For almost two years, I had one product that I sold. The Izzy Video Membership was my main thing, my only thing. That was a big mistake. At the time, I didn’t understand all the benefits of having more products to sell.
When I did finally make more products, I did it because I was going to sell them. But it turns out, you can use additional products in all kinds of powerful ways — other than just selling them.
You can sell them too, of course, but what else can you do with them?
1. You can use new products as bonus giveaways.
I have a product I created which I call a mini-course. It’s a short course, probably under 40 minutes of video. I priced it at $19, but so far I’ve never sold it. Up to now, I’ve only used it as a bonus giveaway to motivate someone to sign up for my Advanced Final Cut Express course today.
In fact, I have other courses I’ve created that I periodically give away as free bonuses to reward someone who takes action today.
I like to test different promotions, and it’s incredible to see how throwing in a free bonus makes a big difference.
Could I have simply added the content in the mini-course to my Advanced Final Cut Express course? Yes, but then I wouldn’t have had a bonus mini-course to give away.
2. You can use products as freebies that attract people to your site.
This is the first part of my Three Product Approach. It’s simple. Create an awesome product, and give it away for free. If the product is awesome (so awesome that people would normally pay a nice amount of money for it), then people will spread the word, and your traffic will likely increase.
3. You can use products to reward someone for signing up on your email list.
People usually won’t give you their email address for no reason. But if you offer them something they really want, and if they trust you, they’ll happily give you their email address to get the thing they want.
It’s a great trade for both of you. They give you their email address (knowing they can unsubscribe at any time), and you’ll send them something awesome. Make your giveaway amazing, and you should be successful with it.
4. You can offer up-sell products.
When someone selects a product and then starts the “checkout” process, you can offer them an additional product they’d be interested in.
You can only do this if you have more products, and they need to make sense for the customer to add it to their purchase.
5. You can sell the products.
Of course, when you make a product, you can sell it outright. That’s always a smart thing to do. And it’s the obvious thing you can do with a product. The other ideas are a little less obvious.
If you only have one product, create more.
I have a number of different products I offer, and my revenue has increased dramatically ever since I moved beyond the single product approach.
If you want to increase your revenue, I recommend you look at increasing the number of products you offer.
P.S.> I didn’t mention one of the biggest benefits of creating a new product: You get to do a product launch with it, which is one of my favorite things. We’ll cover that in the future, I’m sure.