The 6 CRUCIAL Keys to Blockbuster Success
It would be sooooo nice if we could make our audio products materialize & sell like crazy simply by thinking about them. And once I've figured out a way to make that happen, you all will be the fi...
Here are six simple steps to maximize the chances of creating a runaway success!
1. The Tiered Marketing Approach:
Tiered Marketing means you develop products at different price points so everyone, no matter what their budget, can buy something you've produced. Customers might not have alot of money now. But your lower priced products can develop the trust necessary for when they do. Tiered Marketing helps you to create product for your big ticket purchasers, AND develop relationships with those who WILL BECOME big ticket purchasers. Your products should not only bring in revenue, but nurture long-term client relationships. Remember: customers may buy only once. But your raving fans will buy again, and again, and . . .
2. Never Forget The Lifetime Value of Your ClientsTaking a good look at what your best customers will spend with you over a lifetime can be an eye opener. Even entrepreneurs with modest fees and affordable products are looking at a potential lifetime value well into five figures when looking at their best customers.
Because your best customers will not only buy everything you produce (because they’re getting so much value!), but will refer others who will do the same.
That's why its so important to create powerful products that deliver results, and insure a maximum number of these ideal, lifetime clients.
Looking at what you WANT each of your clients/customers to spend over the life of your relationship is crucial to developing products that fill that need. And reverse engineering your products -- starting with what you want your products to achieve and creating products to meet those goals -- can lead to incredible ideas and create many unexpected opportunities. Helpful hint: When figuring this lifetime value, work with a 'realistic' figure, AND a 'shoot the moon' figure. The ‘down-to-earth’ figure will spur you on because, chances are, it will be higher than you expect. And the ‘shoot-the-moon’ figure will encourage you to stretch and create the kinds of products you normally wouldn’t attempt.
3. Set Clear, Specific Revenue Goals for Each ProductAsk not what you can do for your audio products -- Ask what your audio products can do for you! Looking closely at the goals you have for each product can profoundly influence the form and content of the product itself. It may be more clients. It may be encouraging meeting planners to book you for speaking engagements. It may be passive revenue.
By looking at the end result that makes the audio worth producing, we can then ask:
What is necessary in order to create that result? (Increase my mailing list? Develop a joint venture with a powerful partner?)What steps will you need to take to make that happen?Is there a specific format for the product (teleseminar, CD, downloadable MP3) that will make achieving that result easier?What topics will the product need to cover and what questions will it need to answer to create enough value to achieve your results?By looking at these crucial questions, we can create a powerful buzz, almost a gravitational force around our product that will compel customers to buy. However, this won’t magically “just happen”. But you can maximize the chances it will happen by asking these powerful questions before you begin.
4. Look at How Revenue Will Change Over Time for Each ProductWill your products still be selling in one year? In two years? In five years? Realizing that your products can still be selling TEN YEARS down the road can significantly influence their form and content. It can help you decide on which products to create. It can help you create a powerful mix of products, some that are highly topical, and others that are timeless.
When you look at your products in this way, you can develop products that leverage the best of both worlds: Red-hot products tied to current trends or technology, and 'evergreen' products based on principles that offer value now and years into the future.
5. Set Priorities -- Decide Which Product to Produce FirstIf you’re like me, you have no shortage of ideas for what to produce. In fact, many entrepreneurs suffer from ‘idea addiction’: they get a rush from the excitement of generating ideas, but have a problem taking it further. The problem is a lack of priorities. Once you’ve come up with a lot of ideas, you then need to decide which of those ideas will best help fulfill your goals, for your business and your life.
The hardest step for most beginning product creators is deciding on what to create FIRST. They know what their mega-empire will look like in 5 years. But that dream is where it ends.
So make a choice. Select the product you want to create NEXT, and then commit to completing it, regardless of all the appealing ideas that will arise to try and steal your time and attention.
If choosing one is like fingernails on a chalkboard for you, then look at a one-year product timeline, and the two to three products you will create during that period.
Having the guts to defer or let incubate some of the ideas you have can free up the time and resources to make the products you do create a success.
It sounds obvious - but you can't create passive revenue without first creating products. Free yourself by prioritizing and focusing your energies on taking your highest impact products from dream to reality now.
6. Don't Shoot the Arrow Until You Know What You're Shooting ForONLY when you know what you want your products to do for your business, and fleshed out goals and a rough 'business plan' for them, should you start connecting the dots with strategies for creation, target dates, equipment budgets, and matching your recording technique with each product.
Most folks start with the product itself as the goal. So they do a great job producing the product, which then bombs because they didn't put any thought into what the product WAS FOR: their desired purpose, and effect the product has both on their own business and for their clients. If we were all independently wealthy, we might create products simply for fun. And creating products SHOULD be fun! However, fun doesn’t always pay the bills! So remember your products always serve your goals and your strategy, not vice versa. By following these six powerful steps, you ensure the products you make hit home with those who are looking for exactly what you have to offer. And that adds up to blockbuster success for both you and your clients.
copyright (c) 2005 by Robert Schultz. All rights reserved.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Rob Schultz, the creator of the Audacious Audio Success System, mentors cutting edge entrepreneurs to catapult their profits with their own affordably produced audio and information products.Receive your free “5 Audacious Avenues to Blockbuster Audio Profits” special report, packed with crucial keys to getting started at: http://www.audaciousaudio.com
You are welcome to reproduce this article, as long as it remains complete and unaltered, and includes the resource box above.