Many online entrepreneurs never actually get to product creation. They are happy using advertising or affiliate marketing as their monetization stream, even though the visitor values are a fraction of what they’d get compared to being a product creator. They do this for two primary reasons:
- They think that product creation is hard
- They don’t understand the true benefits of having a product
Let’s deal with each of those statements.
Product Creation can be Easy
You don’t have to be a programmer or an experienced entrepreneur. And it doesn’t have to take you more than a few weeks to even create your product. Even better it only takes you an afternoon to sell it) In this course we teach the 3 most accessible forms of product creation. We chose them because they have a low-learning curve, they are easy to scale, and you can pre-sell them (meaning you only have to create the product if you get sufficient sales).
Digital Products are great because they have 100% profit margin, instant delivery, and are easy to scale. It can range from the low-end of monetization (Kindle books), to the upper end in the form of courses.
I personally think the course is the best info product right now in terms of visitor value and ROI (Kindle books are good in a different way – they can be great lead-generators). On the learners end, courses are great because they allow access to a community of peers and they can get instant feedback from their instructor. And on the product creator’s end, you can charge considerably more for it and you can drip-feed your content. This last point means that it’s even less work to setup than a kindle book.
The MVP just involves writing a sales page and a course outline, and then pre-selling the course.
A productized service is exactly what it sounds like – you provide a service that is packaged as a product. This means that customers pay you up front, and have very set, standardized expectations as to what they’re receiving.
No more asshole customers, no more written proposals, no more complicated sales pitches. And you are creating an ASSET that you can sell, which is something you can’t easily do with an agency. Because your product offering is standardized, you can also scale this incredibly easily and take advantage of outsourcing if you choose to.
This is an obvious MVP, since the MVP is you actually providing a service.
Lead-gen means collecting leads, and then selling them to someone else (or multiple people if selling non-exclusive leads). It’s often a great starting point as it can lead to any of the other 2 services later, but can still pay you 5x more than advertising!
The True Benefits of Product Creation
There are many benefits to product creation, but here are the top 3 in my books.
You are creating an unpersonalized asset you can sell.
You can separate this from your brand if you please and sell it. This is especially good if it isn’t tied to you as a person (which your blog could very well be).
Allows you to turn your blog into a relationship-based business.
For the uninitiated, there are two types of businesses: Impulse-based businesses, and Relationship-based businesses. The only difference between the two is that Impulse-based business sell to your first time visitor on the spot (IE Adsense or E-Commerse), whereas lead-gen sells to them over time (usually through email marketing). If your main monetization is Adsense or advertising, you are only selling to your first-time visitors, as repeat visitors tend to never click on ads!
Higher Visitor Values (Paid traffic is a possibility)
This is probably the biggest benefit. As you work on increasing your visitor values through constant optimization, you can uncover amazing forms of paid traffic. Once you’ve profited off of paid traffic you will never want to go back to the whims of free traffic.