TRS 02 – 10 Things To Know Before You Launch Your Digital Product

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Host: Richard Chancy

What You Will Learn

  • How to define your audience
  • About solving a “top of mind” problem
  • Real marketing
  • How to build your email list now
  • The Power of Automation
  • About building Scaleable Systems
  • About selling yourself first
  • Why to make friends in the same space
  • Why build from revenue (not from savings or loans)



Infusionsoft – automate your small business sales and marketing

BELAY – Find Your Virtual Team Now


The One Thing – This one is a game changer. Get super focused on reaching your dreams


MailChimp – email automation

Aweber – affordable and easy to use email marketing and autoresponder tools


Don't forget to register for my Free Membership site.  Click Here to get access now!  We’re constantly adding new content.  One thing you’ll want to check out right away is the training I did on “Overcoming Your Limiting Beliefs”.  if there’s a gap between where you are and where you want to be, I think you’ll find some answers there.

On the next training I’m going to blow your mind about how you can sell a whole lot more in a fraction of the time by leveraging a virtual team.


Transcript +

[00:00:00] The reps show where it's all about building revolutionary information Ronak so you can work smarter and scale your business faster and now your host. Richard Chancey.

[00:00:12] Hey this is Richard. Welcome back to session to today I've got a special treat for you. I'm going to dive in and air out all my dirty laundry with you.

[00:00:19] I'm going to talk to you about 10 Things I Wish I'd Known Before I took my sales funnel online which means before I developed my first information product built my first membership site. What do I. Looking back. Wish I had known and what cannot tell you as you begin this journey. Or maybe you're already on the journey and there are some common things that we've dealt with that you really didn't know or take the time to kind of learn from. And I want to dive into those today so just so you know I've spent my whole career in sales and I lived by what I call the Lions Creed which is in a world of selling there are lions and gazelles and no matter which one you are. You better wake up every day and hit the ground running. My first job was selling shampoo to salons. I've sold investments for discount stock brokers all the way up to Salomon Smith Barney where I transitioned into selling managed assets and manage money. So leadership development programs for an author name John Maxwell work there for several years and then I finished up my consulting career consulting with churches on construction projects selling projects at a minimum that were $2 million and a maximum of $10 million. And here's what I know. I talked a little bit about my job in the first session. This is what I absolutely knew when I left my job. Two things for sure. I wanted to build something that would be my own.

[00:01:37] As I mentioned I changed jobs a lot and I just kind of looked at my wife one day and said hey we know this is who I am and if we know that I'm going to constantly be changing it probably makes sense for me to take a step back from it and build something so that when I do go through another change or transition at least there's a business that will be an asset that we can sell or hire somebody else to run whatever that is. Ironically I'm in that season now kind of transitioning from one thing selling digital products and the space only to selling digital products in that space as well as helping other people create their information products. The second thing I knew is I didn't want everyday to be a good run. And what I've learned about that over time has been really profound and it's affected me deeply and you're going to see that vein or that thought process run all through this that struggle to create work that compounds on itself where when I'm working tomorrow the thing that I worked on today is still working when I'm working tomorrow on something else. So with that being said I'm going to jump right in to the things that I wish I'd known. Now the first one is pretty obvious but you need to know it. And it's this when you decide to take this path when you decide to start something of your own whether you're doing that inside or outside of your existing company it's going to be hard. OK and if it's not hard you're doing it wrong. OK it's going to be difficult. There's a grind. There are a lot of questions that nobody has the answers to.

[00:03:02] You've got to go out and find them. And it's hard because it is hard to do that now. I don't want that to be discouraging. I want to actually use it as an encouragement for you because here's the bottom line. The people that you're going to sell against that you're going to compete against most of them will not do the hard work. They want to do the hard work they're going to listen to a ton of podcasts and they're going to buy resources and they're going to read books and they're never going to take action. The hardest part of this is putting yourself out there taking your thoughts and turning those thoughts into digital products that you can either sell or digital products that you can use to sell your other digital products. OK. Three years ago four years ago when I left my job I was doing consulting and I thought that's the kind of business that I was going to build. I talked about this in-session once I won't rehash the whole thing. Here's what you need to know. In the middle of the night three o'clock when I am I've got my head in the toilet and I am puking from stress to be graphic with you. There was that much stress in my life where I could not figure out what I was doing. I kind of had one hand on this branch holding onto the consulting world in another hand on this branch trying to hang onto this new thing called information products. And I really had to take a moment back and just go Hey what do I really want to do.

[00:04:16] And consulting was never going to produce the kind of lifestyle that I wanted which was making good money but also having my days compound on each other consulting is always a big Yahu when you sell a consulting project and then a big O know when you figure out I've got to go out and deliver this and cannot deliver it. Can I come through on this again. Can I help these people go where they're trying to go. And that's a big deal. Now as I mentioned in the last session we went from about fifteen hundred dollars a month to $20000 a month in sales. As soon as I decided to let go of that consulting branch which was a really difficult thing to do emotionally even some of my identity was tied up in being a consultant and being known in that space for as being the kind of the church construction guy that was a difficult thing to let go of. But I'm so glad that I did because that focus was what allowed me to kind of move to the next level. The next thing I learned is that your audience comes first well in a perfect world you can go out and choose a brand new audience. OK. And you can back into that audience by looking at things like profitability. Are these people spend spending money on what I'm trying to sell. Is there a market for it. Are there other people doing it you need other people to be doing whatever you're doing. Sometimes I think we can go will people already doing that so I don't I don't need to go down that path. Not true.

[00:05:34] If nobody else is doing it there may be a reason for that. OK so not that you want to come out and come to market with exactly what somebody else is doing. You definitely want to put your own personality in your own spin on whatever it is that you're doing. But you want to look for that. There just some key areas that you need to look for with audience we're going to be talking about that later in the season the seven key things you need to look at when you're picking an audience for me. I didn't go through that process. I wish I had known. I wish somebody told me what I'm telling you right now. Start with your audience first get to know them get to know specifically. In fact I did an audio member Avatar two days ago when I was getting ready to shoot these podcasts because I just wasn't clear on who I was speaking to. I wasn't clear on who you are. And that's really important to know who your audience is what keeps them up at night. Name age. You know when I see an avatar I actually name the people. So I come up with a very detailed description of who I'm after so that when I'm doing a podcast or I'm shooting a weapon or or we're writing an e-mail sequence that I feel like I'm sitting across the table from a friend that I'm trying to encourage to take action on whatever it is that I'm trying to get him to take action on. So audience first is really important and you want to make sure that number one that they'll spend money on what you're talking about.

[00:06:49] In my case I didn't do this and so my audience was pastors and church world people OK and the seven qualities I'm going to talk to you about later on this season the church industry didn't didn't meet for those qualities OK. They weren't. I couldn't sell money which basically means they weren't profit minded. So whatever we're selling it's influence and church growth and those kind of things which is a little bit more liquid than if you spend a dollar you can make four dollars. The other thing is they was a complex sale. Now you may choose to a complex sale and there's value in that. But a complex sale means that there's more than one moving part to make a decision. Often meaning you might be selling business to business business to consumer or where you you can sell a digital product to a person that person is going to make that decision by themselves. That is a much simpler process. Oftentimes there's a lot less money involved because people don't make you know if you sell a $2000 digital product you've done something. Whereas a $50000 church construction or a consulting gig was kind of on the low end. So a lot more dollars but a lot more complex sales process and in church world I actually had to build a process to sell the pastor that would allow me to sell his committee directly instead of me selling him and then himself in the committee so it's so important that you are going into your audience eyes wide open now if you're going to develop the skills that we're talking about on this podcast inside your current company.

[00:08:14] Well it's important to know to get really good granular with who your audience is and that may mean actually snitching down into whatever your company is telling you your audience. So you may need to find a niche within a niche. When I worked for Smith Barney my manager who was one of the greatest people I ever worked for came to me one day and said you need to pick a market and focus on. And he said I think that market needs to be printers. This was back in the day when there was a printer a print shop on every corner. Now there's not. But back then he was like These guys are flush with cash. They're good business people. They have simple businesses. And so they can focus on the back inside of their business which is investment and finances and those kinds of things. So that's what I did. I became an expert in in areas related to printing which was not that great. This was even early days of the Internet. I found as much lingo as I could and I talked to these guys and basically did the same thing I did with everything else I go out and say hey do you know about this are you worried about this you should be concerned about this. And so I really got to know that marketplace before I dove in. As I've mentioned before the easiest audience to build and the easiest audience to really speak into is the 1.0 version of your 2.0 self.

[00:09:26] Another way to say that is when I look back on the last couple of years and what I had to learn to get where I am now with my digital business I would have been overwhelmed to realize how much I needed to learn to get there. But looking back I can absolutely help somebody go from 1.0 to 2.0 and skip a lot of the junk that goes along in between because I feel like over that over the last three years three and a half years weve purified what's important in my business. The next thing I learned is this solve the top of my problem. I don't care what you're selling and who you sell it to. You want to go in and you want to be able to sell to the biggest problem that they have that you can solve really it's your product. Many times we come to market with the next best thing. We try to basically create the urgency for what it is that we're doing. If people don't feel the pain of what you're selling it's going to be really difficult to sell them. So you and I both know that there are things that we can teach people that they are not trying to learn but would be really valuable for them to know. Everybody knows that it's you know what you should want to know versus what you want to know. We can get to that point. We can definitely cross-sell and upscale and move people through a process that gets them to a point where hey this is what you really need to know to be able to be successful in whatever areas.

[00:10:44] But you also know that we can dive in and say OK this is what people are really concerned about and I know that in the industry that we're attacking here people are concerned about making the first dollar. How do you go from zero to a dollar. That's a big deal. OK when I go out and I do the market research I'm seeing lingo in language that saying I just I'm just trying to figure out how to get started so we're creating resources around that idea going from zero to $1. And that's a top of my problem now. There's a lot more important things for you to know in my opinion starting in information products business a lot more important things to know because you want to build your infrastructure well in the beginning so that you've got a foundation for scalability. And I can teach you all that up front or I can show you how to make your first dollar. OK. And so many of you are going. Yeah I would like to know how to make my first dollar. That's exactly what I'm talking about. You want to speak into the conversation that's already going on in their head. The next thing I put on here is one next thing I wish I'd known as learn real marketing. Now when I say real marketing I'm talking about being able to spend a dollar and generate four five six dollars in return. OK. Because what you can do that you've got a scalable business now. A lot of people are going to tell you that you need to master SEO you need to figure out you know how to write e-books and do webinars and all that kind of stuff. All of that stuff is important.

[00:12:01] I believe in SE we are practitioners of search engine optimization is what that is writing content putting content on your site on your site. We create transcriptions for all of our videos and put them on there so that we're getting searchable keywords from Google. Challenge is it's very hard to build a business around only that. Now there are a ton of experts out there that say different this is Richard's opinion and you can take it or leave it. If you can't figure out how to spend a dollar and make four or five you're not going to have a faucet for your business that you can turn on and off. OK. And so that makes it really difficult. Now I also am completely aware of the irony of me saying this on a podcast which is largely driving organic drive traffic to our efforts. I get that but the bulk of our business is going to be spending a dollar and making four or five dollars and let me just say this. I want to mention to you one statement from a book that you absolutely need to read as you start this journey it's called The one thing by Gary Keller great book he's one of the founders of Keller Williams realty one of the biggest real estate firms in the world if not the biggest and the one thing statement is this. What's the one thing such being done makes everything else either easier or unnecessary. So what's the one thing such being done makes everything else either easier or unnecessary. And for me that was running a Facebook ad to a web in our optin page it still is.

[00:13:25] OK that's the highest return activity that we can take part in. And we're spending a dollar we spend $120000 over the last two years on Facebook advertising and generated about $1.3 billion in sales. So absolutely worth our time. We're putting a dollar in. We're getting four five six ten dollars out on the back and now some of you may be thinking oh I just want to do that. That's all there is to it. That's actually healthy business. If you're spending 10 to 15 percent of your of your revenue on on marketing and generating business. That's healthy It sounds like we're making boatloads of money but we have to run our business off. You know there's still all the other items that go underneath our PNL that are not profit to drive our business. And again we're doing really well. You know I talked about in last episode that the profitability of a digital product business is incredible so we are doing really well but don't don't let those numbers to overwhelm you. The point is figuring out a way to drive business where you can turn it on and Facebook is absolutely a way that you can do that. Google for some of you is going to be a way that you do that doing E-Class with partners or paid e blast.

[00:14:32] We do that is going to be a way to do that and another way to do that is to just go out and find people that are already in your marketplace and to partner webinars with them that's been really valuable to us right now partner webinars are huge because we don't pay on the front end we pay an affiliate a referral fee on the back end. So you need to learn to do real marketing and my advice to be would be to pick one platform one way of doing it. There's a lot of good ways of doing it. But to pick one of them and become an expert in that way before you try to hand it off to somebody else and there's a ton of ways that you can freelance this stuff and outsource it. But I firmly believe my philosophy is If not know how to do it I can't lead it well and if I can't lead it well I'm going to set bad expectations for everybody and we're all just going to be in conflict. So keep that in mind. The next thing is your email list now. I actually did this pretty well early on because when I was in church construction I said you know I wrote an ebook and started giving it away and then I had one of the big Web sites in our industry that does content aggregation emailed me and said hey can we can we post one of your articles I'd written an article called six things pasters forgot about the rest of us which was highly controversial apparently. And they asked me if they could repost it. Back then I didn't know that that would hurt my N.C.O. and I said sure. But if you're going to repost it then you've got to put a link in there to my ebook.

[00:15:54] Well they did it in within a few weeks I had 7800 people that had downloaded my church construction ebook so I started off well didn't even really know what I was doing didn't have follow up or any of that. But you know over and over over again if you listen to anybody that's an internet business everybody is going to be saying the same thing to you build your email list. Start your e-mail list now even if you don't know what product you're going to sell just start adding value to people. Now there's a bunch of different email service providers out there. We use Infusionsoft as I mentioned earlier. There's MailChimp and then a Weber is one that a lot of bloggers use. I actually started with a Weber and built my list to about twenty five hundred 3000 e-mails before I switched over to Infusionsoft. And the difference between a web or Infusionsoft or MailChimp and using solved or just about anything in Infusionsoft is the logic that's in sadit Infusionsoft. It's hard to explain it Infusionsoft is is like sales force MailChimp and Shopify all rolled into one system and everything talks to each other say you've got your marketing campaigns that talk to your shopping cart so that when somebody buys it triggers what needs to happen in the deliverer and satisfy portion of of your sales process. Everything happens logically if you have people that come into your process that have already bought product B you can send them to nurture campaigns where they're going after product see OK where you're trying to push them so everybody's not getting the same content all the time. There's just a ton of value in that logic. Now I understand that cost is a factor in this. I will tell you this when I switched over it was a giant pain in the butt.

[00:17:32] As we move forward in history and the government gets a lot more serious about spam and the CAN-SPAM laws are in effect. You've got to be really careful about how you bring people onto your list which means don't buy an email list it's not illegal for you to buy any email list it is illegal for you to e-mail an e-mail list not you can e-mail them one off but if you buy 5000 e-mail addresses are you really going to go an e-mail on one off. So a lot of people get creative and they just set up a MailChimp account and they're going to email these people one time and drive them to the real campaign we'll just know that when you do that you're you're in violation of the law. So we want to do this as clean and efficient as possible. And one of the things that is a drawback to that is if you start off with MailChimp or a Weber and down the road you want to convert to Infusionsoft or you know funnels one of these other email service providers. None of those providers want you to upload your list your current list of them because they don't know how you built that list. OK so they're all hesitant now. That doesn't mean that you can't do it. But there definitely is a process that you have to go through.

[00:18:33] And if you have not executed on your list the correct way they will absolutely shut you down from e-mail and the other thing you have to be careful about with that is if you're going to try it you've got a database inside of your phone and you've got like I did I had about eight thousand people in my in my phone when I started this business and I thought well how important is people to start e-mailing them. Number one they've not opted into a list that's not legal and number two. A lot of them are the e-mail addresses were no no good anymore. And if you get a high bounce rate any one of these systems will shut you down. So that's my beware talk. But you absolutely need to go about this building your list. Now if I was going to start right now and I had you know I was doing this on a shoestring which is what I try to do I would start with a Weber just because they have a really easy to use user interface they've got optin forms that you can use. I gave away twenty five hundred versions of that book on church construction use a Weber and it was great they actually have a great affiliate program too and all that kind of stuff. So if I was starting out today that's what I was using if I was serious about going into this business and I knew that hey I'm about to hit the ground running and I'm going to make this happen in one way shape or the other. I would I would use Infusionsoft and you can get more information about Infusionsoft. I just go into my link Richard Chancey dot com slash Infusionsoft which I think is an affiliate link. So check that out if you're interested in Infusionsoft if you have questions about it. Just e-mail us Jesco absolutely kill me for saying that but I love Infusionsoft.

[00:20:03] The last thing I'm going to tell you about your e-mail list is this. Everything gets better when you build an email list so the more people you have on your email the more Bible new ideas or when a new idea comes to you you can really execute on it well quickly if you have a new idea tomorrow and you've got to go Bill and e-mail us well that might be months before you know if it was a good idea or not. So absolutely bill that email list you know now and often and forever make it part of the DNA of who you are as a company. If you're inside of another company and they're not on an e-mail list you know take charge and go out there and get after it. The next thing I wanted to say is keep it simple mentioning Gary Keller in The one thing a second ago just a hammer that point home. The one thing that we felt like it was the most important thing that would make everything else either easier unnecessary was creating webinars and running as many people into that environment as we could and we kept it as simple as possible and if you knew me you would know how hard it is for me to not create new things and go in a million different directions. But for about two years we sold literally one digital product using webinars and we created. We've got 11 webinars now but in the first couple of years we probably had four or five 80 percent of our business came from one that was called six things pastors due to kill church growth.

[00:21:20] And in reality if I was doing it all over again I might create three webinars and spend a whole lot more energy driving people organic and pay traffic into those three webinars I would hit the top three pain points in that market space and just stay after them because you know again 80 percent of our business over the last few years has probably come from that Webvan or and two others that we've done that go really well one that we're running now called Six unbreakable laws of church growth and I'll DOB more into you know our practical practical theology behind how we name our webinars and how we how we go about attacking our marketplace with that content. We'll talk about that more as we move along. The next thing I wish I'd known. Man I wish this had been you know 101 part of school is just the power of automation. So let me let me tell you you know give you a really good story about how automation works I took my car into the shop this week Infiniti dealership because I'm having a problem with a port that I had a problem with last year and paid $2000 to get a fix so I had to take it back in. And they took my car and there's a window. There's like a window that goes into the bay where they work on your car. And so I'm out standing out there and I'm watching and they pull my car and they pull it into the slot in the lift grabs it and starts it up and I'm like man that lift is incredible just the hydraulic method that they used to lift really heavy stuff like that with a push of a button.

[00:22:45] Well automation is like having a hydraulic lift for your business. It will allow you to lift way more than you can lift on your own and that it will allow you to lift things that are impossible for you to lift on your own. OK. As I've mentioned we'll today will run 11 webinars twice so we'll have 22 hours worth of webinars running today and we rotate. Facebook ads that draw people to those Optum pages and then we cycle our invitation sequences to our current email list. We cycle those throughout the year so we give people an opportunity to go in and watch them again. Now our webinars are flow live which means we don't tell people their live but we don't tell them they're not. We try to engage with them. We try to create a sense of urgency and a sense of scarcity around this because we know how human nature works we're just like everybody else if you don't if there's not the idea that this is the one time this is going to be available if you don't get it now you don't get it then a lot of people won't show up. So we wanted to be able to do to do that. Now that idea the idea of leveraging automation moves us right into the next thing I wish I'd known which is from day one to build scalable systems. Let me let me give an example of a nuance that happens with webinars.

[00:23:56] The way we built webinars up front versus the way we do it now when we built them up front we built them with the mindset of we're going to run this Web in or in January of this year and then never use it again. OK so that's not that's not a scalable system. OK that means we use it once it takes a massive amount of effort to pull one of those off there's 11 emails in that sequence. There's products that have to be set up in there and links that have to be created. There's tracking and all that stuff Opt-In pages all that stuff. If you just use it once you get benefit from it. But it's not like if used it over and over again so iteration number two not only would would we build the webinars we would build on we make them evergreen so we don't do seasonal webinars. We're starting to do a few more now because we have so many evergreen webinars that we can afford to do some seasonal stuff but in reality in the beginning you need to have one really good evergreen web or so in iteration number two we create a webinars. We said OK not only are we going to run these to our e-mail lists we're also going to run Facebook ads to these webinars So we're going to run Facebook ads to them forever. You know as long as they're converting now with Facebook you have to switch things up every now and then because they deprecate the ads pretty quickly.

[00:25:04] But the reality was OK now we're building a weapon or we're using it once for our e-mail list but where we might use it for three months and then shut it off for two or three months and then run it again for two or three months and alternate it with another weapon or which makes that system a whole lot more scalable and then an iteration number three we thought OK well we can run we run at 7 or a in January we can run an e-mail sequence to Webvan or be OK and so we can always run. So that when somebody comes into Webvan or a off of Facebook this month next month they're getting an e-mail invitation to web or B OK so we've got them staggered now so that we can offer people webinars every month of the year without overlap and email and all that kind of stuff. And we also make it easy for them to get out of the email sequences as well. But you see what I'm saying. Like building a web in our so that we can reuse the invitation sequences a really difficult thought process to go through because you have to add and remove tags when the things are done not to get too technical on you but the scalable system in that is now we've got webinars that we can use over and over again literally forever. And when we do we go out to one of our partners to do a partner women or now we don't create a new web with them and go through the whole process. We give them a web or an say for you know for every hundred people that you put into this program you're going to sell 5.5 customers that means you're going to make this in revenue. So we can give them a very static number about what they can expect that they promote.

[00:26:27] One of our webinars in that that is really all they have to do is send the e-mails and that will even put our guy in there to set the e-mails up. Do you see how that scalable system is a lot more valuable so as you're moving into this as you're moving into the season where you begin to create your products you start thinking about each one of these product products be in its own little business I call it a micro business. So each product is a micro business and how do you make that micro-business scalable. And if you're going to do that you're marketing for sugar has got to be scalable. The next thing that I know this is one of the things on the list that was one of a thousand things that I would never get to. But but I should have earlier on is to know your numbers near spore numbers that you need to know as you're moving into this process for us. Cindy most of our people to the Web 11 our options we needed to know are click through rates are Opt-In rates are show up rates for the Webvan are in our conversions and sales. Now I've said it a number of times on this call on the session in the last session. We sell about 5.5 percent of the people that show up for a wedding or the first week after they they register for the Webvan or we sell about one and a half to two percent of them in the coming weeks out of that after that so we net about 7 percent of web in our opt ins. Okay so our optin to close ratio is 7 percent.

[00:27:42] Now click through these would be like if we're running Facebook ads we want to keep our Click through above 2 percent because that number even though 2 percent is a small number. When you go from 2 percent to 3 percent your business jumps by 50 percent which is just crazy. I mean I shot a video on that as well. It's on Richard Chancey dot com slash register on the free membership site. But I show you how these numbers impact each other in the early hour. The number is in the process like click through is the very first thing that number that varies just a little bit it will throw your business off a great deal on the back end. The same thing. We are split testing now. We have not done this well over the last few years. Now we're split testing using Google Analytics to make sure that our Opt-In pages are effective. We on on average we get about 12 percent opt in rate for webinars But then we put together webinars when we're doing right now six unbreakable laws. We've got a little bit more than a 50 percent opt in rate on it and we've got to go back and go hey OK why is that we're given a waist up when people sign up. But we really need to understand those numbers haven't had a big spike as awesome but not when you don't know what it what it is show up. The same thing we can increase the number of people that show up by basically we can give them way more free stuff for showing up.

[00:28:55] We can do indoctrination videos which are the videos and the training they get between when they sign up for the web and or in when they in when they show up for the web and or and then conversions and sales we can run the same web in our two different groups of people with two different offers in the middle of it which is a lot of work. We have these we have to shoot two different offers and we have to edit those in but that's a lot of work. But it's absolutely worth doing now is that on the top of the priority list when you're starting an information products business. I think the click through an opt ins certainly should be you want to get focused and take time to slow down to make minor adjustments to your opt in pages to make sure that you're you're basically creating the best bang for your buck because if you're getting click through and not get an opt in you're paying for click through. In most cases we pay per thousand on Facebook and you're paying for those so it makes sense to optimize right. The next things your solution becomes your brain. Now here's what I mean by that. If you put junk in the marketplace you're going to be known as the junk salesman.

[00:29:53] OK and as soon as I say that probably a few people that come to come to mind in the information marketing space there are some 800 pound gorilla in this space and you and I both know that their stuff is ok but it's not a game changer stuff and you want to be able to put stuff out in the world where people are going to go I cannot believe he would do this for free or when they pay for your stuff they're going to get in and say this is the best thing ever. I bought a digital product from one of the 800 pound gorilla is that is does not fall into the former formerly mentioned category. And in the first video in this guy's training I got an idea and because I had a list of at that time about 15000 pastors I was able to generate about five thousand dollars within a couple of days off of one idea in that product in his mind in my mind. This gentleman when I think about him I think about that digital product that we sold eleven hundred We just went across eleven hundred units of a $47 product in a little more than two years and we haven't spent a dime on marketing we actually try to sell that product right after people sign up for a weapon. So your solution becomes your brand whatever you put out into the marketplace. That's what people are going to think about you. For me I tend to want to put out the minimum viable product which I think is really valuable. But along the way when you're putting out the minimum viable product make sure that you're telling people hang with me give me feedback and I promise this will get better. The next thing is sell yourself and then everyone else. If you're not sold on your product or the information product that you're going to build or the content you're putting out there for free if you look at it and you go hey is this really valuable or is this good enough if you're not really kind of blowing your own doors off. You need to get to the point where you're doing that. OK.

[00:31:33] And one of the best ways I think that you do that is to sit down and write an offer for whatever it is that you're going to be selling. That is just the best way to go about this. Write it down figure out what it is and as you're building your information product quite usually what I'll say is I'm going to build a digital product around you know how to. We've got one now called Video business builder on Richard Chancey dot com in the store and I think we sell it for $197. So I start out and I say OK I want to teach people how to do how to create or ideate create an edit and launch video input so that they can you know grow their business. So when I'm ideating a product like that I go OK what should this really be worth. And I say OK it should be worth you know for me I would have paid a lot of money because I know what it is and I know how much pain went through discovering all that stuff. But for me I think OK that's a $197 product. By the time you're building that product you're not thinking I should not be giving this away for one hundred ninety seven dollars. Then you haven't built a good enough product. You want a 10x return so you want people that buy this thing to immediately be able to go out and say OK I can get 10 times my return on this just by doing a couple of things that were mentioned on this training.

[00:32:39] The next thing is I wish I'd known as make some friends in the space. I am very intentional about that now. Early on I just had my head down was trying to make a living. You can't even imagine how valuable it is to go out and find some other people that are on this journey with you. They don't have to be a long way ahead of you. They do need to be wise you know go out and stretch yourself try to make those those friendships try to make those connections. Now that's different than creating mentors right. You want to give as much as you get. A lot of people if you try to stretch too far if you try to go from you you've never created anything and you're trying to get the biggest name in the industry to spend some time with you. Trust me that's not going to happen. You want to find some people that you can rub elbows with on a regular basis. I have three of those guys that I hang out with now all in radically different businesses. One was an information products. One has a virtual assistant company that's I think the largest virtual assistant company in the world now. It's called Balai used to be a help. Now it's called Bley great for virtual assistants and then another gentleman owns a marketing digital marketing company that helps market to car dealerships or helps to car dealerships market. And those are the three guys that I hang out from and I get encouragement from and they are constantly trying to help me stay in line with what I said. I was out to do.

[00:33:54] So I put myself on the hook with those guys as I'm moving forward. I can't even say that I probably should put this closer to the front in here. This will be the one thing that will make all the difference in your business as you are going forward you need some other people that understand the lingo of entrepeneur ship in the lingo of what it is that you're trying to do which is going to be very few people but you need to go out and find those people keep your ears out for those people as you move through the process so that you can you can be sane while you move through this process. The last thing I'm going to talk to you about is is building rent from revenue and not savings. This was Richard chancy philosophy so this was not something I wish I'd known I knew it coming in and this is something I hope that you take to heart. You want to build your business from revenue and not from savings which means you've got to get to the point where you start selling something pretty quickly. I've got a video on the free membership site that you can check out it's how to start a business with no money which sounds kind of you know shady but the bottom line was I walk you through the steps that you need to go through if you don't have any money to get this process started. I'll walk you through a process where you can generate some money move into some freelancing and then you know invest in yourself. That kind of thing. Check that out.

[00:35:06] Richard Chancey not comp works last register and let me say the name of this is the Ripp show and sooner or later the Ripp show dotcom will redirect to Richard s.c dot com and every link that I give you will be the rich Yodok comp or slash register instead of Richard Chancey dot com. But we're not quite there yet. We just bought the you are l. I'm not sure if I'm going to build a side around it. I might build a side around it just to show you how to build a site around that. But for now that's a redirect to Richard Chancey dot com where I blog and we put up video. And then if you go to register hash tag register you'll get to the free membership site which is on Kajaki which is a membership site platform. So Bill from a revenue not from saving savings. What that means is if you go out and you borrow money from family members or you put money on credit cards you're not going to feel the weight of making sales. You need to feel the weight of making sales as soon as possible. And the way to do that is to save some money generate some revenue so that when you are spending money on marketing you feel it. OK. That's so important. You know one of the podcasts to listen to is the startup podcast where it's all about startups they talk you know they're talking through founders or through startups with founders of businesses and how they work. What the process they're going through and they're just day to day of startups. The thing that kind of impressed me about that podcast was how all of these founders talk about venture capital.

[00:36:29] And it finally occurred to me Oh this is what's wrong with this picture. These guys look at raising money the way that most entrepreneurs look at making money which is selling OK. They talk about how much money they've raised this that in the other but they've not sold anything. The bottom line is sooner or later you're going to have to learn to sell something. And if you don't your business is going to fail. It's so important that it fails early when you don't have debt versus later when you've borrowed a bunch of money or you've had other people invest in your business and now you can't you can't figure out how to sell the thing. OK so it's so important that you build from revenue and not from savings. Last thing is this focus focus focus. I can't tell you that enough. Put yourself on the hook with your friends. Make sure that you understand what your one thing is and then beat your head against the wall to figure out how to make that thing work. Hire a coach. Whew. I'm a huge believer in coaches. Every dollar you spend on a coach is going to come back dressed up as a Dom. That's a fact especially when you're in this business and they get more and more valuable as you grow your business as I said. Tell your friend tell your spouse set a goal. Make it a short term goal. Make sure that you can feel what it's going to feel like when you accomplish that goal.

[00:37:41] Put some energy in it and then build a massive action plan for how you're going to get there. I think you're going to have a plan that gets you to 200 percent. You're not 100 percent. Just so you know because a lot of stuff you're going to try is not going to work. And we've got to still get to our goal some way some shape or some form. You've got to be able to put your hook yourself on the hook to accomplish these things. You and I both know that there is an escape velocity that is needed. There's a there's a speed that you need to get to to get from where you are right now to where it is that you're trying to go and the plan and the emotion that goes along with achieving that goal is a big part of how you create momentum for your escape velocity. OK. Thanks so much for hanging out with me today in the next episode. I'm going to dive into virtual culture I'm going to talk to you about how we built our virtual process around our digital products. The reason I'm starting with that before I jump into the selling part of it is foundation. It's so important that you at least know what the foundation of one of these businesses is before you dive in. Because if you don't chances are you're going to get down the road you're going to get stuck and instead of being able to just move sideways and move forward you're going to have to basically start over. So in the next session I'm going to talk to you about our virtual team how we engage with those Virk that virtual team.

[00:38:59] Some of my biggest challenges working with a virtual team my idiosyncrasies. So go ahead. Now that episode will be up with this one the first three are already up.

[00:39:08] So go ahead and jump over there and listen to that now if you haven't already subscribe to the podcast and I'll catch you in the next session.

[00:39:15] Thanks for being with us on the show. Don't forget to subscribe to the podcast and remember to register for the free premium content mentioned in this that at show dot com slash register.

[00:39:25] Thanks for listening to the show. We'll catch you next time