One of the exciting things about doing business online is the rapidly changing landscape. There are new technologies, new tactics, and new products coming onto the market daily. It’s a constant parade of new offers.
But do you need the latest and greatest offering? Or will it just become “shelfware?” Here are five questions to ask yourself before you purchase the next product that arrives in your inbox.
1. Does this fit my business model? If your primary business model is split between consulting and selling your own info products, you may not need the “hot” new Private Label Rights product. Regardless of how easy it sounds, how much passive revenue you can earn or how few copies are left, it doesn’t fit into your business model. Skip it.
2. Is this truly a time-sensitive offer? Scarcity, a very limited quantity, or short time limit, is one of the most effective means for closing a sale, so it is often used in online sales letters.
A “real deadline” is the early bird price for a conference or the start of a teleseminar series. And while “the price goes up at midnight” may be compelling, don’t buy just to beat the deadline.
Buying something you don’t need or don’t have time to use will cost more in the long run than what you would save on beating the deadline. One of the techniques I use is to print all sales letters that interest me.
Then I read them away from the computer where I can’t click immediately. This delay helps the rational thinking process and avoids that panicky clicking.
3. Do I have time to implement this? If you can see an opening in this week’s schedule that gives you time to read the ebook, relabel the product, watch the videos and take the resulting action, then it might be a good product to purchase.
But most people 1) don’t set aside time to implement in the first 48 hours after purchase and 2) may consume the materials, but fail to take action. This is how “shelfware” is created!
4. How will I implement this? A well-written sales letter will provide enough detail that you can write a plan for consuming the product and taking action. Will you need to learn a process?
See how many hours of videos are provided , then double that time for learning the material. Look at the length of the ebook, then based on your reading speed, figure out how long you’ll need to consume it.
Then take a further guess at the number of hours you will need to take the action. You don’t want to walk around as a Smart Marketer who knows a lot. You want to be a Rich Marketer…and that requires action. So at least double the learning time for the action phase.
Finally, write out your plan. Once the first rush of excitement has passed about all of the great “stuff” you have bought, you may forget why you invested in it. So while you’re really excited about it,…before you…click the order button…have your written plan ready.
5. What’s the return on my investment? It’s not just your money, it’s your time. What else will you be neglecting to implement this new product? What will that cost you, both in terms of rest and relationships?
If you fully follow your plan and invest the hours you know you need to properly implement it, how soon will you see the increase in revenue (or decrease in expenses)? How much can you realistically expect to earn?
Now divide that by the number of hours in your implementation plan. Is it worth it?
While these questions won’t stop you from purchasing the tools and knowledge you need for your business, they will help you avoid excess purchases that leave you feeling guilty and overwhelmed. Be an “Action Consumer.” Resolve to never purchase again without answering these five questions.