Recently, I watched a Facebook live video where an author shared her strategies on how she planned to reach her revenue goals for 2020. Plus, she shared how these revenue strategies are going to fuel how she creates books.
She talked about how each book that she writes is an asset that creates multiple sources of revenue for her business.
For instance, one book can be sold as a Kindle download, a paperback, a pdf, and as an audiobook. Plus, each book can be transcribed into different languages and then sold as audiobooks in those languages.
What I love about this thought process is that creating new products it is not always about working harder, but working smarter.
Reaching your revenue goals is not always about creating completely new products, but instead repurposing current products into multiple sources of revenue.
The more ways that you can repurpose your products into new products to help more people, then more revenue you can potentially earn. Essentially each product becomes a source of revenue and a pipeline for your business.
Zig Zigler said, “You can have everything in life you want if you will just help other people get what they want.”
Think about this. How much time does it take for an author to get a book translated into another language? How many different languages can a book be transcribed?
Essentially the author needs to find someone to translate the book into each language and then find someone to read each translation for the audiobook.
It requires time to create the initial book, but then that one book can create multiple products.
It takes time to write a book, but how many different sources of revenue can one book create?
Creating multiple products
When you are creating products for your business, answer these questions?
How can I repurpose my online course into other products?
Can I create a book based on an online course?
How can I create a course based on a book?
How can I create an ongoing membership site that supports people, who completed the course, on a long-term basis?
How can I create a Mastermind group based on the course content to offer more interaction and more individual help so people can reach their goals faster?
How can I create events based on the content of the course?
How can a book be translated into other languages to reach more people?
How many different products can I create based on content I already have?
How can I turn a book’s content into a speech and earn money from speaking?
The key to answering these questions is to think about your audience. How can you serve your audience and reach the most amount of people?
Create different experiences, price points and products
People will purchase different products at different price points and for different experiences.
People will pay for convenience and speed of results, also.
Disney is a master at creating experiences for their customers at different price points.
One-block buster movie can have multiple spin-off TV shows and cartoons, a wide variety of books, comic books, coloring books, and children’s books. The characters in the movies can become toys, action figures, apparel, and a broad range of other products. Plus, Disney can create in-person interactive experiences at the theme parks. These experiences can include everything from rides to dining with the characters, birthday parties, and other levels of interactions. Each of these experiences can vary in price and increase Disney’s customer value.
In conclusion, think of how many different ways you can increase value and offer a better experience for your customers. You don’t always need to create new content to develop new products. Instead, create revenue pipelines to serve more people and build your empire.
Are you building your email list?
Today, when it comes to building your audience one of the most profitable marketing channels is email.
According to the Direct Marketing Association, email marketing yields a 4,300% return on investment for businesses in the United States.
ExactTarget reports for every $1 spent on email marketing, the average return on investment is $44.25.
One of the most profitable ways to build your audience is to increase the size of your email list.