So here’s how it works for most info product creators…
They create a product, such as a video, ebook or course. They sell this product. And when the product isn’t really bringing in much in the way of profits anymore, they set it aside in favor or promoting other products.
But here’s the thing…
That’s a LOT of work! Creating a product takes time, money or both. So if you want to maximize your profits, then you need to find ways to get the most out of that product. Check out these five ways for maximizing profits…
1. Update and Relaunch a Product
One of the advantages of selling digital products is that you can rapidly respond to changes in the niche, and update your product to reflect those changes.
For example, maybe you’re selling a book about buying real estate, and some major real estate or tax law changes that is going to affect your customers. You can quickly update the book to reflect the changing landscape.
Of course that example is a fairly minor change, one that you might do without much fanfare. However, if you haven’t updated your product in awhile, you can go through and revise the entire thing – then relaunch it as a “2.0” version.
It’s an easy way to create a “new” product without too much work, since y our existing product should serve as a good base for the new and improved product.
Now here’s another idea…
2. Convert Into a Different Format
Instead of changing the content, the idea here is to simply change the format. For example:
- Turn an ebook into a video.
- Turn a video into an ebook.
- Turn an audio into a video.
- Turn a report into a series of checklists.
- Turn a digital product into a physical product.
You can sell these new products as standalone products. In some cases, the new format will carry a higher perceived value, especially if you turn a text product into a video product.
Alternatively, you can offer the other version of the product as a bonus or even an upsell. For example, if you’re selling a video, you can offer the transcripts as a bonus.
3. Create New Products
Another way to maximize profits from an existing product is to turn it into an entirely new product, either by combining it with other products or by splintering.
- Take a home study course and splinter off the most popular parts – such as a training manual and worksheets – and sell these products separately.
- Take a series of reports and combine them to create one larger ebook.
You can even grab the private label rights to a similar product and use this PLR content to expand on your existing product
4. “Nichify” For A New audience
Just about any product can be tweaked to appeal to a new niche, and then relaunched to this niche.
- Take a general dog training book and tweak it to appeal directly to those who own toy dogs. You can even nichify it further to appeal to those who own one type of breed, such as toy poodles.
- Take a weight loss product and tweak it to appeal to women over 40. Or tweak it to appeal to busy people who don’t have a lot of time to cook special meals and go to the gym.
Be sure to tweak your sales letter whenever you tweak and nichify a product.
5. License the Product
Still, another really good way to maximize your profits is by licensing the resell rights or private label rights (PLR) to others.
The advantage of offering the PLR content is that you can usually charge more for the license since license holders enjoy a lot of freedom with regards to how to use the content.
The advantage of offering resell rights licenses is that users cannot modify the content, which means your backend links are guaranteed to stay in place.
You just discovered five great ways to maximize profits on your existing products. The good news is that you don’t even need to have your own products to take advantage of these strategies. Instead, just get your hands on a high-quality package of PLR and you utilize these profitable strategies starting right away!