Sell Products and Services That Are Guaranteed for Life

Sell Products and Services That Are Guaranteed for Life

Some products and services will always make you money. In this article, I'll show you how to spot them instantly, and how to start getting all of the money you can out of them. The basics are easy enough: you constantly search for the products and services that provide the largest gap between the perceived value -- which is what the purchasers think they're getting -- and your actual cost. That means you're looking for items where the average prospect either doesn't know or doesn't care about your cost. In those situations, the actual cost can be dirt cheap, but that doesn't matter as long as the item provides a high benefit level.

It's not always easy to find such products and services. You need to understand that from the very beginning. You may end up doing a lot of experimentation before you hit on the right format, but it's worth the effort. Most small business people are working way too hard for far too little money, partly because they're misapplying this concept. They often sell products and services that are more like commodities, which typically offer very little profit. Worse, they're selling products where it's easy for the average prospect to determine what their cost is.

Let the giant corporations sell those types of things. Let them fight over the razor-thin profit margins. They can afford to. You need to look for products and services that have the highest possible profit margins and perceived value in the minds and hearts of the people you're promoting those products and services to.

The ultimate high perceived value/low actual cost ratio is in information. Knowledge really is power -- and you can usually buy cheap and sell dear. I challenge you to go to Google and search on the words "information marketing." Do the same on YouTube. Spend a couple of hours watching videos and going to websites. The more you study information marketing, the more excited you'll be. There are all kinds of ways to make money, and an endless number of information products and services you can sell.

Even if you sell traditional products, you can always add information services or products to your line-up. By providing these along with your original products, you can charge more money. People are getting a higher value when they receive these products or services, so they expect to pay more. It doesn't matter one bit that it might cost you an insignificant amount to provide that information. As long as people perceive that the value is super-high in relation to the benefits you're offering them, they don't care what your actual cost is. You especially have an edge when you develop proprietary information products and services.

Here are just a few types of info-based products and services you can sell: newsletters, books, booklets, pamphlets, special reports, audio programs and their transcripts, video programs, workbooks, courses, CDs, DVDs -- the list is huge. You can license out various aspects of your business. You can sell distributorships. You can provide consulting services and warranties. You can do seminars and workshops, and hold a variety of other events.

Even if you decide not to go the information marketing route, look for value-added services you can add to your product mix to boost sales. My wife runs a pet boutique. She sells all kinds of things, mostly for dog lovers: clothing and jewelry for dogs, gourmet treats and premium quality dog food, and of course everything possible that a dog can chew on or play with. But the big profits lie in dog grooming; that's what keeps the customers coming back more than anything else. People hate to groom their own dogs, so that service drives that whole boutique. Take away that grooming, and suddenly you're not giving people a reason to come back into the store. Originally, it was a value-added service to go along with the products she sells in her store -- but ultimately, it drives business and generates profits.

Look for similar value-added services you can tie into your own business. I recommend that you strive to become an expert in your field by developing a wide range of information products and services you can sell for generous profits. Typically, they're inexpensive to produce and yield profits well beyond their actual cost. This doesn't mean you're taking advantage of people, because the information is the product. You're not just selling the paper and ink a book or pamphlet is printed with, or the CD an audio product is burned on. You're selling valuable knowledge.

I remember a seminar held in Orlando, Florida several years ago by Ted Thomas, who discussed all the advantages of information marketing. He's made a lot of his money and wealth through information marketing in the real estate field, and he pointed out how great it was, and how you could produce the product for such a low price compared to the selling price. Then it came time to sell his package: a bundle of videos, audio products, and big manuals he offered for $995. A woman raised her hand and said, "You just told us how cheap it was to produce this stuff. How about a big discount?" He thought about it for a minute and said, "I'll admit that it isn't that costly to produce this stuff... but it did take me 25 years to learn what's in here." Everyone got the point.

Something like that happened to my mentor once when he was in Spokane, Washington years ago, speaking at an Al Gallasal seminar. He was discussing all the advantages of information marketing, and the big mark-ups you can get that you can't get anywhere else, when a guy stood up and asked if he could say something. Russ told him yes, and the man said, "I work at local theater here. We sell popcorn for $5, and it costs us 15 cents!" Russ replied, "You have a point there. You have a captive audience, which is another situation where this kind of mark-up works well."

There are ways you can incorporate information and value-added products and services to any marketplace you serve. Just remember: You can (and must) charge a lot more than just the production value of a product. Consider this: if I had an actual, workable cure for cancer and I printed out the formula on a laser printer, how much would it be worth? The cost of the paper plus the toner and electricity? Of course not. All that may be worth only a few cents per page, while what's printed on that paper could fetch millions of dollars. Those who need it would pay any price I asked. Don't confuse something's production cost with its value.

A deed to a house consists of just a few sheets of paper, but it's worth tens or hundreds of thousands of dollars. There is a huge potential difference between cost of production and value, and you have to understand that, and how to strike the proper balance in order to maximize your profits without losing your customer base.

Think about how you might incorporate an information product of some kind into your existing business. Suppose you own a landscaping service. My landscaper does a lot of work, and I've thought before about how he could increase his business by becoming a landscaping expert on paper or audio. He could produce a book, write a report, dictate a short audio program, or something simple like that. He could distribute that product free to generate more business, or sell the product itself. He could reveal all his strategies for having the perfect lawn.

He could even hold events where he teaches people what he knows about it. For example, he could charge as much as $100-$200 for an annual spring event in which he teaches people all of his best strategies. They get to spend the day with him and learn how to craft the perfect garden and yard. This could enhance his ability to make money as a landscaper. He could also use information products as lead-generation tools, for example by distributing a free guide that tells people like me how to do it all on my own. By teaching the many things it takes to do it yourself, he could be selling himself -- that is, showing people why they should really just hire him to do it all.

That's just one example of a business you can use this strategy with; and truthfully, you can do it with any number of businesses. Be creative. Think about how informational products can increase your sales and profits and generate new revenue streams. If you can't come up with anything you like on your own, look at what other companies are doing -- and not just your direct competitors. Keep your eyes open everywhere for unique, innovative marketing ideas. When something strikes a chord, find ways to use it in your business.

You find what you look for in this world. As long as you stay open and receptive to new ideas, you'll see plenty of innovative marketing methods in use. They're easy to spot, because most marketing methods are so boring they cause those that aren't to really stand out. Keep your eyes and ears open. Try many different things. Think outside the box. Heck, throw the box out the window!

If you liked this article and are serious about making more money, please consider letting T.J. Rohleder (a.k.a. "America's Blue Jeans Millionaire") personally help you. Check out his podcasts and coaching programs by going to http://www.tjrohleder.com.

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_(By T.J. Rohleder).