Agenda – Day one How to choose a topic Structured process for building products Designing your product Building audio products How to run an event

Agenda – Day two Building text products Building video products Finishing and producing products Other quick ways to build products

Market first

Criteria to choose a market Potential customers are hungry for information about the topic (cure, not prevention) You have an “inch-wide, mile-deep” niche rather than a general topic The market is large enough for the maths to work (depends on conversion rate and price)

Criteria to choose a market Potential customers are willing and able to spend money on the topic online There is a unique story or hook You are able to differentiate from the competition You are able to differentiate from the free information available

Criteria to choose a market Market is easy to find (you know where they hang out) There are existing databases of your clients that you can access Low advertising costs Market is not highly regulated Risk of litigation in the market is low

Criteria to choose a market Easy for you to find or outsource content You’re interested in the topic

Once you’ve identified the topic, test it with a survey site or pre-sale.

Using a project planning and management process to build products

Key concepts: Build a product that’s outstanding from the competitors. Build a product that exactly meets market needs. Use a structured process to build a great quality product quickly and easily, with minimum re-work.

Project management steps: Design Plan Implement Complete and evaluate

Step one – Design: Now – what already exists? Where – what will meet the customers’ needs? What are the goals? How – what will we build?

“Now” questions: Who are the customers? What are their needs, wants, fears and frustrations? Who are the competitors? What else is being sold in the market, and for what price? What free information is available?

“Now” questions: What is your story or hook that makes you stand out from the competitors? What is your level of expertise in the topic? Do you need input from other experts in the topic area? Who are the other experts in the topic area that you could approach?

“Now” questions: What are your customers’ preferred learning styles? How much time do you have available to build and deliver products? What is your budget for building products?

“Where” questions: If you were a customer and you had a magic wand what product(s) would you create to exactly address your needs, wants, fears and frustrations? What is your income goal from this product?

How process: List all the possible components of the product based on the “Now” and “Where” analyses. Choose the best components using the impact / ease grid. Ensure it is overwhelming value.

How process: Decide on the price point and ensure that the maths works (price should be 4-10 times cost). Identify the sources of information for each component. Decide what upsells or embedded offers you’ll include.

How process: Decide what delivery methods you’ll use. Prepare a high level action plan (6-8 steps) and decide on the overall timeframe.

Step 2 - Plan: Prepare a more detailed action plan, with defined outcomes, timeframes, responsibilities, and costs. Base this action plan on the high level action plan prepared in the previous step. Take each of the 6-8 steps of the high level action plan and break them down in to manageable, bite sized actions.

Step 2 - Plan: Start each action with an imperative verb (eg develop, transcribe, record). Ensure each action has a well defined, measurable result (eg “find 7 experts in non- competing areas willing to provide 45 minute audio interviews on xyz topic” rather than “find experts”). Modify if needed, to meet time and budget requirements.

Step 3 - Implement: Carry out actions as written in the planning stage. Monitor that standards, time and cost are being met. If time and cost are not being met, adjust as needed.

Step 4 – Complete and evaluate: Finalise all steps. Compare the quality of the product, time taken and cost with what was originally planned. Send copies of finished products to contributors. Provide feedback to suppliers (eg graphics, fulfillment).

Exercise: Design your product

Building products

Product formats: Text Audio Video

Advantages of text: easy to produce easy for people to download low tech Disadvantages of text: can be time consuming to prepare can look bland or be perceived as lower value

Advantages of audio: quick to make equipment / software is simple and cheap Disadvantages of audio: can be hard to get quality just right clients may not be able to access it so need to provide support

Advantages of video: relays your message in an easy-to-learn way can look impressive high perceived value can use the video to produce audio and text once it’s set up you can produce large amounts of content quickly (eg event)

Disadvantages of video: can be expensive can be a hassle and time consuming to set up at the start requires some specialist knowledge post-shoot editing can be time consuming requires more equipment harder to deliver due to file size, so may need more customer support

Building audio products

Types of audio products: Record yourself talking about a topic Read out your text material, or get voice over artist Interview experts Run teleseminars

Methods and equipment to record audio: Digital recorders Acoustica TRX recorder Skype

Editing audio: Acoustica Adding royalty free music:

Key performance indicators for membership sites

Weekly KPIs: Total number of paying members Eclass topic Key marketing strategies being implemented

Monthly KPIs: Number of new members this month Conversion rate (paid list / free list) Opt in rate (# names and s / # visitors to landing page) Number of unsubscribes and any trends

KPIs per campaign: Campaign strategy Number of new members Conversion rate Stick rate (unsubscribes and refunds / # new members)

Key performance indicators for ebooks: See eclass #15

Interviewing experts

How to run events

Building text products

Types of text products: Write it yourself Get a free-lance writer Use Debbie Dragon Transcribe your audio or video

Tips for writing the product yourself: Tip 1: Do your research Tip 2: Use a “top down” approach Tip 3: Write the way you talk Tip 4: Use active language Tip 5: Use lists and bullets Tip 6: Make it clear and simple Tip 7: Format headings and text

Getting a freelance writer: Rentacoder, elance, guru and helium Example of specifications Tips for getting the most out of your rentacoder

If you haven’t joined but would like to:

Building video products

Types of video products: Video yourself talking to camera Video experts Run an event

Tips for building video products: Methods and equipment to record video Editing video Outsourcing Camtasia of powerpoint

Finishing and producing the product: Graphics Fulfillment Things you can do to protect your IP / stop people sharing the product

Fulfilment: Clem Kelly Action AV Ph

Other quick, creative ways to build product or add value with bonuses

Certificates and vouchers Existing knowledge (eg rolodex) Public domain Private label rights Sell access to your list Private label your products Include other people’s products as bonuses, eg MTB tickets in our pack