Step 3 (pt. 12): Creating Your Products: Software
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Avish: Alright, next up is you suggest that info marketers consider having software as one of their products.
Fred: Yes. And this has been for me at least, the single most lucrative thing that I’ve ever done. Software can either be software that you have created for you from scratch or it could be a software you’re licensed in private label, put your name on which is where you take a piece of existing software, they allow you name it like specific name, like I’ve done with webmarketingmagic.com. Which is my most lucrative source of revenue that I create without thinking every month. That’s an automatic source of revenue and it comes in. So, webmarketingmagic.com is an example. Now, the way that everybody listening to this program should think of it as: can you in your industry, in your niche, create something that will help people that will become an indispensable part of their business? Now, with webmarketingmagic.com, this is the program that any and every information marketing should probably have. It gives people everything that they would need in terms of all of the essential tools that they need to run an online business. So in creating software for your niche, think about, you know, can you put together something that everybody, virtually everybody in your niche would need and want. And something that once they start using it, they’ll be hooked and they won’t be able to do without it so, that’s what you really have to think of in terms of software is, if you’re going to spend your money to create it yourself or to license it, make sure it something that everybody is going to really, really need, want and use.
Avish: Ok, that sounds — well, one of the options you said for you to make it yourself or household make it for you custom. That sounds pretty major undertaking. When is that the right way to go?
Fred: Well, it might be the right way to go if you have something — let’s say for example you’re an established expert in your field, in your industry, and everybody in your industry is complaining and bitching about the fact that these particular set of tasks that everybody has to do can’t be accomplished very well. And you say to yourself, “you know what? I’m going to spend the time and money to create a product. A software product that will answer those questions for people, you’re going to spend the money.” Again, this can be a, depending, an expensive and a long procedure. But you create the software and you solve the needs that you and everybody else in this industry has, and of course that’s one way to do it.
Avish: Ok. And so, you’re saying before undertaking that though, you should do a lot of research and understanding the market to make sure there’s a market for it.
Fred: Yes. And the thing is, if you’re operating in that niche that yourself, you know the kinds of things that people need. And again, this is why I don’t encourage people to be involved in a lot of niches where they don’t really understand and what people really need in that particular niche. But if you know what they need and you can provide them with a solution. Again, you can go to companies like rentacoder.com, r-e-n-t-a-c-o-d-e-r.com or guru.com or elance.com to find people who will help you to program the software in order to do the kinds of things that you need done. By the way, this can be very, very simple software. Number of years back, I put together a piece of software at a site I called, dothenumbers.com which I had to do basically, real estate computations, very basic real estate computations, but yet it was a piece of software. I didn’t sell it, I give away for free, it was a piece of software, everybody in the real estate field could have used. So, ask yourself, “what is it that people in your niche really need or want?” And how can you deliver that something to them in a piece of software that they will go nuts for and feel like they can’t do without it?
Avish: Ok. And what about the other option, how do you find — this could be stupid question but — if you don’t want to create it yourself, where do you find existing software that you can create a private label or resell?
Fred: Well, probably find people that are, you know — at trade shows, having to do with your particular niche that are offering various kinds of software, that you might be able to take either as is or take and modify. And usually those software engineers that produce those materials are open to arrangements in which you take their product and brand it as your own with certain key elements or make tweaks to it and create sort of combination of what you have in mind along with what they already have that exists. Software folks tend to be open to arrangements like this so you meet them either by Google-ing “software for blah blah blah industry” or “software to do xyz task in an industry” and you put that into Google or you meet them at the trade shows or conventions in your field.
Avish: And you actually preferred this type of approach because it kind of keeps your hand out of it, right?
Fred: Yes, I do. I don’t think I’ve tried because I’ve lost a lot of money and you know, my experience, right? I tried at one point to produce some of my own membership software and spent, I think well an excess of thirty or forty thousand dollars. I forget what the numbers are now. But a lot of money went to put in together membership site software that number one, never worked and number two, in a few years there was a Word Press plug-in for a couple hundred bucks. So, you know, it was a bad idea. So, my suggestion is, stick to your knitting, create products in your field. If you’re going to go after software, don’t try to create the software yourself. Maybe try to find something you can license in private label because again, you’re not in the software business, but software is an important component of information marketing for a niche.
Avish: Sounds good.