9 Secrets to build profitable online products
In a recent interview, successful entrepreneur Ankur shared valuable insights from his experience building and managing a portfolio of 37 profitable online products. His advice is particularly relevant for those looking to start their own online ventures. Here are some key takeaways:
Identifying Market Demands
Ankur suggests focusing on specific problems faced by a target audience. By analyzing conversations in online forums like Hacker News and Reddit, you can identify pain points and unmet needs. Every conversation has the potential to become a product idea if you can build a simple, effective solution.
Developing Products without Coding Skills
Even if you lack technical skills, you can still create software products. Ankur recommends clearly documenting your idea and desired functionality, then outsourcing the development to freelancers on platforms like Upwork. For simpler solutions, tools like ChatGPT can generate code snippets, or you can utilize no-code platforms to build products.
Pricing Strategies
When launching a new product, consider offering lifetime deals at a fixed price to gauge market fit. Once established, transition to a monthly subscription model. Ankur suggests starting at $9.95 per month and gradually increasing the price until you find the sweet spot where conversions remain stable.
Building an Email List
To monetize a blog or social media presence, focus on building an email list. Offer a free, valuable resource in exchange for email addresses. Promote targeted affiliate offers to your list, starting with a small audience and scaling up as your list grows. Many email marketing platforms offer free plans for up to 2,000 contacts.
Leveraging Influencer Marketing
Ankur’s app conglomerate utilizes influencer marketing to drive sales. Influencers can showcase your product, demonstrating its functionality and problem-solving capabilities. Even without influencer partnerships, you can leverage your own social media profiles to amplify your reach and generate leads.
SEO Strategy
While some claim SEO is dead, Ankur suggests creating a Google My Business profile for your website or product. Encourage reviews on this profile, as it can help your site rank for main keywords without extensive SEO efforts.
Increasing Customer Lifetime Value
To maximize customer lifetime value, consider offering upsells related to your primary product. Identify additional resources or tools your customers may need to achieve their goals, and provide affiliate links or complementary products to increase revenue per customer.
Advice for Software Developers
Ankur cautions against overcomplicating software solutions. Instead, focus on delivering a simple, functional product as quickly as possible, then iterate based on customer feedback. Avoid getting bogged down in edge cases that may not be crucial to the user experience.
Tips for Project Managers
For project managers leading small teams, Ankur emphasizes the importance of working closely with developers. Successful project managers are not afraid to delve into the technology, assisting with testing and removing obstacles. Maintaining a strong connection with the development team is crucial for navigating software projects effectively.
By following Ankur’s advice and focusing on solving specific problems, building targeted email lists, and continuously improving your products based on customer feedback, you can increase your chances of success in the competitive world of online businesses.
