Note: this was a high value, 3000 word plus post – I highly recommend you read it to fully understand the concept of leverage as I’m going to be using it in today’s article. To read it you’ll need to subscribe to my Newsletter List:
In that article I outlined the steps for one method of quick product creation that would begin the process of creating leverage for your business.
That’s not the only way to create quick products – and start building leverage – for your online business. Before we look at 5 methods you can use to create products in short periods of time, let’s quickly look at five benefits of creating ‘quick products’ for your website.
The 5 Benefits Of Quick Product Creation
The first benefit of quick product creation is that it immediately changes how your blog or website appears to others. New visitors to your site will no longer perceive you as just another blog or website dishing out free content – now you are an online based business, and your blog or website is one of the selling tools that your online business uses.
That might not sound like much of a benefit – but it’s a massive sea change in visitor perception of who you are on line. Plus it will weed out a bunch of ‘freebie seekers.’ When I first launched a product on my how to play bass website I literally had 50 unsubscribes and a ton of negative email accusing me of ‘selling out’ and worse. The sooner you get products for sale on your website – and the sooner new visitors get the perception that you’re like, you know, selling stuff – the sooner you’ll start to filter out the freebie seekers from your audience.
The second benefit of quick product creation – and this is especially true if your blog or website is relatively new – is that it allows you to test your market.
What you’re looking for from an online business perspective is to ensure that the market area you have chosen has enough buyers in it to sustain you.
Now if your blog or website is really new you have to be careful about how you interpret the results of sales – if you’re not getting much traffic to your website then the results may be skewed. You probably need a minimum of 1000 visitors to your sales page before you can start drawing conclusions.
As a rough guide you should expect 1% of visitors to turn into purchasers – this assumes that you have a semi-decent sales page of course. If 1000 visitors generate ZERO sales – and your sales page is OK – then it might be that your chosen market area won’t generate enough sales to support your online business.
Creating a quick product is a great way to test and see if there are enough buyers in your chosen market area.
The third benefit of quick product creation is that it starts the creation of a new asset in your online business – and that’s a list of proven buyers.
Almost by definition a quick product will be relatively cheap (between $5 and 50). And not only does creating a list of buyers provide a market validation of your initial research, but this list of proven buyers can be leveraged in two ways.
Firstly you can use this list of buyers to generate/refine ideas for new and more expensive products. My mastermind buddy Marina and I have talked about target profiles and their importance – well, choosing a target profile from someone who is already a client of yours is a big step forward in your online business.
Secondly, you can use this list of buyers to generate more revenue for your online business by creating more complex and more expensive products. On Thursday I’ll talk about a concept called Product Sequences and show you how you can do this in more detail – it will be a subscriber only post by the way, so if you want to read that you know what to do!
The fourth benefit of quick product creation is that not only will it create a list of buyers – but because ‘quick’ products by necessity have to focus on solving one problem that your target market is experiencing, these products will provide a hands-on experience for your buyers.
And if you do your job right when you create your quick product, and your buyers actually achieve the intended result/solution that’s contained in your product….those buyers are going to be much more likely to move down the Product Sequence that I outlined in the paragraph above.
The fifth and final benefit of quick product creation is that it starts generating leverage for your business. In the long term scheme of things for your business this is actually the least important of the four benefits – but the whole point of leverage is that you create it once and then (hopefully) sell it many times.
The first eBook that I created for my bass guitar website managed to sell the grand total of 5 copies in its first week of sale! But it still sells to this date and over two years has earned about $12,000 for me.
Now over two and a half years that’s not a massive seller by any means – BUT that’s missing the point. The majority of those clients have been moved along my product sequence and bought more expensive products from me.
And one way of actually building your online business is to create a bunch of these ‘entry level products’ – let’s say over the course of your first year you created 10 quick products that on average generate $5K in sales a year each. That’s a very decent base to build a successful online business on – plus you’ll generate a nice list of buyers too that you can leverage!
Why Quick Product Creation Can Still Be A ‘High Quality Experience’ For Your Audience
The main objection people have to quick product creation is the belief that if you’re producing something quickly, it must be low quality.
And that’s a valid point.
The way to avoid that, as I mentioned above, is to focus on just one topic – and preferably a topic that is a problem area for people in your target market. And you can deal with that problem in a way that gives your target market a step-by-step solution to that problem.
Giving a step-by-step solution in your quick product will empower those of your buyers who actually implement that solution (and yep it’s true that there will be people who buy your solution but never implement it). But if you structure your product in the right way and give your buyers a step by step sequence, those of them that actually take action will have a high quality experience with your product.
And I guarantee you those buyers won’t care whether you spent three days or three months or three years on creating your product. They will only care about the results they get from using it.
So creating a quick product doesn’t mean that you are creating anything that’s somehow of sub-par quality. I would never recommend that you create anything that’s not something you can be proud of.
The point is that you can create a product quickly that gives those buyers who take action the results you promise, or solves the problem that you tell them you are going to solve. That’s the bottom line – if you do that, your refund rate will be low and how long your product took to create won’t matter a jot to your buyers.
So let’s look at 5 methods of actually creating a product that you can get to market quickly.
1. Create An eBook Based On Existing Posts
I’ve talked about the Outline And Bundle method of eBook creation here on One Spoon before – if you already have 20 or 30 posts on your website you’ll probably find that you’ve got the basis of an eBook by bundling them together.
You might think that no one will want to buy an eBook based on posts that are freely available on your blog – but that’s ignoring the convenience factor of having those posts together in one file. If you can add extra value by including elements like extra posts, checklists, three common mistakes, etc then suddenly you’ve created a package that has value to potential buyers.
You can also use that package to generate new visitors to your website by uploading it to eBook platforms like Kindle, Nook and Smashwords.
You can bundle those posts together in Word or Adobe InDesign. Or there is a WordPress plug in called Anthologize that allows you to create an eBook directly from your posts in your dashboard.
2. Create A ‘Report Style’ eBook
A ‘report style eBook is simply a short eBook – maybe 10 to 15 pages – that gives the buyer a step by solution to a problem.
To put that in context, 15 pages equates to approximately 4500 words. If you really had to you could create the first draft of that in one day. So if you allowed one day for writing, and one day for editing and presentation, you could create a report.
Now you mustn’t make the mistake of thinking that a short report has no value for anyone. One of the advantages of quick products is that they take the overwhelm factor away for most buyers. Given a choice of reading 300 pages or 15 pages, the 15-page option is something buyers can consume download and read in the next 10 to 15 minutes.
And if you’ve included a checklist system, they can start taking action and get results. That’s incredibly powerful – so don’t underestimate it.
3. Create A Webinar
As I outlined in my post about the Three Prong system, creating a Webinar is a great way of creating a product quickly.
The prep for the Webinar itself should only take a few hours – you outline your Webinar and then prepare your slides. And then when you host your Webinar that’s the ‘training’ prong of the three-prong system.
The leverage comes from making sure that you record that Webinar – and then you can sell that as a standalone product on your website. Extra value in the form of transcripts and checklists can also make training Webinars more attractive to potential buyers.
Plus now that we’re in the Kindle Age, Webinars now have higher perceived value than eBooks. You have to work hard to get people to pay over $30 for an eBook – but you could sell a one-hour Webinar for anything up to $50 without too many people raising an eyebrow.
4. Create A Video Tutorial Series
If your step-by-step solution to the problem you’re addressing is more visual – or is better demonstrated via video tuition – then you can create a series of short videos that illustrate your step-by-step solution.
As with Webinars, video has a higher perceived value than eBooks, so again this could be sold at a higher price point than an eBook. My advice would be to create the video series from an eBook – and then use the eBook as a bonus in the selling process.
That way people can watch the video series – and then use the eBook as a quick way to review the material without watching the videos again.
5. Interview An Expert
The final method of quick product creation is to interview an expert on a particular topic and then create a product from that interview.
Finding an expert to take part is more difficult – you effectively have to either have a relationship with said expert, or create an offer that the expert finds compelling enough to agree to take part.
However, it can be done. And a 60 minute interview by an acknowledge expert in your field will provide a valuable product to your target market. Remember to focus on a particular topic though – and to really add value to a quick interview product you can get a transcript done for $50-75. Don’t forget to create a checklist too – having a series of steps mapped out for buyers really helps them implement the material.
If you run an online business, you really need to both understand and implement the Three Prong System into your business. Creating leverage is absolutely vital if your online business is going to grow and prosper.
Creating quick products is a great way to start the leverage creation process. Plus it changes the perception of new visitors to your website – no longer are you just a ‘blogger.’ Now you are an online business that uses a blog as a marketing tool.
In today’s post I showed you 5 ways of creating quick products.
- (i) Create an eBook based on existing posts
- (ii) Create a report style eBook
- (iii) Create a Webinar
- (iv) Create a video tutorial series
- (v) Interview an expert
My final piece of advice is to remind you that the best topics for quick products are specific step-by-step solutions to problems encountered by your target market. Providing an easy to follow solution empowers your buyers – and makes them more likely to become repeat buyers (which is something I’ll talk about when we talk about Product Sequences on Thursday).
Have you ever created a ‘quick’ product? If so, please share your experiences here. How long did it take to create? What format did you put it in? And what results did you see? If you’ve got any other questions, please fire away below!