You Can Sell Anything Easily With An Attractive Package Design!
What’s The Difference Between A Consulting Service, Selling Your Service And Selling Your Own Products?
A Consulting Service is mostly applicable to knowledge based industry. It is selling your experience and knowledge on a specific industry that you have extensive hands-on involvement in. This type of service is mostly advisory which includes insights, acumen and judgement gained from long term exposure on the job.
Service type of business involves work on your part, such as a software development service, a paint job for your house or a car repair job. More than just advisory, this involves delivery of results for an agreed job scope. This can be a one on one or a group service, such as a coaching service in a classroom. Service type of business is usually intangible and not bound to
just the delivery of a physical item, but instead involves workmanship and time.
Selling your own products involves charging for a tangible item, whether physical or digital. Examples could include a book you have written, an off the shelf software you wrote or cookies you have baked. This model starts with you creating a product without any preorders or booking (else it would be considered as a service). It usually involves selling the same type of product repeatedly to a wide group of consumers.
Pros Of Selling Own Products Model
- Own Branding – customer cannot compare prices or purchase item from another source
- For digital products, produce once, sell thousands of copies (or tens of thousands)
- For digital products, you can sell a million copies without incurring any additional costs of production
- International market reach, prices in USD
Cons Of Selling Own Products
- Earnings per unit is low, will be a problem if only a few products are sold
- Huge up front time and effort investment to produce the product
- For digital products, piracy can be a problem once product becomes popular
To really profit from this business model, I would advice to do sufficient research on market size to come up with a projection of how many products can be sold, assuming a conversion rate of 0.5%. This is a conservative estimate to err on the side of caution.
Estimation Of Profits
Lets assume you sell an e-book or a software for RM150.00 each. Selling 10,000 copies would earn you RM1.5 million, 5,000 copies at RM750,000 and 500 copies at RM75,000. A more specific product will have a narrower audience but a higher chance of selling. A more general product will have a larger audience but with a lower conversion rate. Your largest operating cost would be advertising fees.
Entice, Engage and Close
What do the pictures above have in common? – They all make you hungry! 😉
Once your product is ready to be sold, you will need your own website, among other possible platforms to advertise your product on. This is where the entire process of preparing a highly specialized website sales funnel begins. In order not to repeat this similar process from another page, kindly browse to https://www.klsifu.com/sell-your-services/ to read further on the delicate process of online salesmanship through a website that is able to entice, engage and close the sale.
Creating desire for your product is key to closing the sale. Women learn this naturally. To get people to buy your product, you need to catch their attention, encourage them to take baby steps forward, reassure them, nudge them along and finally thanking them. No seduction skills = no sales. Period.
All Sales In USD
The main benefit of selling a digital product from Malaysia is that you get access to an international market that is used to pricing goods in USD. You get to benefit from a healthy exchange rate, and if you offer a good digital product with a well executed marketing strategy, each product can rake in hundreds of thousands of ringgit, or even millions.
Up-sell E-Book No. 2 To Existing Customers
An added benefit to this model is that, once you’ve collected your customer contacts from the sale of your first product, you can easily promote your second up-sell product, in affect increasing profits without incurring advertising costs. This process repeats itself.
Selling your own product also allows you to produce a unique creation that can be positioned as you see fit. You get to choose the marketing message, the target audience and the price to sell it for. There can be no other sellers for your product (at least, not legally) and nothing to compete against. The ability to brand your product and have exclusivity is a huge leap of advantage to buying and reselling other people’s products. It allows you to differentiate your product from the rest out there and carve out a niche of your own. You will also earn some fame as a subject matter expert of your field which brings about other advantages such as recognition and an authority on the subject.
Profit Is Just A Sum Of Product Prices * Sales Volume
Sales Volume Is Just Traffic Volume * Conversion Rate
Traffic Volume Depends on Market Size and Advertising Dollars
Once you have determined the market reach, getting traffic to your website is just a matter of how much you’re willing to spend on advertising. If it costs you RM0.50 per visitor to your website, and your conversion rate is 1%, every 100 visitor will result in 1 sale, which means the cost of a sale in terms of advertising dollars is RM0.50*100 = RM50.00. If your e-book is priced at RM80.00 or RM120.00, each book sold will earn you a profit of RM30.00 and RM70.00 respectively. It makes sense then to find ways to optimize your conversion rate, as doubling your conversion rates can double your profits without any increase in advertising dollars.
Conversion Rates Is A Matter Of Website Optimization
How you present your website, your show of expertise, the way your content is written, the cover of your E-Book or digital products will all determine your conversion rate.
Factors such as social proof, testimonials, scarcity, urgency are all psychological triggers for a strong conversion rate.
Passive Profits Launching E-Books after E-Books
After each e-book is published, it’s all a matter of opening the advertising flood gates and watching your sales figures day after day. The more e-books you publish, the more profits you make.
1 E-Book Every 2 Months
If you can complete a Chapter every 3 days, and your book has 20 Chapters, you can finish a new E-Book every 2 months. This is a conservative estimate, because when I’m excited and deep into my subject matter, I can basically write a full chapter in a day or less.
Cover design costs a RM200 or less to be completed within a few days by a graphic designer. Then comes your website, and finally turning on your advertising.
Yet Not Everyone Is A Marketer Or A Technical Whiz
It is right for a subject matter expert to focus on his subject, and in this context, for you to write your E-Book with valuable content. The best products sell itself, and while good marketing and optimization of the sales funnel can bring in the sales, it is the quality of the product that will keep the sale closed, instead of being asked for a refund.
My expertise is on the technical implementation of the sales website and advertising – basically, I bring visitors to your website and provide the best possible reason for them to buy your product. If you feel excited yet somewhat overwhelmed by all the ideas I have presented, why not contact me, and we can have a chat over coffee and see what we can work on together.
It’s Time To Move Past Your Job And Take Things Personal…
- The company you have worked for has not treated you fairly
- Your boss makes you work long hours frequently
- You were passed for promotion and bonus
- Your job offers no career progression
- You face workplace aggression and humiliation by HR
- You have always wondered why good things happen to others but it’s always been tough on you.
- You see others drive big cars, has a nice postal code and frequently go travelling but not you
You know what? You are right. The world has never been fair.
But NOW is the time to change all that. Get in touch with me, put in some hard work for 2-3 months and totally change your situation.
I have been there and I got out. I can guide you through the exact steps of how I did it.
Do reach out to me if this idea excites you. I will be able to provide valuable experience that can bring the finish line closer to you than you think!