Quick Routes to Your Own Money Making Products
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What Prosperous Coach Members Said About This
Teleclass:
It was a relief to find out that my product doesn't have to be perfect
before putting it out. I also learned that a product could be as simple as
interviewing experts on a topic and putting it together.
- Marie O'Neill
I love a clear process, and this teleclass laid out the steps to take,
where to find information on what my ideal client needs, and how to build
products without reinventing the wheel. For a week after the teleclass I found
myself continually jotting notes on cool ideas for products. It freed up my
creativity and helped me to see how easy it can be to turn out a product which
my ideal clients will need, want and purchase.
- Anne Kelly
In my mind I was thinking that developing products was more of an
advanced thing I'd do three years down the line. Because it felt like such a
huge thing. You broke this into palatable bite size pieces. Now I feel like I
can do this now!
- Barb Garrison |
Click
here to download
Length: 53:28
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(Teleclass notes to use with the audio recording.)
If you want to be financially successful as a coach, diversify your
coaching practice into an entrepreneurial business by offering other
services and products beyond one-on-one coaching.
Your top goals are to build trust and credibility with your ideal client and
raise your income with additional revenue streams.
Think of yourself as a content generator and information
marketer. Use valuable information to attract
your target market to your coaching services rather than the other way
around.
The #1 Mistake Most Coaches Make:
They never get started. Why? Because the
mindset is:
- I don't have any content valuable to my target market.
- Everything has to be perfect before I put it "out there."
- Every piece of my product funnel must be complete before I launch the first
product.
Change your mindset right now!
You DO have valuable content to offer.
- Solve a problem: as I did with Working
Websites for Coaches
- Tell a story -- your own or case studies of your clients.
- Interview experts about one subject of interest to your target market.
- Repurpose/bundle other writing (such as from blogs or ezines).
You NEVER need to be perfect. In fact, that's boring!
You DON'T need to
have it all done before you launch the first offering.
Everyone loves packaged learning and relevant experiences. Information is
what the marketplace is all about. And products are the magical lead
generating tools of a prosperous coach.
Quick Tips:
- To get to the market fast, offer electronic products first.
- Find ways to re-purpose everything.
- Think out of the box.
- Learn from example (just look around at who is marketing to you and how they
do it).
Seven Success Criteria:
All your products whether free or for fee should:
1. Be directed at your
target market (this is a who not a what.)
2. Solve at least one very specific
and compelling problem that market faces.
3. Build your credibility as an
expert with your target market.
4. Be congruent with your brand - your
corporate identity/message for your target market.
5. Fit in a
marketing/product funnel you've designed.
6. Be leveraged to move quality
prospects down your funnel to another product or service that is more expensive
and exclusive to you.
7. Be cost effective and/or profitable. You can have a
loss leader -- something that doesn't generate income. Ideally, follow that with a product that brings in a solid revenue stream for you.
Ten Steps to Your Own Money Making Products: Step #1 - Tune into
Your Target Market
Isolate the top three challenges and desires of your target market. Get
specific. It's worth it to do research in the field if you're not certain.
Create a mental image of your ideal client. Write a brief description of this
person and how she lives her life. Give her a name. This is a marketing tip. As
you create your products visualize this ideal client.
Step #2 - Gather Ideas Without Latching Onto Any
Play
with possible ideas. Pay attention to what your clients are saying in session.
Your best ideas will come directly from client experience. Watch for "patterns
of pain". Create an idea clipboard or file. Go wild!
Step #3 - Assess for the Best Idea
Now get into the
"laboratory" to test your ideas. Narrow to the top 5 ideas. Then, on a scale of
1 - 10, rate each idea for:
What is my excitement level about creating this product?
How well does this product idea address my target market's greatest
challenges? What evidence do I have that my target market wants this
product?
Can I easily make this idea stretch into a leveraged product
funnel?
You're looking for at least eights on all your answers.
List your strengths for this project (skills,
resources, support systems, potential referral/joint venture partners, network
etc.)
List your weaknesses -- what is likely to cause you to get
stuck or fail?
How will you support yourself to prevent that?
Who are your accountability partners (mentor coach,
mastermind group?)?
Step #4 - Create a Product Funnel Concept
See this
article on Prosperous Coach:
Create Your Magnetic
Client Attraction Plan
Step #5 - Create an Outline for the First Product
Unless
you already have a large database, the first product is just a way to
capture leads and it is often free. It should have real
consumable value for your target market as well as point to your other
products and services. The best first product is a downloadable pdf product that you can offer through email/Internet.
- Free report
- Assessment
- Checklist
- Ecourse
- Or, MP3 audio file
Make sure it has a compelling title.
Step #6 - Create a Project Plan
Give yourself a writing
schedule.
Create the milestones/launch/roll out of all your products. It's
OK if the dates move.
Step #7 -- Write/Create/Package the First Product
Remember,
you're not going for perfect or too much depth.
Secure the services of an
editor/proofreader.
Also, outline your second product at this time.
Step #8 -- Create a Marketing Campaign
Plan to
continually test and tweak your campaign. Set up an autoresponder system with
successive emails going out after sign up. Aweber is the best
autoresponder/email campaign system -- only $19.95/mo. In the autoresponders,
help them consume the freebie. Put in live links back to your website and other
offerings.
Step #9 - Launch the First Product, Tease the Second
It's
okay if you only have your second product outlined when you tease it through the
first product. With a strong title, clear benefits and a few features you can
let prospects know that it's coming soon and generate interest.
Step #10 - Begin Working on Your Second Product
With this
second product, are you trying to make money/generate leads or both?
Add
bonuses to up the excitement. Don't under price. Bundle with a free coaching
session.
Later, use the concept of limited sales at a certain price. Then, revise the
product and increase the price.
 Rhonda Hess is Founder of Prosperous Coach™ and a
business success coach for professional coaches. She is co-author of the Coach
Training accelerator, a comprehensive coach training manual, and senior trainer
for Coach Training Alliance. She also wrote Working Websites for Coaches, an
ebook available in Resources for
Coaches. For more information about Rhonda, see: Contributors.
For more information about Prosperous Coach, see: About Us.
Copyright © 2008 Bubbling Well Inc. All rights reserved.
If you want to reprint or share this article, please send your request to: support@prosperouscoach.com
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