Enhanced Transcribe:
Hello Dr Ro here, ideas, ideas, ideas, ideas.
I thought I’d follow this from my previous live about sales, getting people’s attention, how to win customers over.
Yes it’s about communication but also your internal communication.
There are four things for you to consider.
Have you had a situation where you’ve got a great idea, you’ve been thinking about it, and maybe in the past you thought about it and let it go and then you saw someone come out with a product similar to what you had?
Equally you’ve had a situation where you have ideas already and you think it’ll be a great product, you’re convinced but you’ve done nothing about it, dabbling around this is what I want to talk about because this is a classic mistake people make.
In the sense that they have this idea they think is going to be a great product and a lot of people go out there, they test it and it doesn’t work doesn’t.
It works for several reasons.
First of all, if you’ve got a few mates that you’ve got a service or product idea that you’ve talked about and they’ve gone that would be amazing you’d be really good at that. What I say is don’t mistake that enthusiasm where that idea has been discussed with the people around you, and in the process of having that conversation a lot of people that you know that would be brilliant, what a great idea. You should turn it into a product or something that you can sell.
My question is, is it a real product that can be monetised? Can you imagine how that could be done? Is it a digital product? Is it a service? Something you’re going to make, create? That’s the first question, and if so, can it be monetised?
A good way to establish that is to look at the marketplace and see if other people are doing something similar, that doesn’t mean to say it’s the only way to monetise it. But if there is an existing precedent already out there it makes it a lot easier to say, okay, there are people doing this so it looks like it could be monetised.
Although, just because somebody is doing it doesn’t mean to say they’re doing it financially successful. Don’t make the mistake of seeing an advert on YouTube or Facebook and make the assumption that it actually works. I can tell you that from seeing people go after the training, it doesn’t mean to say that you can turn it into a monetised process. It takes a lot of effort to get there, but that’s another conversation for another day. Second one is what form will it take?
How is this product going to show up? Is this a book that you can write? It sounds easy, but to create a book takes a huge amount of discipline. A lot of time and I got coached physically for my first book turning point that’s how much work it took. I had the idea for many years, but it took somebody to guide me through it specifically. What form does it take? Is it a digital product, and if so what sort of digital product? Is it an audio product that you’re going to create in your own environment, or a video product? The two are distinctly different and take a completely different skill set and again, if that’s the case how big is the product? Meaning a $300 product, $50 or $5 or £1?
That’s important because it’s all about your model, your funnel, your sales funnel. I’m saying this because it’s so easy to get excited but it’s very different to create it and I’m sharing from my own personal experience having done this for many years.
Some successes, some failures, some frustrations and all the above in the journey of creating products and services for people. Do you have a funnel?
This concept of a funnel means what are you going to offer them to get them to your end product and what is your product? Because you might have a funnel and your idea for your product may be free at the top, very exclusive and very expensive at the bottom.
The idea you’ve got right now might be very exclusive at the bottom part of the funnel but what about all the other things? Or your idea right now might be something near the top, which is a low-cost product, but that’s the top of your funnel. Free first, a very low-cost product, what’s going to follow on from it? Or is that it?
Are you going to get enough volume of sales from that? As low-cost products are usually trust building products to get people to know this person produces great quality content can I buy something else from them?
So, what is your funnel? Have you decided on that? If you don’t then you’ll just be standing in the dark and you’ve put a lot of time and effort. Then where does it fit? Where does your product fit in the big picture for you? Are you going to be a brand and that brand is all about you and your product?
Or a case of it just fits into an idea that I want to give it a go. Just be prepared to accept that if you’re going to give it a go try and sell it’s going to be more of a hobby than a business model and if you’re going to do this professionally as a business model, then where does it fit in the funnel? In other words, you’ve worked out that you’d like to sell premium mentoring or coaching products down here, and the idea you’ve got is to create a video programme which is up here. That’s 30, 40, 50, 60, 80, $90 product, in which case that might be second or third tier down and what about the free elements? How are you going to market that?
What about the element there before you get to the video product and what comes off the video product? Are you going to do a workshop and then sell them on to something more advanced like your coaching? Where does it fit? I know it sounds crazy but it isn’t enough just an idea, and I’m not here to piss on your parade. I’m saying understand there’s a pragmatic and a very systematic approach to it and how are you going to communicate that?
Each one of these elements of the funnel require a different style of communication. This is where the whole CWI program comes in because it fits into so many different areas of business.
In this case you could have a different element of communication for the free product, a slightly more intensive and grabbing content for the middle product and then you’ve got a very, very intensive communication process for the lower product and the bottom of the funnel is more expensive.
Dr Ro signing out hopefully that was useful.
Disclaimer: This video or written publication does not offer investment or financial advice and nothing in them should be construed as investment or financial advice. Our publications provide information and education only. The information contained in our publications is not, and should not be seen as a recommendation to use any particular investment strategy. Always seek financial advice from an independent financial adviser around your own personal financial situation.