Hey there! Alyson Lex here, and I'm excited to share some insights on how service-based businesses can create a digital product to scale their operations. If you're ready to take your business to the next level, keep reading!
Overcoming Barriers in Earning What You Deserve
Money mindset is a topic that often comes up in the business world. Sometimes, we face fears and insecurities when it comes to charging what we're worth. To overcome this, I recommend reading “Overcoming Underearning” by Barbara Huson (formerly Barbara Stanny). This book offers valuable resources and strategies for conquering money fears and earning the income you deserve.
One of the first steps in creating a digital product is determining the price for your courses. The psychology behind pricing can be complex, but it's important to find a sweet spot that provides value to your customers while ensuring profitability for your business. Consider the transformation your course offers and the level of investment required from your customers.
Identifying Product Ideas and Selling the Transformation
To create a successful digital product, you need to identify product ideas that resonate with your target audience. What problem or transformation can you offer through your course? Focus on the value your customers will gain, and align your product with their goals and aspirations.
However, remember not to oversell and fail to deliver on your promises. Building long-term customer relationships requires trust and credibility. Set realistic expectations and ensure your course delivers the transformation you've promised.
My Journey to Creating Digital Products
Before diving into the nitty-gritty of product creation, let me share a bit about my journey. Growing up, I always had a passion for teaching. However, a serendipitous experience led me to take a continuing education class instead of pursuing a teaching degree. This experience opened my eyes to the world of marketing, and I soon discovered my true passion.
I started my professional career as an administrative assistant at Glaser Kennedy, but my passion for marketing led me to climb the ladder quickly. Within three years, I transitioned from an assistant to a marketing manager and then to a marketing director. While I enjoyed my time there, I eventually decided to venture into freelance work.
Starting my business wasn't without its challenges, though. Financial struggles and job layoffs made me rethink my career path. However, in 2012, I took the leap and started my own business. It wasn't an easy journey, but with perseverance and the right strategies, I'm now enjoying success with clients and podcasts.
Building Traffic and Launching Your Product
As a service-based business, you may wonder how to attract traffic and visibility to your digital product.
There are two main avenues for this:
- Paying for advertising, such as Facebook ads or paid stages,
- Or working for it through organic promotion and audience growth.
When it comes to launching your product, preparation is key. Build an audience and create buzz well in advance. Consider hosting webinars and promoting them for 9-10 days. Use webinars as a platform to sell your course, and repeat the process until your program starts. Alternatively, you can use a webinar-sales call approach to sell your program.
In marketing, multiple touchpoints are vital for attracting and retaining customers. It's essential to build relationships with your audience and stay engaged with them. Remember, your existing clients are often easier to sell to than finding new ones. Focus on keeping them coming back for more.
The Value of Templates and Custom Copy
To cater to potential customers who might not be ready to invest in your premium packages, consider developing a template system. Templates provide a more accessible entry point, allowing clients to experience your expertise without committing to higher investments. However, custom copy and services will always hold a higher perceived value. Cater to the needs of your target audience and offer various levels of engagement.
The Balancing Act: Self-Promotion and Client Work
Running a service-based business can be time-consuming, making it challenging to find the time and energy for self-promotion. However, promoting yourself is crucial for attracting clients and generating leads. Explore opportunities to appear on podcasts, be active in groups, and engage in other forms of self-promotion. Even after launching a digital product, self-promotion efforts can continue to bring in clients.
Webinars can be a powerful tool for attracting clients and promoting your product or service. By providing valuable content during your webinars, you can generate sales calls and sell both your course and your “done for you” services. This approach allows you to leverage your expertise while expanding your clientele.
To scale your business further, consider systemizing your process and creating a group coaching program or a do-it-yourself (DIY) product. By teaching clients through videos and providing resources for each step, you create a scalable system that offers value while saving you time. Chunk the process into different levels of engagement and investment, allowing customers to choose the right fit for their needs.
The Power of Bonuses and the Bonus Sandwich
Bonuses can be a game-changer when offering digital products. Strategically position them between the course content to enhance the learning experience for your customers. Use bonuses to help clients prepare for the course and ensure their success afterward. Tailor bonuses to meet specific customer needs, and don't forget to align their value with the overall price of your program.
Creating a digital product for your service-based business opens up numerous opportunities for growth and scalability. By pricing your courses effectively, delivering on your promises, and balancing client work with product creation, you can take your business to new heights. Remember to focus on the transformation you offer and build long-term relationships with your clients.
I hope these insights have sparked your creativity and motivated you to explore the potential of creating a digital product for your service-based business. Keep persevering, and success will come your way!
If you want to talk about how we can leverage digital products in your business… let’s chat. We’ll brainstorm, come up with some ideas, and I’ll share how I can help you make it happen.