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How to maintain profits by creating new products and services related to your business

One of the most important ways to maintain profits in your niche business is to create new products and services that your target audience is eager to buy. You can achieve this in several ways.

The most obvious is the launch of new products. If you know your niche well, you probably have a pretty good idea of ​​what they really need and how much they’re willing to pay for it. In other words, you will only create products that you are sure will sell.

If you’re not sure, take the time to survey the people on your email list or poll them on Facebook to ask which options would be most helpful to them. Let them choose from a variety of options. The answers might surprise you. They will certainly save you from wasting a lot of time and effort and perhaps money creating product A when they are really itching to get their hands on product E.

As for the product launch, have a soft launch and a hard launch. The soft launch should be for those in your inner circle. They can take a first look at it for a substantial discount. Request testimonials in advance and offer them an easy way to contact you to deliver testimonials, submit reviews, and ask questions.

Let your Joint Venture partners know the new product has arrived and let them see it for the first time too. Ask them for feedback so that your product is also attractive to your audience.

Once you’re sure your product is as good as it can be at the right price for your niche audience, you can broaden your audience through your pitch. Host a free webinar, guest blog, have your JV partners interview you and promote the product, and more.

Webinars can be very useful for product creation. Record each session and offer it as a paid product or promotional item. Have a transcript made to sell as is. Turn it into a free e-course, special report, or insider secrets e-book. If you do engage with the audience by allowing them to ask questions, take note of their inquiries and see if any of them are worth creating a product for.

If you have a lot of content on your site or blog, consider grouping eBooks by topic. How titles are extremely attractive to most audiences. Consider different levels of learners in your niche, such as beginners, intermediate, and advanced learners. You can present the information sequentially or go deeper for those above the beginner level.

See what your competitors are selling and at what price. In this case you have 2 options. Charge less and provide the same type of information, or charge more because of your experience and the great package you will offer.

Bundling works for all paid products. Again, you have 2 options. You can sell one main product and bundle a variety of very attractive bonuses, such as worksheets, brochures, templates, infographics, and more. Or you can bundle 2 of your most popular products and services together to create a whole new offering that your niche market will be eager to buy. Add some fabulous bonuses on top of that and see how much profit you can make from your niche related products and services.

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