2 Approaches To Make Money Online By Creating Your Own Info-Product.
When it comes to creating your own info-products, there are 2 types of approaches to make money online you can take.
You can approach it by being Creative or by being Innovative.
There are some differences between the two approaches to make money online for your own product creation.
By Being Creative.
What does it mean by being creative when it comes to creating your own digital product?
It simply means that you are the very first creator of a product. You observe what is happening in the market and come out with a good solution. Basically, you think of how to use a digital product to solve an existing problem or difficulty of what the market is having today.
Below is an example for you:
Say you came to know about a nagging issue that people are facing when it comes to writing good content for their blogs. New bloggers today may be spending way too much time researching or things to write. So you went ahead to design and create a software which wrote draft copies of content based on the topics which the bloggers have chosen. Now all that the bloggers have to do is to proofread the content and to edit the content where it is necessary. You found a problem, you create a solution for that problem. That is what it means to be creative in your approach.
Do note that in this instance, you are the first person to hit the market with a product to solve a particular problem or issue.
Next up is the innovator’s approach to make money online.
Innovator Approach to Making Money Online.
The Innovator’s approach is deemed to minimize the risk of failure and to make money in a shorter time frame. Personally, I prefer this approach to making money online in most scenarios.
This innovator’s approach leverages the existing infrastructure or products already in the market. The innovator looks at those products, gauges the demand and comes out with a better solution or maybe even a cheaper solution or product.
Let us take a quick look at an example, the airline industry.
It used to be that huge airline companies dominated the tourism or transportation market. If people want to go from one place to another place hundreds of miles away, they would have little choice but to travel in a plane. These airline companies would then charge a lot of money to commute with them.
Then some innovative entrepreneurs had a look at this market and felt that they could fly people and goods at a fraction of those airlines companies were charging. Thus the budget airline companies were created and it made flying or travelling so affordable that it is sometimes cheaper to travel on a plane as compared to travelling on land, saving commuters both time and money.
That is in the offline world. The next example occurs in the online world.
Do you remember the days of the online directories? Online directories started when we were in the early stages of the internet. Some creative people looked at this new opportunity that the internet has offered to them. The internet connected people around the globe and suddenly everyone can communicate across the world in a matter of seconds via emails and people started sourcing for things online. Sensing this huge demand these creative people built directories websites and started promoting them. They ended up making huge amounts of money.
Then some innovative people came along and noticed the successful directories sites and they studied the market. They innovated and created online shopping portals that are flourishing today. They are the likes of Carousell, Ali Express, Ebay and many others. This is an example of the Innovator’s approach to make money online.
These innovators took a look at the current existing infrastructure, studied the demand and then came out with a better or cheaper solution. It is less risky compared to the creator’s approach to making money both in the online and offline environment.
Innovative marketing isn’t just limited to copying what is successful and trying to be better, or cheaper than what is already in the market. It can also mean to take a look at what problem or issue the current successful products are solving; then studying whether these products are doing what they are designed to do. If they are, innovators would then study on how to make them better. If they are not, innovators would then shift gear to be creators, coming out with new products which can even outperform the current successful products.
Having looked at the 2 Approaches To Make Money Online By Creating Your Own Info-Product, the Creative and the Innovator;s approaches to making money online, we would like to give you 2 extra ingredients which can help you supercharge your entire profit model.
Setting an angle means positioning yourself as unique from the originator. Back to the online directory sites example. Many directory sites were only listing companies and the products of their clients in the online directories, those shopping portals that came later, they offered their clients the ability to post images and videos of their products and to be able to sell right there and then, thus bringing the entire shopping experience to a whole new level. These shopping portals positioned themselves differently and unique to their originator.
Create a digital-product that can ride on the existing successful market. Looking at the example of eBay, there are many new tools created to complement and enhance the convenience of using eBay:
Complementary services created are other approaches to make money online by working with successful online models.
As we have listed out, now is a really good time to start making money online by seriously studying and looking at the models around right now and research to see how we can fit into this global ecosystem. Observe what is happening on the internet and decide which are the approaches to make money online you want to take, either by being a creator or by being an innovative marketer. And finally Do Take Action!
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