If you sell advice for a living (coaching, consulting, training etc) and want to make more money, without having to work more hours, I have a suggestion for you.
Turn an element of your expertise into a downloadable product. Here’s why!
Why I did it
Before my son was born, I spent a lot of time away from home. Once he was born, I decided that I wanted to be there for him every day. I’d seen what was happening to the health and relationships of people I knew, who were on the speaking circuit and often away from their loved ones. It was too big a price to pay. As my speaking work accounted for over half my income, I needed to figure out a way to replace it, without all that travelling.
So, I took an extremely powerful element from my live events and turned it into a very successful audio program.
How I did it
The program I developed is called The Motivation Master Class. In just under a couple of hours it shows you how to get things done, even things you hate, dread or fear AND shows you how to motivate other people too! It’s based around the strategy I used, to unlock my own potential and transform my life.
Anyhow, it took me 3 days to record and edit the program. Ever since, it has generated an extremely profitable income. Initially, I offered it at a price of £40, as a 3 CD box set and made over £72,000 (sterling) in the first 12 months. That’s a nice additional income, I think you will agree. I then made it available as a download here on this blog and was able to slash the price down to just £5.75. That’s when it REALLY took off! Every day, people from all over the world buy it. They simply click the download and are listening to my voice in minutes. You can get a copy here.
Why offer a digital version rather than CD’s?
The reasons I decided to offer The Motivation Master Class as a download, rather than a physical product are:
- It allowed me to massively lower the price. Anyone who needs it, can afford it.
- It allowed people with an urgent need for the program, to be listening to it and benefiting from it immediately.
- It removed the work flow related to dealing with suppliers, packaging the product, posting it and dealing with things like incorrect addresses.
As a result of moving to a 100% digital product, people are on this blog buying the program whilst I’m writing a blog post, visiting the gym or at the park with my son and there’s no additional work for me to do. The profitability is incredible.
Is that it?
Nope. Regardless of how great your audio program is, you will need to market it. You will also need to know how to get the price right and decide things, like whether or not you want it to become an affiliate product, which others can sell for you. Developing a successful audio program is something I offer to those of my clients who want to be able to make money from their knowledge, without it always meaning they need to physically be client facing.
Yes, there is some work required if you want to get it right and develop a worthwhile income. However, for those willing to get it right, the rewards can be stunning. In my case, they were life changing.
Latest posts by Jim Connolly (see all)
- How to put your ideas into action - March 9, 2014
- How stories help you grow your business - March 8, 2014
- Who are you selling to? The answer may surprise you! - March 7, 2014