Types Of Online Products
By now you have a good feel for what topic you want to use to create a product. You should also have a feel for what others are doing in that area — plus, you now have a good idea if people buy products related to your idea.
Next we have to determine what type of product you want to create.
One small business I consulted wanted to produce DVDs and physical books as a product to sell over the Internet. He had a source to print the books and experience self-publishing. He also had a firm that would print and package his DVDs — he just had to provide the master copy and artwork. I asked him if he had product fulfillment. Who would send out those DVDs and books? He said he would do it himself.
Now this gentleman likes to travel, so I asked who would send out orders while he was away for a month at a time. He didn’t know — he wasn’t sure he would sell that many. He had a limited client list and was thinking very small.
On the Internet, you are open 24/7. People on the other side of the world can buy your products. Do you want to spend time packaging, filling out customs forms and shipping stuff? I hope not. That isn’t passive. That is a very hands-on business model.
Note: Amazon offers physical product storage and order fulfillment. The problem is that you are tied into their system and platform, which makes you dependent on them.
In this age of instant gratification, people want things now. Electronic products get delivered upon payment. If you have experience with traditional products like printed books and videos, electronic delivery may seem foreign. Don’t be afraid to embrace the Internet for product fulfillment.
We haven’t had a golden rule in a while, so here is a new one:
It is easy to go with what you know.
It is ground-breaking to try something different.
I want to briefly cover a few types of electronic products you can use to create your own P.I. Machine.
EBooks and reports are one of the easiest products to create and sell. They may be set up as a PDF, a Kindle eBook or an iBook. You can distribute them through your own website, or use Apple and Amazon to harness the power of their customer base. EBooks are a huge business, and I’ll go into more detail on them in a future P.I. Machine publication.
Audio books are another strong product to have in the mix. You can record an audio book using a decent USB microphone and a computer program. Downloadable MP3s allow people to listen to audio books while driving, traveling or exercising.
Have you ever seen a video book? Gary Vaynerchuk wrote one that I downloaded on Amazon Kindle. I had no idea it contained videos until I opened it. Gary did short chapter intros to talk about the content you were about to read. It was so strong that I have used the same technique to create online video books to update older publications.
Instructional courses are another big seller. These can be anything from a few training videos all the way up to a full-fledged multi-lesson course. The P.I. Machine is an online instructional course that shows you how I built mine step by step. These types of courses are usually considered major or “Flagship” products. They are, if built and marketed correctly, where the bulk of your online income will be earned.
You could also create a membership site. A membership site can be built similar to an online course. There is usually a monthly fee, so it creates a recurring income. Telephone companies, utility companies, gyms, tanning salons — they are all excellent examples of this income model.
People join membership sites for several reasons:
They provide products or services. Examples of these would be a webinar provider or instant product support. Some membership sites are content-based. Creating one requires a massive amount of great material that must grow on a regular basis. We’ll discuss how you can achieve this and build a very loyal following and consumer base in a future P.I. Machine lesson.
You can download the P.I. Product Guide PDF below to start planning what type of P.I. Product you want to develop. Read the information and give it some thought.