2 Ways To Make Money Online

 

1. The Creative Approach

A creative approach involves identifying a problem in the market and devising an original solution. This requires brainstorming and thinking outside the box to address unmet needs.

How to Use the Creative Approach:

  • Identify Problems: Look for common challenges people face in your niche.
  • Offer Solutions: Develop a product that solves these issues in a unique way.
  • Be a Market Pioneer: Enter the market first with your innovative idea.

Examples:

  • Salesletter Generator: Observing that people struggle to write compelling sales letters, you create software to simplify the process.
  • Joint Venture Profile Organizer: Noticing that joint venture details are hard to manage, you design a tool to streamline them.

This approach positions you as the first mover in a market, potentially earning you significant rewards if your product resonates with the target audience.

2. The Innovative Approach

The innovative approach focuses on improving or complementing existing successful products. By observing what’s already working, you reduce the risks associated with product creation and increase the likelihood of success.

How to Use the Innovative Approach:

  • Analyze Existing Products: Study the products that fulfill current market demands.
  • Enhance or Expand: Identify gaps, limitations, or additional needs that the original products don’t address.
  • Add Value: Offer something better, more efficient, or more user-friendly than the competition.

Examples:

  • Affiliate Tracking Tools: PayDotCom built on the success of Clickbank by offering affiliate tracking that integrates with credit card processors like PayPal, 2Checkout, and Authorize.net.
  • Supporting Tools for Clickbank: Products like reporting software, search engine tools, and video tutorials complement Clickbank’s core functionality.

Key Strategies for Innovation

1. Finding an Angle

Position your product uniquely within the market. Instead of directly competing, solve a different aspect of the same problem or serve a niche within the market.

  • Example: While Clickbank focused on a built-in credit card processor, competitors integrated with third-party processors for added flexibility.

2. Complimenting the Pioneer

Ride the wave of an already successful product by creating tools or services that enhance its value.

  • Example: Tools like affiliate management software or Clickbank sales reporting software make using Clickbank more convenient.

Creative or Innovative: Which Should You Choose?

  • Creative Approach: Suitable if you’re confident in identifying unique problems and solutions and are willing to take the risk of pioneering the market.
  • Innovative Approach: Ideal for those who want to minimize risks by building on proven ideas, offering improvements, or creating complementary products.

Conclusion

Both approaches have their advantages. By observing the market and deciding whether to be creative or innovative, you can find a path that maximizes your profit potential while reducing your workload. Most importantly, take action—ideas alone won’t generate income.