Step 3 (pt. 1): Creating Your Products: Introduction
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Avish: Fred, now that we’ve laid some groundwork, let’s talk about actually creating the products.
Avish: And before we get started there’s a few key points; I know we’re doing to talk about a variety of products and one of the things that intimidates people when it comes to creating products, is they feel they need to run out and buy high-end, expensive equipment and it’s going to get very pricey very quickly. So is that true?
Fred: Well, you know, at some point they may want to do that. But when you’re first getting started, my feeling is, let’s start to make some money before we start spending a whole lot of money. So, my feeling is, don’t start to blow your cash on fancy equipment until you’ve made some cash with the basic equipment you have in your arsenal right now.
Avish: And that basic equipment will be good enough to make products that people perceive as being worth the money?
Fred: Yeah. And to be honest, again, I use a line here that I use a lot, which is people will always forgive poor production quality, they will never forgive poor content. So chances are if you own a computer and again, I’m going to recommend, and be the Mac snob here, if you’ve got a Mac and you have access to tools like what I’m using right now to record this, GarageBand, IMovie, Pages for page layout and for text, you don’t need anything more. You can get going just with those tools.
Avish: Okay. And when it comes to these tools, some people listening I’m sure will have a preferred type of product in mind already. Like, well I just want to make audios, or I just want to do books; but, you actually believe there’s multiple formats and you’re suggesting that we consider all of them. Why is that?
Fred: Well yeah. You shouldn’t go into it thinking about, well, I’m going to do a book, or I’m going to do a video or an audio. Your question should be: How can I really get the customers who are going to buy this program, to get the maximum value and gain the greatest understanding of how to do whatever it is I’m trying to teach them?
Now in some cases, you know it will make absolutely no sense to do a book. For example, if we were doing a book on—and this is why it always amazes me—books on golf are out there but when you have books on golf, most of them have, they’re filled with pictures; because, really the best medium to explain to someone how to swing a golf club, is going to be with a video. So you have to ask yourself which medium makes the most sense and which medium will help the person who buys the product the most.
Avish: Okay. It doesn’t necessarily really matter what you prefer, it’s what’s going to convey the message the best.
Fred: Yeah, exactly. Don’t think in terms of what your own needs are, think in terms of your customer and what they would most need and would be most useful and beneficial to them.
Avish: Okay, and what about customers and this whole ‘modalities of learning’ thing?
Fred: Well, that’s pretty key, which is that there are people, and again, I think I’ve told this story before. And what happens is, when you ask a group of hundred people in a room that you’re training, how would they most prefer to learn the information that you have to deliver, in most cases, I see a fairly even distribution among all the four different modalities of learning. Which is, some people most prefer to learn using the written word; they like to read. Other people, like myself, I most prefer to learn using audio. I like to listen to audio materials to learn. That’s my preferred method, my most preferred method. Still other people like to learn by watching videos and still others like to learn through experiential events: seminars, workshops, things like that.
Now that doesn’t mean that people won’t go or use these other mediums of learning, it just means that some people have a preferred method of learning. So that when you start to produce products, those products which lend themselves to multiple different modalities of learning should be produced using those different multiple modalities. However, some things will only lend themselves to one. But the idea here is to understand that you have all these different modalities of learning and you should decide what’s best for people, but also understand that some people have a preferred method of learning and you should make sure and produce some products at least that cover those.
Avish: Well, it’s interesting, just to make sure we’re clear. The way you’re talking about it, it sounds like you’re talking about creating a lot of products and not just using a system to create one product and make a lot of money off of that.
Fred: That’s a really good point, which is that again, in order to make a living, a good living as an information marketer, you really shouldn’t be thinking about a single product. Your money will come from creating a line of products that extend both into the different modalities that we’ve talked about just now, but also to the different price points, starting with relatively inexpensive, say under twenty dollar products, all the way up to multi-thousand dollar products if it makes sense.
Avish: Okay, and so what you’re talking about there is something that you refer to as the funnel system. I know this is a big cornerstone of what you talk about, so could you explain to us what the funnel system is all about?
Fred: Well the funnel system is all about the following. You know you get people to sort of come into your funnel, by that I mean, you somehow give them an offer, usually for something for free, in which they get on to your list. Then after they get on to your list with that free product that you gave them, you then send them a series of auto-responder messages, trying to seduce those people into buying something from you, however small. And it’s usually something relatively inexpensive.
So now once they buy something inexpensive, then what you do is you migrate them up or down, depending on which way you look at it. Down the funnel system to the higher and higher price point products.
So the whole idea of this is that this is a process: getting people into your list with something very attractive, usually for free, a digital product. And then sequentially and automatically, using auto-responders and a program called Web Marketing Magic, get them to buy or give them offers for various different kinds of products, using different modalities, at different price points going anywhere from under twenty bucks, all the way to over a thousand dollars.
Avish: Okay, so that’s what you’re saying, we need to create a lot of products, because you need to hit a lot of different price points?
Fred: Yeah, you need to both hit a lot of different price points, but you also need to hit a lot of different modalities of learning. So you’re going to both create products that are varying in terms of their price, but also different modalities so you will be targeting people with—different people have their different preferred methods, so we’re going to try and get to all of those.
Avish: Okay, sounds good.