The simple answer to whether a single product website can be successful is negative. The challenge with this business model is that the cost of generating a sale is deducted directly from the profit of that single sale. In contrast, with multiple products, this cost is spread across numerous sales, reducing the cost per sale. Moreover, existing customers are the best prospects for future sales. While there are exceptions, such as a successful affiliate program marketing a private site, a single product site typically yields modest profits. These profits may be sufficient for a hobby or personal site, but they are unlikely to provide a sustainable income.
If you own or are planning a single product site, the key to boosting profits is to add more products. The goal is to foster customer loyalty and encourage repeat business. However, with price comparison tools and price-focused online shoppers, building repeat business can be challenging. Despite this, your best prospects are still your previous customers. To capitalize on this, you need to offer additional products that they would find interesting.
When considering adding products, it's crucial to have a clear understanding of your target audience. You need to have an accurate profile of your ideal customer. Every product added to your site should be perceived as beneficial by your target audience. Also, be aware of the impact it will have on your market position. Negative impacts are not acceptable.
If you attempt to sell harmonicas to a target audience of opera lovers, your credibility in the opera niche will plummet. Your serious visitors and subscribers will quickly vanish. The reverse is also true. Trying to sell opera to harmonica fans will not be successful.
Another significant advantage of expanding your product line is the strength it adds to your position relative to your competitors. While such expansion needs to be within the constraints of your position and target audience, a broader range of products can significantly enhance the perceived depth and scope of your business.
Consider the case of ebook compilers. There are about a dozen that compile from HTML code to a Windows EXE file. They all face direct competition from Adobe Acrobat, which compiles to a .PDF file. There is also plenty of indirect competition from handheld devices, such as eBookMan, and hard copy books.
Assume you are marketing an ebook compiler in a highly competitive market. Here are a few strategies you might consider for expansion:
While seeking to add to your list, order all by priority from top to bottom. The first item on the list should be the one that will produce maximum revenue with the least effort. As long as every idea on your list enhances your position and benefits your target audience, it's a good idea. Implement each, one at a time as possible. Always remain alert for further ideas. With the right list and solid implementation, you may just find you have conquered your niche.
Never, Ever Release Any Of Your Rights To Anyone
One of the grandest scams on the Web, which goes largelyunnoticed, is for a web-based bookseller or publisher to requiresome rights to your work in exchange for the service to beprovided. Many demand the electronic rights, for example.
How Well Do You Know Your Perfect Customer?
Your Perfect Customer is real only in your mind. He or sheis the one individual most representative of your target. Theone to whom you always speak one-on-one in your newsletter andon your site.
Does Search Engine Traffic Matter?
The short answer is, "Sure." And it likely always will.But the amount of free traffic search engines now deliver tomany small online businesses doesn't amount to much. And whatthere is of it continues to decline in importance. Pay-for-submission models are rapidly eliminating free options.
