In my last post I discussed the two options you have for expansion – expanding your market, and expanding your product line. Once you have a booklet on the market and it’s doing well, you’re on your way to your million dollar goal. But, you’re not there yet. You still have a ways to go. So, what’s the next step?
Booklet Number Two
The most logical next step, once your first booklet is doing well, is to create a new product to sell to your audience. This product could take any number of formats, but the easiest way to do it is simply to create a second booklet.
Why a second booklet? Why not a workbook or cd or even a full size book? The answer is three fold. First, you have experience creating a booklet as opposed to other kinds of products. That’s not to say you can’t expand into other products, but now may not be the best time to do that. Second, a booklet will be less expensive to create than your other options. Your company is still young and it’s best to conserve your resources at this point. And third, and this is most important, your audience was highly receptive to your first booklet. This means they like to recieve information in this format.
Cross Selling And Beyond
Once you’ve created your second booklet and it’s doing well in the market place, you will have the income from two distinct, yet related, products. This will allow you to cross market the booklets to your audience so that they will not want to purchase one booklet WITHOUT the other.
From this point, you can begin to experiment with other types of formats, but it is best to make sure they are related to your booklets. Now is the time to create that must have, add on cd; or that special mp3 download, or that full length book, or even a third booklet. Your audience has purchased from you twice. They know you, they trust you, and they are waiting for more.
What You Publish Determines Who You Sell To
As the main player in your booklet adventure (and probably still the only player at this point) you now have a major decision to make. You must decide the future of your product line, and ultimately what your company will be known for. Yours is a publishing company, but what will you publish? Will you publish only booklets forever? Or, will you publish information in a variety of formats? The decision you make will not only determine what you will publish, but who you will sell to.
Your company can reach the million dollar mark selling booklets alone, but it will take much longer to get there if you’re selling single booklets to individuals. If your plan is to stick to selling only booklets and you’re determined to grow your income into the seven figure bracket, your best bet is to sell your booklets to quantity buyers.
But, if you expand your product line into other formats which would interest your audience, you can sell to single product buyers and still hit your million dollar goal within a fairly short period of time, provided your audience is large enough.
There are thousands of companies who do this. They create one or two products and then build on them to create multi-million dollar empires. Their products run the gamut from laundry detergents to perfumes, toys and games to office equipment. Some of them only have a small handful of products which they continually reinvent or improve. It can be done.
Of course, I’ve always advocated going both routes, but some booklet adventurists simply prefer doing business one way over the other and this is perfectly alright. After all, there is no right or wrong way to reach your million dollar goal, as long as you get there!
To your riches!
PS: Would you like to reach that million dollar mark? If you’ve decided to go for it, and you’re ready to begin your own booklet adventure click here!
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