Private Labeling / Industry Specific / Re-purpose your products
I have a great Callaway jacket – what do I like best about it? It has my website embroidered on it – a subtle yet distinct DollarMakers.com. Anything that is customized or personalized suddenly becomes very much more valuable. We like our own names and our company names and our sports team names, don’t we? So when we customize a product or service for an industry or a specific business, we create massive increased value at very little cost. You can private label an innocuous shampoo for a good hair salon and make serious money. You can make a seminar or sales training program industry specific and sell ten times as many. I was recently talking with someone who created exercise DVD’s. How about making one for seniors, one for travelers, one for children, one for ladies, one for teens, one for busy executives… then market each one through the marketing and distribution channels reaching that particular demographic? For example, you would Joint Venture with seniors publications and clubs, AARP and seniors tours to reach seniors with your seniors exercise DVD.
When you find excess inventory, you can re-purpose it in this way. You can also approach someone who presents training, seminars or teaching, and Joint Venture with someone who has access a particular market segment, while procuring the rights to market their products and services to that segment and receive ongoing commissions. For example, how about Training for Realtors? Get more specific with Training for Female Realtors and you’ll make more money. The more specific, the more terrific.
Which segment of the population do you have access to, or can you get access to? Once you have access to a demographic/psychographic sector, you can go out and find products that can be customized or relabeled for that sector. Once you’re working in that sector, it’s easy to expand to the entire sector. I once did seminars for an Executive Women’s Club and ended up serving all their clubs nationwide. Had you set that up, you could have asked for and received up to 20% of all my income from that market, and that would have put at least $20,000 in your pocket. All it took to get me into that market was a friend making one, single phone call. One phone call can be worth $20,000 to you. Do JV’s work? You’d better believe it!
Sales Tip
Specialists get paid more and have more credibility. Understanding more about an industry than your prospect positions you as an expert. In order to do this, use statistics and education to differentiate yourself from the generalists who think they can cure anything from recessions and receding hair to bad knees and bad attitudes.
Management Tip
The more you understand your prospect and his business, the more likely you are to sell to him. Train your employees to ask questions, make notes, do research and create industry specific solutions. Learn the language and jargon of the industry you’re targeting. Become familiar with their hopes, dreams, challenges and unique opportunities.
Motivational Quote
"I am an innovator. This is a term of distinction, a term of honor, rather than something to hide or apologize for. Anyone who has new or valuable ideas to offer stands outside the intellectual status quo. But the status quo is not a stream, let alone a 'mainstream'. It is a stagnant swamp. It is the innovators who carry mankind forward." ~ Ayn Rand
When you find excess inventory, you can re-purpose it in this way. You can also approach someone who presents training, seminars or teaching, and Joint Venture with someone who has access a particular market segment, while procuring the rights to market their products and services to that segment and receive ongoing commissions. For example, how about Training for Realtors? Get more specific with Training for Female Realtors and you’ll make more money. The more specific, the more terrific.
Which segment of the population do you have access to, or can you get access to? Once you have access to a demographic/psychographic sector, you can go out and find products that can be customized or relabeled for that sector. Once you’re working in that sector, it’s easy to expand to the entire sector. I once did seminars for an Executive Women’s Club and ended up serving all their clubs nationwide. Had you set that up, you could have asked for and received up to 20% of all my income from that market, and that would have put at least $20,000 in your pocket. All it took to get me into that market was a friend making one, single phone call. One phone call can be worth $20,000 to you. Do JV’s work? You’d better believe it!
Sales Tip
Specialists get paid more and have more credibility. Understanding more about an industry than your prospect positions you as an expert. In order to do this, use statistics and education to differentiate yourself from the generalists who think they can cure anything from recessions and receding hair to bad knees and bad attitudes.
Management Tip
The more you understand your prospect and his business, the more likely you are to sell to him. Train your employees to ask questions, make notes, do research and create industry specific solutions. Learn the language and jargon of the industry you’re targeting. Become familiar with their hopes, dreams, challenges and unique opportunities.
Motivational Quote
"I am an innovator. This is a term of distinction, a term of honor, rather than something to hide or apologize for. Anyone who has new or valuable ideas to offer stands outside the intellectual status quo. But the status quo is not a stream, let alone a 'mainstream'. It is a stagnant swamp. It is the innovators who carry mankind forward." ~ Ayn Rand
posted by Robin J. Elliott at
4:12 PM
