If you want to make money, you must sell something. You can sell what everybody else is selling but how will you then differentiate yourself? The easiest way to stand out is to create and sell your own products.
They reflect your knowledge, expertise, and personality. It must be something that people need, want, and prepared to pay for. That’s the basis for creating a value-based business.
Many people may feel hesitant to create products and come up with excuses. Then there are those internet marketers who tell you it’s just pushing a button here or there.
By creating your digital products they will be unique to you. The qualifier is that your product must be good, valuable and something people want. It’s not something you think they want. This is important. It’s something they want.
Let me answer why you must follow the route of creating your own digital products.
Your product must be good, valuable and something people want. It’s not something you think they want,
You do not need anybody’s permission to start your own business.
Before, you had to get publishers to approve your book. Without their approval, you were stuck. To start any brick-and-mortar business, you need lots of approvals and certificates. It can take you weeks or months to open your doors.
The internet business is different. Video has become the new TV, podcast the new radio, and blogging the new magazine or newspaper. You don’t need the approval of anyone to start any of these.
You also don’t need the authorization to create your digital products.
This minute you can start anything you want. If you have something to say or teach, nothing stops you to do so. You can create your product today if you decide to.
You don't need anybody's permission to start your business.
You don't authorization to create your own digital products.
When you create digital products you have something that no-one else has. But you may say other people are selling something similar. That’s true. But look for instance at books on Amazon. There are many books and best-sellers available on the same topic. But they’re all unique books.
Those books reflect the authors’ unique insights, personalities, and styles. The authors attract different readers due to their unique styles.
The same is true for any other product created. How many TV brands are there? Or magazines? There are endless examples of similar products. And people are buying them because we all have different preferences.
What if you start by selling affiliate products instead of creating products? The challenge will be to differentiate yourself from other affiliates.
Top affiliates create bonuses and add them to the affiliate offer. This is how they differentiate themselves as non-product owners.
The qualifier here is that you must create the bonuses to be complementary to the main product. Starting by creating bonuses as an affiliate also helps you to create your products.
Bonuses are like mini-courses that sharpen your skills for creating your full-blown course. At the same time, you learn to become an excellent marketer.
Creating your products as bonuses or to sell on their own is a powerful differentiator.
In the old days, people build a moat around a castle to protect themselves. It made the castle more defensible.
Your business worth is dependent on how ‘defensible’ your business is. It means that others can’t without great trouble replicate your business. Your business will be worth more if nobody can replicate it. Think about Apple. How easy would someone rip Apple off and duplicate it? There are other mobile phones but none like Apple.
It’s easy to replicate any of the ‘easy’ business models that some advocate. This means the same product will flood the market. The law of supply and demand in economics will kick in and the prices of those products will drop. You can never win in business with a business model based on the cheapest price. It’s a race to the bottom.
You increase the strength of your moat by branding yourself and your products. Build a brand around you that people like and trust. Nobody can steal that because you built it on your face and your personality. Be authentic and provide value that nobody else can.
Which one do you take more seriously? An author of a free eBook or an author of a published book you paid for?
That’s why you must sell your own created products. It increases your status and people know you're serious. We, as humans, don’t value things we get free. Whether someone receives $100 or win the lotto of $10 million, they squander it. ‘Free’ has no real value attached to it.
But if we paid from our hard-earned cash for something, we value it. We desire things that are ‘expensive’.
People will pay more attention to you when you become a product owner. You can charge premium prices for your products because people value expensive products.
Remember, selling is about an exchange of equal value. What you give in product value must match the value received in money. If not, people will feel you’ve ripped them off and they will damage your reputation.
People who pay for your products and follow you are more passionate fans. Passionate fans spread the word about you hand over fist.
By creating valuable products, you start a virtuous cycle. People know you're for real. They will spread the word about you. More traffic will come to your website. That will create more passionate fans. Your influence will keep on increasing and the cycle repeats.
Websites running on only ads from other people and paid-for ad clicks are low on the league ranking. It’s the bottom feeders in the online world.
Affiliate marketing is a step higher. Let’s be honest about this. There are millionaires in the affiliate marketing league. It's not impossible to earn a decent living selling affiliate products if you do it the right way.
By creating products you immediately move to a higher league. You can now use leverage. You may even start an affiliate program of your own once you have an optimized funnel. Other people will then send their traffic to your sales page for a commission. When you reach this stage, you can scale your business a lot.
You can ask a higher price for your products and this allows you to pay for more advertising. Even if you pay a part of the product price to advertisements, your profit could be higher and your business can grow much faster.
Besides, successful product owners are in demand for interviews. Others may ask you to speak at events. If you create successful products and brand them, people will want to be part of you and your brand. This is great for your business.
If you don’t own the product or the platform, your business can end in a minute.
If you build your business on affiliate marketing only, the affiliate product owner can cancel his product or program without you having a say. Your business ends right there.
When you build your business only on social media platforms you are at the mercy of those platform owners. For instance, Facebook may change its algorithms that will stop your traffic flow. They may even ban you from their platform without explaining why. Your business ends right there.
Creating digital products allows you to sell that product on your domain. You own that online piece of property. You have independence and full control over it.
You have a deep moat around your business if you have a valuable asset, namely your products, on a property you own.
You will indeed rely on other third-party services. For instance, hosting, Autoresponder, and a payment system, but they’re interchangeable. There are many of them available to you. If you don’t like their service you can switch at a drop of a hat and your business will continue as usual.
Build assets on a property you own to remain in control.
With assets on your property, you remain independent and not at the mercy of other platform owners.
There is this saying ‘Learn, Teach, Earn’. One of the best ways to earn is to teach. Teaching what you learn then becomes easy. You have certain knowledge and experience already. You have acquired insights during your life and struggles.
The moment you start teaching what you know, your skills and knowledge leap forward. When you create a product, it gives your skills a boost. With a boost in skills, you will create better content and products in the future. This, in turn, gives you another skills boost.
When you start to create products, you start a beneficial spiral in your own life that takes you higher and higher. It lifts you to status, income, and expertise you never had experienced before.
When you create a product the payoff is uncertain. But the process is certain. There are a specific goal, start, and deadline. You know exactly when to start en when to finish. It’s not this never-ending road in front of you.
Deadlines have a way to inspire you and get your energy juices flowing. When it’s a question of doing or dying, then you get a lot done in a flash.
You'll boost your productivity when your goal is to release a new product each year. That would light a fire under you.
Creating products eliminates uncertainty. You will establish a precise process for product creation. It’s better if you make your audience is an integral part of the process. You can simply ask them what they want and then you give it to them. It becomes a win-win situation.
Creating products allows you to work with specific goals and deadlines.
Deadlines push you forward and productivity increases.
By creating products you develop a repeatable process.
The success of any business depends on having statistics or numbers available to analyze. Without knowing your numbers you don’t know what’s working and can’t optimize anything. It is only possible to improve what you can measure. With no measure or benchmark, you’re flying blind.
You want to know your return on investment when you pay for ads. To perform split tests to see which sales page or ads brought in the most sales is important.
Some affiliate programs allow you to do detailed tracking but most don’t. You do know how much sales you’ve made but the process from your website to a sale may be a bit of a black box.
Only by owning your products and the sales funnel will you be able to track everything. You can perform A/B split tests on everything. This allows you to analyze data, find out what is working the best, and make changes to optimize your sales funnel.
Your data is so much better when you’re the product owner.
When you are the product owner, you can use so many more marketing techniques.
For instance, you can use email marketing and follow-up sequences. If you don’t own the customer, you don’t have an email address to build a relationship.
Granted, by using a bridge page in front of a sales page you may get an email address. But it’s not the same as owning the customer. Someone who bought something from you is more valuable to your business.
As the product owner, you can segment your list based on the products they’ve bought and market other products to the list.
To add urgency, you can create evergreen scarcity marketing campaigns. We know that scarcity increases conversions. If you don’t own the product you can’t decide on its availability to create scarcity.
If you own the sales page you can use tools to analyze how people interact with the page and optimize it for more sales.
Creating products improve the profitability and performance of your business.
If someone wants to buy something, they are sent to a sales page. On the sales page, they fill in their contact details. If you don’t own that sales page, the customer doesn’t belong to you. The person, who owns the product and thus the sales page, owns the customer.
By selling your products, you keep the customer on your site. You own the sales page that you send the customer to. Thus the customer belongs to you because you get the contact details and the customer remains on pages you own.
That’s why you create value products, build your brand, and keep it on a property you own, i.e. your website. You attract people to your website where you host valuable content. People optin and progress further down your sales funnel. If you don’t do this, they may leave and you’ll never see them again.
That’s why you build a brand people want to stay with.
In professional sports, one single statistic can’t describe the value of a player. You can form a picture of the player’s ability when you group crucial statistics.
The same principle applies in business. It’s too limiting to look at only one statistic. You have to group some key metrics to make meaningful conclusions.
One of the key numbers in any business is the customer lifetime value (CLV). This metric measures the revenue you receive from repeat customers.
Why is that important?
When you know your CLV you know how much you can spend on advertising to get a new customer. That’s your cost of acquisition (CAC). What the customer buys from you must be more than what it cost you to get that customer. In other words, the CLV of your business must be lower than your CAC to make a profit.
Your CLV is also a sign of your customer retention rate and your customer service. Customers will leave if they’re not satisfied with how you treat them.
In a value-based business, you can earn many dollars per customer. It's because you can charge premium prices for your products and you can have many products to sell to the same customer. Compare that to other business models where you earn cents per sale. You don’t own the customer to increase the CLV.
With more dollars in your pocket, you can provide better customer service. We know that relationships sell products. The better the relationship you have with customers, the longer they stay with you, and the more they buy. A true fan will buy whatever you offer, provided they consider it valuable.
With your own products, you can create this virtuous circle. The more value you provide, the higher the CLV, and the better you can treat your customer. That increases their ‘feel good’ factor which increases the CLV, and so it continues.
Building better relationships helps you to increase your LTV.
By becoming a product owner, you can create a virtuous cycle of more value, better relationships, higher LTV, more and better products.
You can build a relationship with your customers when you own the products you sell. By becoming a product owner also allows you to put your customer first.
You can put a laser-like focus on your customers. All your efforts focus on serving your customer better and giving them value. Everything you do becomes more efficient.
Making money becomes easier. It’s easier to create beneficial feedback cycles. Your content and your marketing campaigns become simpler.
I cannot overemphasize the principle of putting the customer first. It’s only possible when you own the customer. Only product owners can own the customer. The possibilities are so much more for product owners compared to non-product owners.
When you are a product owner, you can build better relationships with customers.
You can focus on customers and create more value to benefit them.
As the product owner, your content and marketing campaigns become simpler compared to non-product owners.
Most people think they can’t create products. The process and what to say scare them.
Internet marketing ‘gurus’ jump on this psychological barrier and provide ‘easy’ solutions. They say you can have your own business without needing to know anything, learn anything, or even do much work. They pretend it is as simple as pushing a few buttons.
I’ll let you be the judge of that storyline. Many people can tell you that the ‘easy’ road leads to nowhere.
As a product creator, you face less competition. You will learn more, get more skills, build better products, and make more money. Creating your products allows you to build a real, sustainable business. It's like building your house on a rock and not sand.
If you haven't yet joined us on our journey to real businesses, then perhaps it’s time.
I believe you should become a product creator. You know things and have experiences that can help others. There are people now going through things that you have gone through and you could be a blessing to them.
I believe you must share your gifts and make this world a better place. Shift your focus from you to them and it will become easier to start your business to serve others.
Do you want to learn more about how to start your own online business?
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Many people talk about starting a business, but few make it past the dreaming stage. And even fewer get their business launched and earning enough to reach their financial goals.
In this course, you'll go step-by-step through the critical steps for getting a new business off the ground.
Head over to our course to learn more about the course and then decide if you want to sign up.
Do you already use some marketing channels to find your target customers? Share your tips and tricks in the comments.
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