A forum based market place offer can be a great way to do price testing before the main launch of your product.
For example, suppose you are selling a product for $ 10 in a forum market place and you you sell about 500 copies of it, which means you get a positive response from your offer. Now what you can do is, you can raise the price of your product to $25 and bump the offer and see what kind of response you get.
Sometimes you find that you sell half as much product at $25 as you do at $10, but guess what happens if you do that math – you still have more profits! Here’s an additional advantage – the more someone pays for your product, the less likely you’re going to issuing refunds, and the less likely you’re going to have customer service issues.
First of all, because you have more of a margin to play with, you have more resources to devote to customer service. Plus, a lot of people will make an impulse $10 purchase knowing darn well they can get a quick refund. But few people are going to make an impulse purchase at a comparatively higher cost.
Since, it is very important to set the right price of a product , therefore a forum based market place offer can actually be effective in helping you price your product suitably, creating a balance between your target audience’s attitude along with your profit margin.
To Develop Products and Improve on Them
There are ways to go about this.
First there could be a release of the first version of the product. There would be a consumer feedback on this which could be evaluated. There could be further versions and the same processes repeated for them till semi perfection. There are always newer things and technologies t incorporate.
The best instance of product development would be the automotive industry. Car designs have to go through constant updating to suit the needs of the market. There are new models every year. This is done keeping the market in mind. You have to do the same.
This would imply that the similar features may not all come up at the same time but takes considerable time. There is obviously an improved product in mind but attempts at getting at it will have to be slow and steady. Te idea is to create demand and suit the model accordingly. The revenue from earlier models can be utilized to create improvements.
Enterprises like Microsoft evolving new products every year they basically improve on their earlier ones. There is new hardware to which they suit their software every year. This could be the same idea in use for other products like information products.
Like let’s say something like an E-book. The information with each issue should provide a sense of betterment for the consumers. This revision can be done every six months or something. Information sought through these devices has to be regularly updated to furnish new consumer interest.