Quick Routes to Your Own Money Making Products

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

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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.

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