Forget the painful and expensive task of product development. Private label rights give you the ability to skip that step entirely.

However, you still need to drive targeted traffic to your website and focus on increasing the number of visitors who convert to buyers (commonly known as your “conversion rate”).

In addition, you must continually improve your sales processes and products.

This means creating additional products to sell to your customers, writing follow-up emails, and adding special bonuses to better solve your customers’ problems.

Simply put, your goal should be to be above all your competitors.

A common mistake beginners make with private label products is that they use the products and sales newsletter as-is (which are usually of low quality) and immediately put them online.

Then they don’t drive any traffic and just let the website sit there and collect cobwebs.

This is what to do:

1. Research your market. Understanding your market is vital to being able to sell to them. What do they want most? What keeps you up late at night? Become your prospect. Read industry magazines, visit related websites, and get into their frame of mind.

2. Examine and control your main competitors. Get on their email lists, see what “hot buttons” they’re using in their sales letters, find out what follow-up products they sell, and find out where they get their web traffic from (for example, where they advertise).

3. Connect with others in the market. One of the best ways to meet partners who will be promoting your product is to do interviews with them. Give them the opportunity to promote themselves in an interview that you distribute to your customers. You get valuable content, the partner gets exposure, and you’ve created a new relationship.

4. Get testimonials. Ask people you have interviewed or spoken with to review your product and submit a testimonial. You should also ask for testimonials from existing customers. This is very easy to do. Testimonials are one of the most powerful ways to increase your conversion rates.

5. Propose several ways to generate traffic. This could be with Google Adwords, writing articles and distributing them to article directories like EzineArticles.com, submitting press releases to prweb.com, creating a blog using wordpress.com, and creating simple videos for YouTube.com.

By following these five simple steps, you will dramatically increase the success rate of your correct private label products and make a lot more money.