a lot of interest, produce a product using that event.

For more advice from Kane and Alessia Minkus on developing and marketing your products and services, attend one of their business growth training events!