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Selling your own information product, such as an eBook or a special report, can be very profitable indeed. But this will depend on how much marketing savvy you will be able to employ.
If you’re not really the marketing type of person, don’t worry. You can still earn from creating your own information product. But instead of selling the same, you will instead sell the resale rights, master resale rights or the private label rights of your work to internet marketers.
Before we proceed with this option, let us first discuss the three basic kinds of rights involved.
* Resale rights – whenever you’ll sell a product with resale rights, you’ll be bestowing upon the purchaser the right to sell the same product to other people.
* Master resale rights – whenever you’ll sell a product with master resale rights, you’ll be bestowing upon the purchaser the right to sell the same product with its resale rights to other people.
* Private label rights – whenever you’ll sell a product with private label rights, you’ll be bestowing upon the purchaser the right to alter the contents of your work, as well as the right to name himself as the author of the same. Bu its very nature, private label rights also come with master resale rights.
Now, once you create your information product, either through your own efforts or through the efforts of a freelancer you have hired, you can simply sell the same with corresponding rights (any of the above) for some instant profit. There are advantages and disadvantages to this approach, however.
Let’s take a look at the advantages first:
* You won’t have to worry about the marketing aspect anymore. Your customers will market the same for their own earnings.
* Products with resale rights sell quicker. The reason? It’s because you won’t be selling a mere product, rather, you’ll be selling an opportunity for them to earn.
* Products with resale rights can be sold for a higher price, given the earning opportunities they come with.
Now, let’s take a look at the disadvantages:
* You’d be surrendering your rights to the product. Once the resale rights, the master resale rights or the private label rights are sold, you can no longer claim copyright over the work.
* This approach is great for short term profit, but in the long run, you’d stand to earn less.
* You’d be shortening the market life of the product since every purchaser of its rights will have to compete with one another for the same market share.
Clearly, you’d see that this strategy is not for everyone. It’s for dedicated product creators who do not wish to concern themselves with the marketing aspect of an online business. Product creation is a passion, and so is marketing. Sometimes, you have one passion, but you don’t have the other. This approach is for people who are only passionate about product creation.
If you decide to take this approach, however, here are some guidelines that are sure to guarantee your success:
* Exclusivity is key. Limit the number of customers you will entertain. Selling the rights to the product to 50 or less purchasers will make your offer more lucrative. Hence, you can charge a higher price.
* Make sure that your product is fresh. Your prospects are wary about products which have already been sold before, more so, when they have been circulating in the market for many months already.
* Try to provide a complete deal. Don’t settle for the source code of a software program, or the Word document of an information product. Prepare the sales page, the necessary graphics and even some marketing materials so that your prospects will feel that they are indeed buying a business that is ready to make some serious cash.
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