Product Licensing and the Authentic vs. Inauthentic Self
Licensing Your Products
A couple of days ago I made an offer to my list. The offer gave people the option to buy the products at retail or for an extra $20, they could also have the non-exclusive license to one of my products.
The breakdown of sales is running about 50-50.
The offer ends on Wednesday and I’ll tell you the results next time.
Here’s what I’ve learned that you can copy me on. If you’ve got a class/seminar/event that you do repeatedly, consider licensing the audio version to others.
I do not license some of my MOST recent and most popular events. I DO license some of the older or less popular items. Heck, I even do it with some of the more popular stuff I produce.
WHY? Primarily because I take the LONG view of business. If you want to make the MOST money right now, this is not what you want to do.
Another example is with www.WebMarketingMagic.com
Others who own the license to the sofware try to get people to sign up for the year in advance. I don’t. I try and get people to sign up for the MONTHLY program.
Why? You’ll make MORE money over the LONG haul.
I’ve seen this myself, but the proof comes from the article I read my a guy named Gupta in the Harvard Business Review. You can go online and download the article if you like. It’s about 3 years old at this point.
The article was titled ‘Pricing and Consumption’. The concept was that if you have the choice to get people to pay for something up front versus getting someone to sign up for the monthly program, you’ll make MORE money LONG term getting them into the monthly deal.
They gave the example of a health club. Their data proved that if you got people to sign up for the monthly billing you would make MORE money that if you got them to sign up for the one-shot, pay for the whole year now approach.
This was true provided you get people to USE the product or service you pitch them on.
So, if people sign up for WebMarketingMagic.com and actually start USING it, like most of them do, I’ll make more money by getting them into the monthly program, not by getting them to pay for the whole year upfront.
The example of the health club used the $50 a month versus $600 for the whole year pricing numbers.
So back to licensing.
I license my products because I take the LONG view. I have bounceback offers for all types of products and services laced all through my products. It’s not a sales pitch, it’s just that I have to use examples of things that I use myself.
Naturally, I promote my own products and services. Nothing wrong with this as long as the amount of content you provide doesn’t suffer. Never been accused of that.
So I charged an additional $20 to add on a license to sell one of my more recent info products events. Could I have sold this event on it’s own. Yes. Made more money up front just selling the program and NOT the license?
So why do it this way? Over the long run, I’ll make more money from all the bouncebacks contained in the product.
If you’re going to be around for a while, take the LONG view. It will also help you at tax time. Make money later rather than now. Defer your income and all that good stuff.
Authentic vs. Inauthentic Self
I just saw Jim McGreevey, the former governor of NJ on Oprah the other day. He’s promoting his new book called ‘The Confession’. In case you don’t remember, he’s the guy that revealed he was gay just before a story about him was about to break. He ended up resigning.
Without any comment on his sexual preferences, he brought up a very good concept. That of the authentic self. He said it was very difficult to operate as a human being not being completely honest.
Isn’t that true!
I think that for those of us who create, market and sell information in one way or the other, this is critically important to understand.
When you aren’t being authentic, it comes across. In your copy, in your presentations, in your phone calls, in virtually everything that you do or say.
It’s tough to be a phoney. It takes work and it feels bad.
I also don’t think it WORKS nearly as well.
I’m not a perfect person and I have my own quirks and eccentricities. The only thing I fight against every day is making sure that what I’m doing and what I’m saying to anyone (including myself) is REAL.
If I make less money, that’s OK. If I piss a few people off, so be it. If I miss an opportunity . . . oh well?!?
I was just in Tampa, Phoenix and Utah (speaking to NSA groups) over the past few weeks. Had a great time in all. Public thanks to those of you who were helpful in those places.
Movies To See
If you haven’t seen Little Miss Sunshine, go see it NOW! It’s not just a good film, it’s a GREAT film. Well written script that is very well acted and it’s NOT your standard Hollywood fare. Take my word for it, go see it.
How do I decide on which movie to see. Simple. I go to www.RottenTomatoes.com. I click on Movies then I click on Box Office. When it gives me the Box office numbers I then sort by the Tomato Meter.
Also saw the Illusionist and liked it a lot. All the King’s Men was a disappointment and apparently the critics agreed.
On a lighter note I saw Jackass2. I was thoroughly entertained. To say that I enjoyed this movie is like admitting that I read AND will occasionally purchase the National Enquirer at the front of a grocery store. YES, I do that.
My Definition of Success?
Being able to do exactly what you want every single day of the year.
The term that annoys the crap out of me more than most is ‘REPURPOSING’. Some people who think they know how to make products use this term incessantly. They coach people to take their book and turn it into 8 or 100 different forms but basically give people the same stuff.
Absurd AND ridiculous!
Let’s imagine that someone just bought your book. They liked it and decide to buy your audio program. They think they are getting something different. BUT, because you have listened to some moron who says all you need to do to create products is RE-Purpose, you give them basically the same stuff.
What will they do? I hope they ask for a refund from you. As a minimum they won’t buy from you again. So, how does that make you feel about the concept?
I want people to buy everything I’ve got AND be 100% delighted with all of it. This won’t happen if you follow this very bad advice.
Your goal is to never have one product overlap with another more than 20%. People will tolerate some overlap but not much more than that.
Follow this suggestion and your chances of having customers who buy more from you is much increased.
YES, you will have to work a little harder to come up with NEW ideas and concepts for new products. BUT, it will be well worth it.
The ROAR of the CROWD
I grew up hoping to play golf for a living. I was pretty good for the Philippines, but I was deluded to think I could play golf here in the ‘States.’
On the 18th hole of a tournament I hit a great 3rd shot on a par five to about 2 1/2 feet from the hole. Nobody clapped. I missed the putt.
Looking back on how I’ve reacted to things in life, this shows me a lot. I like the ROAR of the CROWD. There’s only one problem . . . sometimes you don’t get it. In this particular case I think they weren’t real happy that an American kid was going to win the Philippine Junior Amateur Championship.
I go through life fighting this urge. Now I do it less and less frequently, but it still happens. I put on a seminar that I KNOW is exceptionally good and not as many people sign up as someone whose material I KNOW is substandard compared to mine.
It used to get me angry. Not nearly as much anymore. I just had an email exchange with a VERY well known internet marketing guy. You would know him.
I told him that I felt a little uncomfortable promoting his latest product because of the amount of HYPE that he uses in all of his promotions. He responded that his stuff is less hypey than some and that it’s good. Possibly true.
I no longer want to ‘play’ in that world. I just want to give people the straight scoop. Give them great hardcore info WITHOUT the hype. Will I sell less than the other guys? Probably. Will that piss me off a little bit? Probably yes again.
But, I will sleep better at night knowing that I have not misrepresented, in the least, anything that I do. Also, I will receive less applause when I hit a great shot. I know that but now, being older, I’m less apt to miss the putt.
Because it’s no longer the reason why I do things.
Have you been reading some of the over the top HYPEY BS that some of these folks are sending out? They think this is good copy. I disagree.
Here’s my thinking. They send out a hyped up piece of copy to their own list and a stable of JV partners who have heard from them before and know their name. They get pretty darn good response rates. They then assume they are writing effective copy. They even teach their methods to others.
I don’t know if we can deduce that they are writing the best copy possible. Might it be true that people know and like them already and regardless of whether the copy works for them they would still buy?
I’d like to see them run this copy by people who have never seen their name before. I’ll bet the response rates would be very different.
You don’t talk to your family the same way you talk to strangers. Nobody does. Neither should you. When you speak directly to people on your list, they generally know who you are. You can be more direct. You can be more yourself. I have a hard time doing anything but this.
People/Products I Recommend:
http://www.FredSentMe.com (go there for a full collection)
Copywriting: Sabrina Brick
http://www.SabrinaBrick.com (be patient, booked solid
due to my mentioning her)
Website Hosting: Stanley Dumanig (My webmaster)
$49/month for UNLIMITED number of Domains
Duplication/Fulfillment: Bret Ridgeway
Bret will duplicate and fulfill any/all your products
Video/Audio Recording (Inexpensive): Johann Castro
videovegas (at) hotmail (dot) com