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This is my fourth article in the Project Diary Series detailing the exact steps I’m currently taking to define, create and market a brand new profitable Internet based product. This article is about defining the right product to sell to your target market, and the characteristics this product must have in order that your customers fall over themselves to make a purchase.
By now, you are hopefully acting on the notes made in my previous articles in this series, and are researching a target ‘niche’ market to whom you will sell your new internet based product -  and have also run some numbers to evaluate the profit potential in creating and selling a product via the Internet.
If not, make it your goal to start researching this week.

I have created several successful products over the last few years that have all been designed to be delivered fully-automatically on the Internet. One reason for the success of these products is that during the early stages of development I followed a few basic “product development rules” that helped me to reduce the products chances of failure, and greatly increase their chances of success.
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This is my third article in the Project Diary series detailing the exact steps I’m currently taking in order to define, create and market a brand new profitable Internet based product. This is my guide to coming up with the perfect price for a new product – a price that will generate the kind of profits desired.
If you have not read my previous two articles in the series, now is the time to do so. You can read Part 1 by clicking here, and Part 2 by clicking here.
In the next article in this series I will be telling you exactly what the product is that I have chosen to develop… and how everything is progressing – But first, let’s talk about the ideal product price and overall pricing strategies.
Firstly, as you may have realised from reading other articles on this site. I am a firm believer in using ‘multiple streams of income’ to contribute towards my monthly sales targets – rather than leaving it up to just one product.

For most of the part, these products generate an income for me completely on auto-pilot leaving me to concentrate on developing further new products, and the managing of the ‘off-line marketing campaigns’ for the mail order side of my business.
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This is my second article in the Project Diary series detailing the exact steps I’m currently taking in order to define, create and market a brand new profitable Internet based product. This is my guide to finding a well defined and qualified target market of customers eager to purchase the products you develop.
Before you think about the kind of product you are going to develop and sell, the price to charge, or how to market it, you should define who you want to sell products to and more importantly those you don’t.
Knowing the markets you don’t want to sell into is actually more important than you probably realise. Because trying to sell into the wrong market can pretty much mean failure is guaranteed even before you start.

If you didn’t know this already I’m not surprised many people set off in completely the wrong direction the first couple of times round.
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This is the first in a series of articles which, over the next few weeks, will build up into a complete mini-course showing you step-by-step how to create your own profitable ‘internet vending product’ And also how to create a simple web site to accompany it, so you can sell your new product automatically 24 hours a day, seven days a week.
I thought it would be useful to keep a diary of my newest project, so you can follow me along the product development path – right from conception through to the launch of a brand new product. I wanted to do this for a couple of reasons.
Firstly, by committing myself to writing these articles I will not be able to procrastinate about starting this new project any longer. It will force me to take action and get started. It also means that I will see this project though to the end. After all you are now expecting to see a finished website and product to go with it in only a few weeks from now… are you not?
Secondly, it will create a personal case study and ‘how to guide’ for you to refer back to as you develop your own products in the coming months. Notice I say ‘case study’ not ’success story’ – I cannot guarantee success. No product developer can do that, however with a little experience, you can pretty much tell which products are worth your time and which ones you should drop.
With that said, I have set myself some goals in relation to this project. Here are my goals:
* Generate at least $10,000 in product sales – preferably in the first two months
* Generate an ongoing income of $1,000 – $3,000 per month in product sales on auto-pilot
* Develop a product that requires minimal amounts of maintenance and support – 1hr a week maximum
* Develop a product that has a Short Start Up Time - 4 weeks maximum.
Firstly though, I think I had better answer a question I know you are itching to ask:
“Why have you priced this in dollars? We are Brits!”
Yes we are, proud of it too. But when you realise that the majority of Internet users are Americans, it means the US Dollar is still recognised as the primary or preferred currency of most Internet users.
Here’s another shocking fact: Most Americans don’t have a passport. The majority of Americans have never actually left their own State – never mind travelled to another country and needed a passport.
I can now hear another question:
“Nick, what the heck has this got to do with pricing your new product in Dollars?”
Well, since the majority of Americans haven’t left the USA, most don’t know the ‘worth’ of other countries currencies either… So how you can expect them to buy a product in a currency they are not familiar with? The answer is, you can’t! If you try to do this they will not buy from you. They will just leave your website – never to return.

The biggest lesson I have learned about marketing on the Internet is this – You need to price your products in the currency that the majority of your target market will be happy to pay you in. If you don’t do this you won’t make many (or any) sales.
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