Avoid big mistakes when marketing online
Mistake Number One: Aiming for Perfection
When the Wright brothers took their first historic flight on December 17, 1903, they weren’t trying for perfection. They weren’t trying to offer great cocktail service or wireless Internet or 100 channels of TV aboard their flying machine. They just wanted the darned thing to stay up in the air for a few seconds!
And a few seconds – twelve, to be exact – was all they got. And they became famous for it.
Now imagine if they had been concerned about the extras – no, I don’t mean beverage service or comfy seats. But if they had wanted a crash-free landing, a three-hour (or three-minute!) flight, a stylish rig – they’d probably have never gone out to that sand dune in Kitty Hawk in the first place. They’d still be in the workshop, tinkering with the wheels or wing flaps.
What Orville and Wilbur knew – and what information marketers would do well to take note of – is that perfection is overrated. In fact, it doesn’t exist. So waiting until your product is “perfect” before you release it means you have a good chance of either never releasing it at all, or delaying so long that someone else beats you to the punch and scoops your market out from under you.
Hesitant to release a product that is less than perfect? Well, Microsoft – and pretty much every other software company – does it all the time! And if “good enough” is good enough for billionaire Bill Gates, it’s good enough for you.
Of course, there is a fine balance between releasing something that’s not ready and releasing something that’s valuable but a little rough around the edges. This is where having a handful of beta testers can come in very handy. Send out your product to a group of people for their feedback, and see what they think. Ask them:
• What’s missing?
• Can you use this product to create more value in your business or life right now?
• On a scale of 1 to 10, what would you rate this product?
• If you could change one thing, what would it be?
If you get overwhelmingly positive feedback and your ratings are all in the 6-plus range, you’re good to go. If you’re getting comments like, “I couldn’t understand what you meant,” or, “I’m not sure how to use this,” or, “You need to rewrite Chapter Three,” then you’re not quite there. Take another look at what you have, make the requested changes or suggestions, and try again.
Remember, you don’t have to make it across the Atlantic in one piece; you just have to make it around the block.
Mistake Number Two: Releasing a “Me Too” Product
When you see other information marketers making big bucks from an ebook on, say, Twitter traffic generating strategies it is really tempting to jump up and say, “I could write an ebook on Twitter traffic generating strategies, too! And then I could make big bucks too!”
It sounds good – but it doesn’t necessarily work that way. In fact, if you create and release a “me too” product that is nothing more than an imitation of a more successful product already on the market, don’t be surprised if the world doesn’t rush to your door. (And, don't be surprised if you tick off the original product creator, too.)
“But wait!” you might be saying. “Dunkin’ Donuts opens up across the street from Starbucks, and they both do well!”
Yeah, they do. That’s because it’s NOT a “me-too.” Each has its own spin on the product. Dunkin’ is where you go for quick brew and a 99-cent donut. You head across the street to Starbucks if you want a gourmet breakfast sandwich and a wi-fi connection while you prepare for your client meeting. Distinct needs; distinct products.
To take the coffee metaphor online… It’s okay to come up with a product that’s similar to a competitor’s, but you need to put your own spin on it, adding value over what your competitor is offering.
Here are some ideas that you can use to create a “me-too” product that stands on its own:
• Make it easier. Does the original product offer ten steps to increased conversions? Then offer three steps instead.
• Make it bigger. Competitor sells 100 30-minute recipes? Then you need 200.
• Make it visual (or auditory, or written). If there’s an ebook on the topic, create the videos and audios, or vice-versa. Not all people learn the same, so cover the parts of the market your competition is missing.
• Make it cheaper. When Jeff Walker released his six-figure launch e-course, a smart marketer released “The Poor Man’s Launch Course” for a fraction of the cost.
• Make it more expensive. It may sound counter-intuitive, but it works! Some customers want “the best” and will go for the more expensive option automatically. If you can back your higher price tag with greater value, you will pull people looking for the Rolls Royce solution.
There’s really no excuse for creating a copycat product. Put your individual stamp on the product instead, and you’ll find that you can reach the buyers your competitors are missing.
Mistake Number Three: Overselling
The other day, my six-year-old convinced me to get her this chalk set that promised “3-D effects on your own driveway!” She pointed to the kids on the box, glowing with the success of creating artistic, 3-D effects that would rival those of Pixar. “Please, Mommy, please!” she begged.
I gave in, shelled out the $12, and we took the box home.
You know the story – it didn’t work. Within five minutes, I had a crying daughter, a box of broken chalk, and a headache.
The problem here? The company oversold their product. They made promises their product didn’t fulfill. Let this be a lesson to you.
Now, the chances that your disappointed customers will end up in tears may be remote, but there are takeaways for information marketers:
• People read – and believe – your sales page. You may think that no one reads those things, but they do! And they expect your product to perform as described. If you say, “Thinner Thighs in Two Weeks,” that’s what they expect to see. Don’t make promises that aren’t achievable.
• If you don’t fulfill what you say, they will be upset. They won’t blame the extra cookies they had after dinner each night this week or the ice cream sundae they chowed; they will blame YOU and YOUR PRODUCT. If there are limitations on performance, make sure you clearly state them on your sales page.
• If the product doesn’t work, they will tell their friends. My little Ralph Nader has already warned the entire kindergarten not to buy that particular craft product, and you can bet she’ll warn anyone she sees at Target, reaching for the box. Mad customers talk – online, in person, in forums, you name it.
While you want to tout your product’s capabilities and present it in the best possible light, make sure the results you’re claiming aren’t only possible, but likely, if the product is used as intended and recommended. If the results you cite in your sales copy are not typical, be sure to note that as well. Otherwise you may face the wrath of unhappy customers. And that’s not a pretty sight.
Mistake Number Four: Underpricing
You may naturally assume that to make something sell quickly, you want to price it as low as possible. After all, the laws of economics state that the lower the price, the higher the demand, right?
Well, sometimes that's true. But not always.
In fact, lowering your price tremendously can actually have a detrimental effect on your sales. Why? Because many people equate “low price” with “low quality.”
Think about it. You are headed out to the store to buy a piece of jewelry for your spouse’s 10th anniversary present. You know it’d better be good, or you’re going to suffer. The jeweler pulls out two necklaces, which look pretty similar. One has a price tag of $15; the other is ten times as much. Which do you choose?
If you were evaluating coffee mugs, you might immediately go to the lower-priced option. It’s much closer to the price you expected to pay. But with jewelry, you’d likely think twice – or more – before going cheap. You’d worry about the workmanship. Would the clasp break? You’d worry about the materials. Would it turn your beloved’s neck green? You’d worry about its provenance. Was it stolen?
The worries aren’t worth the lower price, so you scoop up the more expensive necklace, have it wrapped in a gorgeous blue box with a white bow, and proudly present it to your loved one. Crisis averted.
The truth is, we rely on price as a signal of quality. If a leather jacket costs $1000, we assume it’s better made, more fashionable, and created with more care and attention to detail than the one that costs $100 at Joe’s Bargain Basement. We don’t know for sure, but we assume it’s true.
The same goes for information products. If an ecourse on diabetic cooking costs $1.99, we assume it’s not as valuable as the one that costs $19.99 or $199. Sure, not everyone can buy the $199 course, but most people would agree that it’s probably a “better” course than the one that’s 1/10th the price.
So when you’re pricing your information products, don’t automatically assume that lower price = more buyers. In fact, many businesspeople have noticed their sales actually INCREASE when they raise their prices! Yes, extra income for the same level of work. Why not take advantage of it?
Still not sure where to price your product?
Do research on what your competition is offering, where their price points lie, and compare your product to theirs. If you offer more value, personal interaction, a better guarantee, then price higher.
If you’re offering a shorter course or less value, price lower.
You can also try several different price points to see which one converts the best. But remember – one sale at $199 equals ONE HUNDRED SALES at $1.99. And if you’ve got the value to back it up, it’s probably a lot easier to get that one, higher-priced sale.
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