Lowering Your Price To Compete

This is a strategy that a lot of product owners mistakenly try in order to increase sales and gain more customers.  It sounds right — lower your price so that your product is less expensive than your competition.

Unfortunately, this strategy almost never works and will actually result in fewer sales, not more.

People don’t necessarily buy the cheapest product.  They usually buy the product that appears to be the best value for their money.

In addition, lowering your prices means less profit.  Earning less profits per sale may mean that you have a hard time keeping your business afloat.

Here’s a better strategy for pricing your products:

1.  Remain Competitive

You may not want to be the lowest priced product in your niche, but you do want to be competitive.  Take a look at the competition and what they’re offering.

You can’t price your product in a vacuum.

You’re competitors will help to guide you in your own pricing strategy.  You can take a look at the most expensive competitors and the bargain basement competitors and get a pretty good feel for what the market will bare in your industry or niche.

Once you know what your competition is doing, it will be easier to create a pricing strategy that gains a share of the market and creates sales.

2.  Create A Perception Of High Value

The best way to compete on price is to create a higher perceived value of your products compared to your competition.

You may even be able to charge significantly more for your product if you can prove to your potential customers that your product is better than anything else on the market.

The best way to create a higher perceived value is to pile on the bonuses.

Your product may be priced at $97 when the rest of the competition is priced at $47, but if you offer bonuses worth an additional $2,000 you’ll be able to easily convince potential customers that your product is superior.

Perception is everything.

3.  Test Prices

One of the best ways to price your products to compete for massive sales is to test different price points.  There are software products that run on your server that will allow you to test different prices — and they’re well-worth the money.

You’d be surprised how often you can actually charge a lot more for your product than you’d expect.

The idea is to find that “sweet spot” where you’re maximizing profits, not necessarily sales.

Here’s an example:  Let’s say that you can sell 100 ebooks for a $10 dollar profit on each and make $1,000.  You test out different price points and find that you can also sell the same ebook for $50 profit, but you only sell 50 of them instead of 100.  In the first scenario, you’ve made $1,000.  At the higher price, you actually profit $2,500!

Testing is the best way to find the “sweet spot.”

In the end, it’s important to remember that buyers are always much more interested in getting the best value for their money rather than the cheapest product.  Knowing that is how you go about pricing your product to compete for massive sales.

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If you’ve ever tried to generate new product ideas and come up dry, this podcast is for you! Today I’m lining up three killer idea generators to help you create the perfect product for your niche or business.

Here’s my notes from this podcast:

1.  Harness the endless supply of targeted information in trade publications, newsletters, newspapers, and magazines to create your next product.

These are ideas that are ready-made for your target audience and waiting for your to exploit!

2.  Compile the expertise of respected experts in your niche or industry.

This is the fastest and easiest way to create an ebook that I’ve every come across.  All you have to do is let others create the content for you!

3.  Let Uncle Sam do all the work for you.

You can get your hands on hundreds of pages of completely free, high quality, already researched content to build your next information product on.  It just doesn’t get any easier than this!

It’s really easy to come up with new ideas for your next product if you open your mind up to the possibilities.  I have more ideas right now than I’ll ever be able to act on and so can you!

Discover How To Find, Re-Package And Sell Public Domain Content As Your Own Moneymaking Information Product — Click Here Now!

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Go From Zero To Your Own Profitable
Internet Business In Six Easy Steps!

By Derek Gehl and The Internet Marketing Center Team

This week, we’d like to jump right in and answer an important question from a reader. Mike Vernice writes:

“I am interested in building my future for both myself and my loved ones. I have to admit I am scared to make a move because of today’s economy, and I can’t afford to flop. What do you suggest?”

Well, Mike, as far as starting a website during today’s economy goes, we’ve recently gone on record saying that the downturn could actually be a GOOD time to start an Internet business.

Online sales have never been STRONGER, you’ll have access to an entire global market, the start-up costs are negligible, and you can get started while you’re working a “regular” job, so you won’t feel the pressures of needing to earn big profits right away.

In fact, we’ve written an entire article about the benefits of starting an Internet business during a recession, which you can read here.

Now as far as being “scared to make a move,” Mike, it’s common to feel that way when you’re just starting out, but the truth is, there’s nothing to worry about!

As long as you’re following a tested and proven system for starting a successful online business, there’s actually VERY little risk that you’ll “flop.”

With the right system, you can start slowly, with almost NO upfront investment, using your free time on the weekends to get the “basics” in place.

Then, over time, as you continue to learn and grow — and start earning your first modest profits — you can begin to invest more time and money in your business, applying increasingly advanced strategies, until your website is making serious money.

Then, once that site is running hands-free, you can use what you’ve learned to start a second site. And then a third. And so on…

… until you’ve got MULTIPLE streams of income flowing into your bank account automatically, and you’ve kissed your regular job goodbye FOREVER!

It won’t happen overnight, and it’s not quite as easy as some would have you believe, but if you take your time, stay focused and motivated, and don’t give up, a life-changing income really CAN be yours!

To help get you started, Mike, we’d like to walk you through the six-step system we give to all of our clients, to help them build profitable sites.

We’ve been teaching this system for over a decade now, and it’s worked for literally thousands of people, many of whom are now making incomes of $5,000… $10,000… $15,000 or MORE a MONTH!

Step #1: Find A Lucrative “Niche Market” Filled With Hungry Buyers

If you’ve been receiving this newsletter for any length of time, the term niche market should be pretty familiar to you.

In fact, it’s probably the one thing we talk about the MOST here at The Internet Marketing Center, because finding one is SO critical to the success of your business!

But if you’re new to the term, here’s how we define it:

A niche market is a group of people who are all searching online for the solution to a common problem, and not finding many relevant results.

In other words, you’re looking for a market that has HIGH demand and LOW competition. Simple, right?

So how do you find a niche market? In a word, research.

You’ll need to do keyword research to find out what problems people are typing into the search engines, you’ll need to do market research to find out where your potential market hangs out online, and you’ll need to do competition research to make sure there’s room for you in the market.

And remember: Do NOT rush this!

This is the single most important step you’ll take when creating your business. Finding a niche is like building the foundation for a house. The stronger your foundation is, the more stable your entire house will be.

Step #2: Find Or Create A Hot-Selling Product That Your Market Will Beg For

Once you’ve found your niche market, and understand the problem you’re going to help people with, it’s time to find the solution (product) you can sell to them.

And while you can build your own product to sell online, Mike, there are plenty of things you can sell without having to spend money on development, manufacturing, shipping, and storing.

You can:

• Work with a drop shipper, selling their products while they take care of the shipping and storage for you
• Join an affiliate program, and make money by recommending other peoples’ products on your website
• Offer to perform a service for people

And while these are all great options for someone just getting started, the HOTTEST thing you can sell online is information!

By creating your own ebook that solves your visitors’ problem for them, you can sell and deliver it hands-free, plus keep 100% of the proceeds from each sale!

Step #3: Write Compelling Salescopy That Turns Visitors Into Buyers

With your market and product figured out, it’s time to start building your website, right? Wrong!!

Before you even think about creating your website, you need to write powerful, compelling salescopy that answers your visitors’ biggest question: “What’s in it for ME?!”

Your copy is going to take the place of a salesperson in a brick-and-mortar store, answering all of your customers questions, overcoming their objections, and nudging them toward the buying decision.

And if you’re worried that your writing abilities may not be up to the task, don’t be! Writing good salescopy is more science than art…

… so as long as you understand a few basic principles of persuasion, you’ll be able to easily create highly effective copy for your site, even if you’re not a writer!

Step #4: Design a Website That DRIVES Visitors To Take Action

Typically, creating a website is the step that “newbies” want to do first.

But hopefully you can see now, Mike, that there are MANY advantages to getting your market, product, and salescopy figured out before you tackle the site!

And when you ARE ready to build your site, you’ll want to avoid just jumping in with both feet. As with everything else related to your business, a bit of planning goes a LONG way!

That’s because you’ve got just a few seconds to “hook” your visitors, convince them that you’ve got EXACTLY what they’re looking for, and keep them on your site long enough to buy.

So by figuring out how your site will look, what kinds of graphics you’re going to use, where you’re going to put the salescopy, and how you’re going to organize the information on the page, you’ll end up with a website that makes sales right from the get-go.

And if you’re not comfortable with the idea of building your own website, it’s actually pretty easy.

In fact, if you can update your Facebook profile or send basic emails, chances are you’ll be able to learn how to create your own simple website faster than you thought possible.

Step #5: Use Email Marketing To Build Relationships With Your Visitors

Chances are, most of your customers WON’T buy from you the first time they visit, so it’s crucial that you stay in touch with them, so you can continue driving them back to your site to make a purchase.

And by far the BEST way to do this is with email marketing.

First, note that we’re NOT talking about spam! You’ll use your site to create a list of “opt-in” subscribers; people who not only WANT to hear from you, but have specifically given you permission to email them!

Email marketing is the perfect way for ANY business to make profits, because:

• Your email list is made up of people who are inviting you to sell to them
• You’re developing lifetime relationships with your customers
• The response is 100% measurable, so you can evaluate the success of your campaigns within hours (saving thousands on advertising)
• It’s effective, instantaneous, and cheap!

And as with most other things related to your new business, email marketing is pretty easy to do! There are lots of tools out there that make it as easy as sending a regular email to a friend!

Step #6: Drive Visitors To Your Website and Start Making Sales

Your job is NOT over when your website goes live! Now you need to start actively sending customers to it, and the FASTEST way to do that is with a pay-per-click (PPC) adverting campaign.

When you get started with a PPC campaign, you:

• Get your site listed at the top of the search results in as little as 15 minutes
• Get lots of traffic for very little money
• ONLY pay for the advertising that actually works

And it’s SO easy to get started!

You just bid on specific keywords so that, whenever someone enters that word into the search engines, a link to your site appears at the top of the results page.

When someone clicks through to your website from that link, you pay the search engine the amount you bid on that particular word.

Then once you’re earning profits with your site through your PPC campaign, you can begin to focus on the many ways of bringing FREE traffic to your website!

Your Personal Blueprint For Starting A Profitable Web Business

Of course, we’ve really just scratched the surface here, Mike. There’s FAR more to starting a profitable web business than we could possibly fit into a newsletter of this size.

But the good news is that we have laid out this entire step-by-step system for you in a comprehensive “roadmap” that ANYONE can follow to quickly and easily start earning profits on the Internet…

… even if you have NO previous business experience and NO technical skills.

We carefully walk you through EVERYTHING you need to do to start your profitable Internet business, including:

• Help you decide what to sell
• Easily get a sales website (complete with copy)
• Attract your first visitors
• And take your first credit card payment

And once you’ve accomplished these key milestones, we’ll show you how to ramp up sales and traffic quickly, and then automate your entire business so it’s “hands-free!”

Then, when your site is making serious money, we’ll show you HUNDREDS of ADVANCED strategies and techniques you can use to drive profits even higher.

Best of all, we’ve JUST finished completely updating and revising the system, so it contains the MOST up-to-date techniques and strategies that people are using to earn BIG profits right this second!

So watch your email inbox over the next week. We’ll let you know the second it’s available.

At the same time, we’ll be revealing TWO very closely guarded secrets that we’ve been keeping under wraps for MONTHS. The first secret is going to revolutionize the way people learn how to make money on the Internet…

… but the second one is going to ROCK the Internet marketing world!

ABOUT THE AUTHOR: Internet marketing expert Derek Gehl specializes in teaching real people how to successfully start, build, and grow their own profitable online businesses on small budgets. To get instant access to the step-by-step strategies, tools, and resources he’s used to grow just $25 into over $60 Million in online sales, visit: http://www.marketingtips.com/tipsltr.html

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Well, that’s simply not true.

While there are certain circumstances where a merchant account may be necessary, for the majority of online businesses, it’s just an unnecessary expense… especially when’ you’re first starting out.  I’m going to tell you why you don’t have to have a merchant account.

1. Setup Fees:

Merchant accounts cost quite a bit of money to set up. This will often run you $150 or more. Some services will waive this fee, but they will usually hit you with a higher monthly fee or transaction fee. If you want to accept checks online, you’ll usually have a setup fee for that too.

2. Monthly Fees:

There are several monthly fees associated with having a merchant account. Gateway fees, statement fees, customer service fees, etc. If you want to take checks, you’ll also have to pay additional fees for that service.

3. Transaction Fees:

If you process payments through your own merchant account, you must also pay a percent of the transaction as an additional fee. This is called a transaction fee and usually runs you around $0.30 per transaction. Again, eCheck counts as a second service and each check you accept online also incurs a transaction fee.

4. Discount Fees:

You’ll also have to pay a discount fee which is usually about 2.5% of the transaction amount. Ditto for eCheck.

5. More Accounting:

When you have a merchant account, you have a lot more accounting responsibilities. With most systems, each transaction must be specifically added to your ledger. You can often download and import the numbers into your accounting program, but it’s still a pain to keep track of it.

6. Payment Gateways and Shopping Carts:

You have to purchase or rent additional software to process online payments, specifically a payment gateway and shopping cart.

According to one merchant account company I found online, these are the industry standards for just some of the fees:

Setup Fee: $100- $500
Payment Gateway License Fee: $199
Application Fee: $50- $295
Discount Rate: 2.0%-3.95%
Transaction Fee: $0.25-$0.50
Statement Fee: $10-$25
Internet Gateway Fee: $10-$20

So clearly a merchant account is pricey and maybe a little bit inconvenient, but is there an alternative?

Absolutely!

There are tons of third party payment processors available online.  They will process credit card, and sometimes check, payments for you and then deposit the money in your bank account or send you a check.  Of course, there is a small fee for this service, but it is usually very competitive with the cost of going through your own merchant account, there are often no setup fees, and it’s a lot more convenient.  Plus you don’t have to worry about payment gateways and shopping carts!

In the end, new online businesses and websites rarely need their own merchant accounts when they are first starting out.  Getting a merchant account proves to be too much hassle and too costly to the new online business owner.

Once you’ve been doing business online for awhile and are earning substantial revenue selling your own products and services, then it may be time to look into getting your own merchant account.

Want to know more about operating a successful online business?  Get your Free Copy of 10 Days to Smokin’ Traffic Now!

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• A headline must capture the attention of your prospect.
• A headline must tell your prospect what’s in it for him.
• A headline must deliver a complete, immediately understandable message.
• A headline must pull the prospect into the copy… compelling him to keep reading.

In essence, a headline should motivate your prospect to respond.

In fact, headlines are soooo important that I have a swipe file of really great headlines that I come across.  I keep a swipe file so that I can go back and refer to those headlines and use them as headline starters when it’s time for me to create my own promotional materials.

Here are 10 headline starters from my own swipe file:

• The Untold Secrets To Making…
• Is Your (Insert Topic) Being Threatened?
• 7 Amazing Strategies to…Add New
• Do You Wish There Was An Easier Way To…
• 3 Direct Reasons Why You’ll Be Kicking Yourself if You Don’t…
• Instant Strategies Anyone Can Use To…
• The 5 Ugly Lies About…
• How I (Insert Benefit) In Record Time…
• Watch this ‘shocking’ play-by-play underground video…
• Why Aren’t You…?

If you’re interested in getting more great headlines as well as swipe files for other parts of your promotional material, then I highly recommend My Instant Swipe File.

Or feel free to visit my full review of My Instant Swipe File.

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According to the author of The Insider Secrets to Marketing Your Business on the Internet Version 2009, the Latest Edition is everything you’d Expect From A Beginner’s Guide To Starting An Online Business with over 1,250 pages of detailed, moneymaking strategies and techniques have been carefully laid out in bite-sized, easy to grab-and-apply sections, making it dead-easy to determine what you need, apply it to your business, and move onto the NEXT step.

The “Insider Secrets” system claims to carefully guide you through all the critical steps:

1. Helping you decide what you should sell…
2. Easily get a sales website live…
3. Attract your first visitor…
4. Accept your first credit card payment!
5. Ramp up sales & traffic quickly!
6. Automate your business to be “hands free”

Course Examples

Here is a small sample of what you will find within The Insider Secrets to Marketing Your Business on the Internet Course…

• How to use powerful automated research tools to quickly multiply your hobbies and interests into HUNDREDS of potential business ideas!
• The simple “measuring stick” that will instantly tell you if your product idea has REAL income potential… before you spend a penny developing it!
• The SEVEN best ways to make money from a website — add each one to your website like building blocks and watch your income explode!
• How to get paid BIG commissions by recommending other people’s products on your website!
• How you can quickly become a “Super Affiliate” and earn a full-time, six-figure income — without EVER selling a product of your own!
• Plugging NEW Revenue Streams into Your Website to Incrementally Build Your Online Income by $1,500 to $8,000+ Per Month!
• Secrets for Squeezing WAY MORE Sales and Profits Out Of Your Existing Traffic, Subscribers, Products, and Website!

Additional Benefits Reported

Here are some additional benefits reported in The Insider Secrets to Marketing Your Business on the Internet course:

• Students receive real time updates with the latest online marketing strategies.
• Streaming videos for ease of student learning.
• Downloadable content for iPod, iPhone or other mobile device.
• The Master Blueprint for Launching and Expanding Your Internet Business is shipped Free to students.
• Foolproof goal-setting DVD and workbook provided to all students.
• A Private 30-Minute Phone Consultation With a Personal eBiz Trainers.

Product Details

Company Information: The Internet Marketing Center has a 12 year long track record of Over-Delivering on their products and providing good customer value.

Product Spefications: Complete guide to starting and growing an internet business in an electronic, web accessible format plust five business building bonuses valued at $443.

Price: $197 after 30 day trial at $2.95

Return Policy: “DOUBLE Your Profits In 1 Year… Or We’ll Pay You $200 Just For Trying!… in addition to a 100% refund of your purchase price.”

Actual Customer Feedback

“The Insider Secrets to Marketing Your Business on the Internet Version 2009 is a must have course for anyone serious about having their own Internet business. If you want to make money online, I highly recommend that you get access to this tremendous online business building course now.”

Shelley Lowery, web-source.net

“There are precious few courses that I can recommend without reservation. Insider Secrets is one of them…highly recommended.”

Kevin Tenzo, warriorforum.com

“I give Insider Secrets VERSION 2009 a perfect 10 out of 10 without hesitation. The Internet Marketing Center continues to be the leader in helping people go from nothing to big money online.”

Valeriu, internetmarketingprofitscenter.com

“We’ve used this course as our blueprint to grow the business to $500,000 per year!”

David Gray, mortgagewatchdog.com.au

“Using all that valuable information, I built my first website which now brings in $300,000 per year in sales, on average!”

Larissa Carrus, airbrushing-made-easy.com

“I can honestly say that I have never had so much fun learning anything in my life!”

Darren Salkeld, down-feather-bedding.com

““Insider Secrets” is the first investment anyone should make in their Internet businesses. It will shave off years of trial and error time, and will also save you a lot of money in the long run, by preventing you from making the kinds of mistakes Corey and Derek made as Internet marketing pioneers. I can’t emphasize that enough. Learn from this system and you’ll be so much further ahead.”

Shawn LeBrun, shawnlebrunfitness.com

“The Insider Secrets to Marketing Your Business on the Internet has been a great tool for me. It is a very comprehensive course. I would recommend this course to anyone who wants to start an online business!”

Taylor Knight, yourparrotplace.com

The way the positive review stack up, you can’t go wrong… especially with that return policy!

Read more reviews of The Insider Secrets to Marketing Your Business on the Internet Version 2009.

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Here are the results:

Obviously, the majority of subscribers really don’t like receiving a monthly “super-issue” in PDF format and would rather receive great articles all month long via an HTML email.

At first I was a little disappointed…

After all, I really did put a lot of effort into each issue.  To find out that most subscribers didn’t really like them was a little bit of a bummer.

Then it dawned on me that a great marketing lesson could be gleaned from this poll and my initial reaction to it.  Here it is:

When you create a product, even if it is just a newsletter, you can’t fall in love with the product so much that you don’t create something that customers actually want.

Believe it or not, I had to explain this whole concept to my husband in great detail because he absolutely loved Answers eMagazine and hated to see it change in any way.  In fact, he actually spend several days campaigning to get me to ignore the survey and just keep doing things the same way.

But that would have been the wrong decision to make.

If no one wants to buy your product (or in this case subscribe to your list and maintain their subscription), then you have a bad product.  When your customers tell you that they don’t like your product for a particular reason… like the format in this case, then you’d be a fool not to listen to them.

That’s capitalism in action.

It took a few days of convincing, but hubby finally got it.

So here’s how Answers eMagazine will change…

1.  There will no longer be a “super-issue” sent out each month in PDF.

2.  Instead, I’ll be working hard to send you thought-provoking and useful articles throughout the month.

3.  Whenever I have a new article or report available for you, I’ll send you an HTML email to let you know about it.

I realize that some of you subscribed to Answers eMagazine and liked the PDF, but I hope you’ll realize that the quality of the information is far more important than the format and stick around as subscribers anyway!

Personally, I think these changes will allow me the opportunity to spend a lot more time creating great stuff for you… Those PDF’s took a lot of time each month!

I’ve got a lot of stuff planned and I look forward to continuing to serve you in this new capacity!

Best Wishes,

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“How do you make an ebook from your own PC?”

I figured a video was worth a thousand words… so I created the video below to show you how it works step-by-step:

The Steps…

In the video I assumed that you would want to create an ebook that was in PDF format… which I highly recommend. PDF files can be read on any kind of computer, the reader is free and usually already installed on most computers, and it’s a format that most people are used to using.

Here are the steps that I lay out in the video for those who don’t want to actually watch it:

1. Create your ebook in Microsoft Word.
2. Print your document to Cute PDF Writer.  This is the program I use and I love it.
3. Open up Cute PDF and add your links and other enhancements.
4. Save your changes to the PDF file.
5. Open you ebook up in Adobe Reader and make sure it looks the way you want it to.
6. If you want to make changes, go back to Cute PDF and make the changes.
7. Get your ebook out there!

The whole process is surprisingly quick and easy.

If you have a program that you think is better than Cute PDF, please let me know.  I’m always interested in new and better products that make my life easier!

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So of course I clicked on the forum post and found out that the post was meant to be sarcastic.  Then I started reading the responses from other Warriors and was completely appalled with the lack of integrity of some of the posters.  The video below is my rant on the subject:

And here is the Podcast of the video (so you can take it to the gym or something instead of being tied to the computer! )

And for those who don’t like audio/video (or the sound of my voice totally annoys you), here’s a rundown of what I had to say:

1.  If you want to make money online, you probably shouldn’t be in the internet marketing niche.

Internet marketing is used in every niche to promote websites, you don’t have to promote internet marketing in order to USE internet marketing.  In fact, every business on and off line is actually in the business of marketing, whether they realize it or not.

In my opinion, it’s much better to be a big fish in a small pond by applying yourself to a small niche rather than being a tiny fish in an ocean of competition… as you are in the internet marketing niche.

Real money is made online by everyday people who find a niche, completely dominate that niche, monetize that niche, profit from that niche, and then move on to a new niche and do the same thing over and over and over again.

2.  Long term income and longevity online comes from being original.

It’s not okay to copy other ebooks and rehash them to make your own product… but you can use other’s work as the inspiration for your own original products.

Rehashing old ebooks isn’t working as well for “gurus” as it used to because the online community is finally starting to wise up.  No one wants to pay $50, $60, $100 for a twenty page report that contains the same information that they could find online with a little searching.

3.  You can’t just throw in the towel when it gets tough!

If what you’re doing isn’t working, you’ve got to track it, analyze it, research it, study it, until you figure out why.  It just doesn’t make sense to repeatedly throw in the towel, start over, and move to something else when you don’t immediately make thousands of dollars online.

Proactive Steps You Can Take:

1. Track and analyze everything on your website so you can determine what’s working and what isn’t for your business.

2. Master a marketing strategy before you move on to another one. In article marketing, for example, you wouldn’t do five or six articles and then move on.  You’d need to do hundreds of articles over months before you could say that that marketing method doesn’t work for you.

3.  Realize that earning substantial revenue online takes time.

4.  Don’t be schizophrenic with your business. Make a plan, stick to your plan, and be consistent with your marketing.  You can’t jump around from idea to idea… you need to focus on one goal at a time.

5.  Find a mentor. Mentors can be extremely helpful in helping you fix whatever might be broken in your business.  In addition, if you can find a mentor in your niche you may be able to piggy back off them and become successful more quickly.

6.  Believe in yourself and don’t let yourself get negative. The world is full of people who try something for a week, claim it doesn’t work, and then tell everyone who will listen that the idea is crap.

Don’t let yourself become one of those people.  Those kinds of people spend their entire lives being victims and blaming others for why they aren’t happy and successful.  Life’s too short for that!

So that’s my big rant for today… what do you think?

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That’s simply not true.

Often the surest strategy for creating a high revenue product is to take a look at other successful products in your industry.

Think about it… successful products have already passed the market research phase of development, they have an audience that’s buying them, and they are already well-known in the industry or niche.

I know what you’re thinking. Obviously, you can’t just go out and copy someone else’s product, slap your name on it, go out and sell it. That would be completely wrong, not to mention illegal, and you wouldn’t make any money on it anyway because everyone in your niche or industry would see you as a copycat. You don’t want that.

But here’s what you can do: Model your new product on that successful product and publish your new product in a completely new format.

For example, let’s say that your competitor has an ebook that’s selling like hotcakes. You could easily create a video series, audio course, home study course, or physical product based on that topic. After all, you already know there’s a market for the information your competitor provides, so there’s no reason why you can’t create a competing product in a different format and get your piece of the pie.

If you really want to be competitive, buy your competitor’s product and find out where their product is weak or lacks information. Then when you start the product creation process you can be sure to add the information that your competition’s product lacks. This will make your product even more competitive.

You can also apply this same product creation idea to one of your own products!

Simply take a look at your own successful products and reformat them in different media to create your own new profitable products!

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