Find ONE Winning Product
Lesson 13 Chapter 1
In order to make thousands of dollars, all you need is ONE well-selected product line and a sales funnel that is optimized for that product. You don’t need fifty.
Just think about it –
- GoDaddy only sells domains and hosting.
- Thrive Themes only sells a handful of themes and plugins.
- Your local hot dog stand only sells hot dogs, fries and soda.
- Lyft and Uber only provide very specific transportation services.
- Apple sells iPhones, iPads and accessories.
Once you have that winner product, it is only a matter of creating the right funnel and scaling.
Yes, there are companies like Amazon and eBay that sell multiple products, however if you have a small business, that model is not viable to follow, simply because you spread yourself too thin.
Unfortunately, picking a winner product is a trial and error process.
I am going to cover the types of markets where most people became millionaires, because these have the most motivated buyers.
People in need-based niches have no choice and this gives a strong buying motivation.
- If you are hungry, you need to eat.
- If someone just had a stroke, they have no choice, they need to solve it.
People in desire-based niches niches buy, because they have a hobby or some other desire and they do everything to fulfill it.
The question is, are people irrationally passionate about the niche?
Are there online forums, message boards, and social groups dedicated to this topic? How about Facebook groups and fan pages, YouTube channels, podcasts, or blogs with others geeking out on this topic you love so much?
- Gamers, golfers, etc are perfect examples for this
- Sex, relationships are the other category
People in desire-based niches niches buy, because they can do it.
Luxury products are usually not sold online.
Finding The Right Affiliate Programs
Affiliate programs should have the following features:
1. Family-Friendly/Low Spam
The problem is: High payout subjects can attract spam. If your site is about some sex subject or diet pill, almost nobody will link to your site.
2. Product Quality
High quality may be incompatible with high payouts. Some companies pay their affiliates a lot of money to compensate for a crappy product.
Finding one that gets results AND pays well is a challenge, however it’s worth it because such a product is easier to sell (and you will get less refunds).
3. Existing Demand for the Product
The easiest way to make money is to recommend products that people already want.
Generating enough traffic to tutorials where you show how to use these products and recommend them is the easiest way to convert your readers.
4. Quality of Sales Page
Many high-quality products have a TERRIBLE sales page. You can use this to your advantage and write in-depth guides on how to use the product and how to get results with it. This way your refund rate will also be lower.
5. Lots of Keywords
If you want to make money, you will need to have a high amount of keywords to target. If you can manage a large content production operation then you can do well in a niche where traffic is split amongst hundreds of long-tail keywords.
The Best Affiliate Programs
I personally vote for software affiliate programs, but I know it isn't workable in all niches..
Here are some sites that regularly release niche researches you can use:
- One More Cup of Coffee
- Niche Hacks
- High Paying Affiliate Programs
- Over 100 affiliate programs for beginners
Find an affiliate product that you want to promote. The product should satisfy the above criteria as much as possible.
You can use the above links or you can just Google for a product related to your niche and find the “Affiliates” page on the website.
The program should pay at least $20 per sale and should have evidence that a high number of people are already buying it. Recurring commissions are even better.
Monetization Through Services
Remember: You’re a businessman, not a “blogger”.
Your blog must have a service that fills a need in the market from day one.
For a brand new blog, if you are an expert in your field, you can even make money selling services. You can create 5-10 "pillar" blog posts and a lead magnet, in order to build an email list. Then, create a Services/Consulting page.
Think about all those local business websites that look like they’re straight from 1996 — auto mechanics, financial services, real estate sites, etc. They might be getting a few hundred visits/month. But their website is bringing in revenue because they’re filling a need in the market and providing a solution with real-life services.
The early focus of your new blog shouldn’t be to write a bunch of blog posts that no one can find. Instead, focus on having just a handful of high-quality pillar posts, a Services page, a simple sales funnel, then do a lot of promotion.
Creating Your Own Product
You hear amazing stories of people who earn 6 figures from their courses or e-books and replace their full time income in their first course launch.
I can assure you that these stories are an anomaly, not the norm.
To tell you the truth, as a beginner I had a LOT more success offering affiliate products than my own courses.
Having your own product is good, but you may not have enough expertise in your field to get results for others. You can promote affiliate products - many people make a living from those.
There is also an “easy” approach: Adapting other people's products. What does that mean?
When a movie is starting, they show you the names of directors, actors, etc. Sometimes it tells you, "Based on a true story", "Based on real events" or "Based on the book by Henry Miller".
In regular English, the creators didn’t invent the product, but “remixed” it. This approach is actually more common than you may think, not only in music albums.
- None of the stories in Disney cartoons were invented by Disney. They don’t own Snowhite, they only own the movie they created. Snowhite and other fairy tale characters in their movies are part of our cultural heritage, the so called “Public Domain”. The Disney version is a “remix”.
- The freelancer you pay to build your store or blog doesn’t own WooCommerce or WordPress. He offers a service and makes money riding someone else's product.
- You don’t own Long Tail Pro, but you could create a product where you teach how to get to 10k page views from LTP. (At the same time you can also earn commissions from LTP).
If you are a pro, you can use your own knowledge and turn it into an info product:
- If you are a practical expert on the subject of carb-free cooking, you can create a free course on it.
- You can also create a free challenge where your students reach a certain goal, such as “Cut carbs in 7 days and have more energy”.
- You can also recommend a carb-free cookbook or a natural meat "Butcher Box" service and collect affiliate commissions.
“People Just Don't Buy From Me”
Do you ever feel that you are just putting money and effort into your business, without getting sufficient results?
If your product is decent, your traffic is probably too cold to convert.
Cold traffic simply means strangers.
They don't know you. They are responding to an ad or a link you placed online. They are curious and nothing more.
Therefore you need to warm this traffic up first, so they know, like and trust you.
Building relationships through email can warm this traffic up. You can recover your promotion expenses by offering a low cost product ($7-$37) to.