If you have a product (of any kind) one of the fastest and easiest ways to multiply your profits is to repackage what you have.

Best-selling author Seth Godin did it.

U2 has done it.

Heck, even Oprah has done it.

And now you’re starting to see many other major companies do it as well (some are listed later in this article).

Why?

People consume things in different ways. By offering alternative options you can cater to a wider audience and yet your product can be much more targeted. The great news is it takes very little “extra effort” because your product essentially remains the same.

During any creative brainstorming session one of the best exercises is to generate ideas on different methods of repackaging the same product.

For example, can you make your product bigger?… smaller?…provide instant delivery?…extended delivery?…make it digital or physical?…divide the contents into smaller products?…or bundle it with something else?

Obviously there are many directions you can go with this but recently I saw a wonderful example of how a Canadian airline is using this methodology to generate long-term sales and steer away from the cutthroat nature of airline travel sales.

Air Canada has started to offer package deals for people doing a lot of travelling. So instead of booking one flight at a time, you can now buy them in bulk and they’ve added a variety of other benefits to incentivize people to purchase these packages.

For complete details go here.

So what’s the big deal?

Well for one thing, by simply repackaging their products, they’ve now built a system that naturally creates customer loyalty. If customers opt for the package deal they won’t be scouring the internet for cheap flights.

The great news is they didn’t have to come up with any new services, flights to new destinations or anything like that. It was just a simple repackaging of an existing product.

Here’s another mainstream example.

Have you ever bought a “Greatest Hits” album?

Looking at my collection of CD’s I can see 3 right away.

These are nothing more than bunch of songs REPACKAGED to form another album. What’s interesting is sometimes the “Greatest Hits” albums outsell the original albums!

As I mentioned above, best-selling author Seth Godin recently did the same thing with his book “Small Is The New Big“. The entire book has been compiled from past magazine articles and blog posts over the years. He just simply organized it under certain headings, slapped on a new title with a fancy cover and whamo, he’s got another product.

NOTE: As an aside, the book is very good and definitely a great addition to any marketing library.

Oprah did the same thing with her 20th Anniversary DVD Collection. She repackaged old shows, spiced them up with some commentary and created a nice new product.

In this example, the overwhelming majority of the work had already been done because she had the content from previous shows. It was just a matter of packaging it with some additional comments to put each show in context as to why it made the Anniversary Collection.

This is a brilliant example because it just demonstrates that it’s not that difficult to breath new life into old products.

So what’s the lesson?

Challenge yourself to see if there is a way to repackage what you currently have. By doing so you instantly open up addition opportunities to generate more money with the same product.

It’s reletively fast, it’s easy and who knows, you just may have your own “greatest hit”

About The Author

Stu McLaren helps small business owners make more money with their websites, membership sites and affiliate programs. Get Stu’s personal advice on your site by visiting Instant Business Answers.

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