- by Rory Ramsden
Are you a consultant, expert or author who wants to make the most of his/her expertise by turning it into income without boosting overheads ? AND create a larger circle of influence exposing you to more potential clients wanting to pay you top dollar? OR do you want to add value to a physical product without adding overhead?
Stacking one product launch on top of another in any one of the 4 following markets will certainly put you on the road to long term success
So take a look at these numbers:
- Personal Growth: $10.5 BILLION-dollar industry
- Corporate Training & eLearning: $33 BILLION-dollar industry
- Personal & Corporate Coaching: $1.2 BILLION-dollar industry
- Digital Information Products: The industry has DOUBLED in the last 5 years
The reality is that you never stop being a student and in today’s world one of the easiest ways to stay on the cutting edge AND do so at the time and place of your choosing is by learning from an acknowledged authority in your market who has distilled his expertise into an e-learning course. For instance, there are approximately one bazillion financial newsletters out there keeping investors up to date with the latest news, trends and buy/sell signals.
Those folks may even be more experienced in their business than you are in yours. But that doesn’t mean that you can’t compete… crowded markets are generally crowded because they’re good markets. There’s always room to compete.
You need to be good and you need to be smart
You need to study your competition… because at least SOME of them are doing well. And… if you’re doing things right, some of them are going to become your partners.
And the education doesn’t stop with studying your competitors and partners. You also have to study the business.
Back in the dark ages of the mid-90s, there was almost no training available. The digital learning business was in its relative infancy. Nowadays, there is almost TOO MUCH training available. Much of it sucks or is an outright scam. It’s easy to get blinded by the next pretty butterfly coming along… there is always another system getting promoted.
(Sometimes I’m the person promoting it. 🙂 )
But that doesn’t change this fact: There is a HUGE amount of really great training available and with your expertise, you could join those folks and reinvent your own market, Whatever business you are in… you have figured it out and can teach or train others to do what you do.
Publishing digital e-courses is an incredible business. There are big opportunities for the right people. People who want to deliver real value to their customers by helping them get what they really, really want. The fact is that if people want great success they have to stay on top of their game. They have to go to school and keep going to school so that they can learn from experts like you…
And you’re going to have to keep going back to school too. So let’s take a look at what you’ll discover in this article
- How to make, market and launch an outstanding digital product to a tightly focused community who wants to learn what you have to know more than anything
- And therefore how to tap into a multi-BILLION-dollar industry that just keeps growing
- So that you can get off the hamster wheel of trading time for money, and start profiting from your expertise
Phase One: Market Research – It should go without saying that you want to find out as much about your market as you can. Before you spend a great deal of time and therefore money going through the whole process of creating a digital product in the HOPE that you can sell it, you want to VALIDATE that, not only do your target audience have money, but they are also prepared to spend it.
This is the fundamental to your success. And yet, many people just ignore this piece of the puzzle. So how can you do this quickly and effectively?
There are two foolproof ways. #1 is to become an affiliate and promote one of your competitor’s products and #2 is to buy some PPC advertising on Google.
Before I go into that let’s just note that within the research phase of your project, there are 3 pieces.
#1. Find out all you can about your competition
#2. Find out all you can about your potential customers
#3. And then decide what you can bring to the market that no one else can.
Promoting your competitor’s products will tell you what sells best and why. Start by taking a long hard look at each of them. Pull each one apart and discover what’s common to them all? What’s different? What appeals to you as a potential buyer and why? Take a good look at the customer service each business offers too. Does it take ownership of customer complaints and solve them in a positive way or are you left in a frustrating call centre message loop?
Dig deeper still by analyzing their websites and the changes to them going back years. Look at what other people are saying about them by searching on social media platforms and forums.
By now you are building up a solid impression of each one and it’s time to rank them. Which is the dominant force in the market? What is this strength built on? What is their value proposition? What do they do well? Is there an emerging technological trend that they have not responded to effectively?
Choose the companies that you would most like to be associated with and become an affiliate. Sell those products. Get on their radar. Make contact with them. Invite them to join you on a webinar in which you interview them. Drive traffic at your registration page using PPC advertising. Note the click through rate. AND build your very own list of subscribers – Your mailing lists are your most valuable asset –
Now you have validated your market AND ticked off the #1 item on your research list. You will also have made a start at finding out all you can about your potential customers. Your goal here is not only to get a good handle on their demographics but also their attitudes, worries and frustrations. Before you finish you will be able to pick out a person in a crowd and know with confidence that that person is your ideal customer and be able to describe everything about him or her from the year they were born to their education, where they live, how much they earn, what keeps them awake at night, what problem they most want to solve, what they desire most out of life and their approach to new ideas.
There are two types of prospect... The dippers and the divers
The dippers want to find out as much as they can about a product or service. They want to assemble all the data. Then analyze it. They want to know who else has bought from you and get references from them. They are methodical and won’t be rushed.
The divers are the first movers. They instantly ‘get’ the value of what you are saying. They know instinctively how it will fit into their lives and make them better. They are connectors in their network. And consequently are potentially your strongest advocates.
So are the people in your niche mostly one or the other ?
Your answer will go a long way to informing how you put your product launch content together and the language that you will use when crafting your core message [more on that later]
Your goal is to identify a core group of people – a small segment within one market with a problem that you can solve. Then you can bend your own expertise to reinventing this. But what if your market has no affiliate offers? How can you be sure that there are people out there with money to spend and the will to do so?
The answer is simple… You follow the money. You look at your market and identify the most profitable sector that you can compete in. This was something that Steve Jobs did. He didn’t do market research like everyone else. He simply looked for the 20% of the market that was making 80% of the money and put his engineers to work reinventing the solution.
But there was one other thing that he did when he took the helm of Apple for the second time that you might find wholly unexpected. Do you know what that was?
If you think you know the answer, just leave a comment below and tell me what it is…