The start of 2013 has seen the demise of some of the UK’s high street’s most famous names. Firms like camera specialists Jessops, electrical store Comet and music and video retailer HMV.
All have gone into administration after tough trading conditions. Amongst the reasons for their failure was the growth of internet shopping and how the market has changed.
While they all had an online presence they were still burdened by the high cost of running their business in expensive retail stores eating into their falling profits from competition by online rivals.
A friend of mine faced a similar dilemma. He ran a store selling DJ equipment in London’s Tottenham Court Road a hub for electrical retailers. His shop was expensive and he noticed over time most of his sales were coming from the internet and not shoppers.
With his lease up for renewal he decided his shop cost too much and looked into shifting his whole operation online. He moved to a much cheaper warehouse outside of the UK capital and has maintained a healthy and successful business.
The difference between these examples shows the need to understand changes in retail markets and how to react to them. Clearly, so much of retailing is now online they now estimate 10-20 percent of the traditional UK high street will disappear.
Internet shopping is not going away, it’s growing and there is an insatiable market hungry to do business. A key area is the desire for information instantly. So what does that mean for you?
If you’re keen to start an online business selling online information products there’s never been a better time. To assist you I’m reviewing a number of tried and tested products that could help you achieve that goal.
The first is called Copy and Profit Blueprint and here’s how to get started.
1. Identify a market and create products for it.
There are three rules. Find a market used to spending money. A market where you can present different products. A market you’re interested in and may have some specialist knowledge.
You can do this in a number of ways. Do research on various forums on the internet. Ask what is it that people want or are having problems getting? Can you provide them with that information?
Once you’ve done this:
2. Create a market starting with short reports.
These don’t have to be long, but they must provide clients with good quality information of value on a specific topic.
This won’t make the serious money, but is about building relationships with customers. They have to trust you and what you’re selling. By doing so you can sell them a range of higher value products later.
3. Build a list of clients and communicate with them.
By selling them information they want you are meeting their needs. Ask for feedback and if they want anything else. They say information is power and in this case knowing what they want and delivering is key.
4. Once you have an audience keep selling to them.
This is about continuity and adding value. It’s also about getting people to come back to you and keep buying other higher value items and products you create.
5. Instead of one report create a few more on similar topics.
Bundle these items together and do a special offer on them. Or do them as a series where customers can buy monthly.You could also use affiliates to sell them for you to boost your income.
6. Make your report distinctive and focused on market needs.
Examples: How to shave ‘x’ off your golf handicap in five easy steps. Ten strategies for taming the terrible two’s.Twenty low carb low-calorie diet tips to lose weight fast.
7. Start talking about yourself online.
Blog about what you’re doing and what help you can provide your customers. Build up your credibility in the market so you become the ‘come to’ person in your niche.
8. Use social media to listen and spread the word
Facebook and Twitter should be part of your marketing strategy. Follow others in your field and find out what the market is saying and wanting. Social media is a two-way tool it’s for listening and providing information.
9. Continuity is the key to success.
Online or offline you are not going to get rich selling one item to a customer. Supermarkets know this and always find ways of getting you back to spend more. Your market has to do the same and you should focus on it.
10. Keep trying different ways and different products to sell to your list
A lot of success is about persistence. Most people tend to give up if something isn’t working. An online business is the same. Try new ideas or different things to see which works.
You can’t stop the growth of the internet or business online but you can embrace it. In today’s world the things change rapidly and you need to keep pace with it. If you don’t want to get caught out by what’s happening around you think about what an online marketing future could offer you.
Next time I’ll show you how to create high demand for your report, brainstorming for new report ideas, sequentially and systematically organising your report. Plus much more!
