It’s no secret that the economy is bad. People are losing jobs and the high costs of fuel and food are resulting in people spending less money on non-essentials. This affects everyone. Most businesses are seeing a decrease in sales and profits. This holds true for Internet marketers as well. Fortunately, there are some things that can be done to move products even in a bad economy.
One of the first things that Internet marketers should consider is to create their own products. This gives them greater power and flexibility. They will be able to decrease prices, offer specials and discounts or even give their product away for free. When you are an affiliate marketer, beyond adding bonuses, there really isn’t a lot that you can do to make customers more likely to purchase your product if they don’t have the money. Creating your product gives you more leeway in this area.
For example, you can sell your product for any amount that you want because it’s yours. Instead of promoting a product that costs $55, you can create a similar product that cost $25 and perhaps sell it by promoting it on social networking websites, free classifieds sires or press releases. Because you are using free or cheap ways to advertise, you’ll still make money because you get to keep all of the profits. If you were to promote the more expensive products in the same ways as an affiliate, because the product is more expensive individuals may be less apt to buy because the amount of discretionary income that people have has decreased significantly.
When you own your products, you can also lower your product prices and offer sales for a certain amount of time. You can not do this as an affiliate marketer. Your hands are tied when it comes to price and presentation.
Another benefit of owning your own product is that you can create a more effective sales letter. You may find hot topic that is not very competitive but after doing some research discover that there are only one or two products in that niche and both sales letter sucks and thus doesn’t don’t covert very well. You realize that if they could only create a better sales letter, this would result in more sales for them and you. One option that you have is to create your own product, develop an awesome sales letter and take over the niche.
You can also give away products that you own for free and still make money. There are different companies such as Trial Pay that will pay you to give your product away for free in exchange for individuals signing up for free trials. Consequently, individuals who do not have actual cash can still “purchase” your product by signing up for a free trial. This allows you to move your products and enables the customer to receive what they want without actually having to spend any real money.