After selling information products online since 1997, I decided to write down some random thoughts and a few things I have learned.
1. Test the Price and Listen to what your Customers say.
Always test a selection of prices. Sometimes a higher price is perceived as better quality and result in higher revenue and sometimes it won’t. No way of knowing unless you test – the customer is always right.
When releasing a new product, it is quite likely to need some tweaking and adjustment. Most likely people will use it for a different purpose than you are selling it for. That’s OK too! Listening to feedback from customers, and watch your stats like a hawk. For example, you may want to target students, however, teachers end up buying it to use as a lesson plan to teach the subject. No problem – back to the drawing board and re-write the material, adding classroom activities, games and notes for the teacher. Presto! Instead of an ebook for students, it is a lesson plan for teachers.
What testing does is force you to do things differently that you think they should be done. Often we become attached to having a webpage or a product a certain way. Or the way the HIPPO (Highest Paid Person’s Opinion) or the person in the company with the most aggressive personality wants it. None of that matters. What really matters is the customer. Listen, watch and stay open and flexible.
2. Most products will fail on release.
I read somewhere a survey where business people were asked to rate the success of their new product or service. The result was a staggering 12% rated their product a success. So – probably your project will fail on the first release. That doesn’t mean you give up though. What you need to, as above, is listen and watch, and think of another way product can be used. Maybe you can give it away free if people join your Face book page. Or a free iphone app. Stick with it and think outside the box.
OK, those are some higher level strategic concerns. Now for some tactical coding level concerns in Part II in a week or so.