Building a service business is not easy, right?
There’s a constant need for leads, often back to back meetings and feeling like you’re simply trading your time for money. Not to mention that one particular demanding client that always seems to cause you issues and takes up way too much of your time. And somehow you need to fit in the time to market your services, manage your business and maybe even take time off 😉
It’s exhausting, I know. I’ve been there.
No doubt you’ve seen the huge opportunities in turning your skills into digital products and moving away from 1:1 work – but where on earth do you start?!
Before we dive in – remember this:
If 1 person is willing to pay you for your 1:1 services, there will be plenty more who are willing to pay for digital products. Meaning that if you have paying clients, and the determination to try something new, you can create a hugely successful products business!
NOTE: I do not recommend starting off with low-priced digital products (low ticket) – that will make the transition harder and longer. Start off by packaging your skills into a higher-priced product. It’s actually far easier to sell a high ticket priced product because the return for your customers is greater and therefore easier for you to persuade them to buy.
1 – Decide on which skills you want to monetise
You can monetise far more than you think, (both direct and indirect skills related to your business) so I recommend for your first action to list out all the skills you have.
A few q’s to get you started…
- What skills / knowledge do people pay you to get access to?
- Can you teach others how to work towards becoming you (in your profession)?
- Do you have any special skills you use to run / grow your business?
- What have you achieved / whats your story that can be used to help others?
- Do you have specialist industry knowledge?
Once you’ve written them all down – which is the one that jumps out at you as the one which addresses the biggest pain point or strongest desire? That’s the one you should test first.
Tip – Get away from your normal working environment when doing any kind of brainstorming so you can think more creatively. Yes, that’s a great excuse to go to the coffee shop!
2 – Test your initial ideas with free content
To test your idea with your audience you simply need to create and share content on the subject of your product idea and measure engagement. You also need to create a freebie to go with it, which needs to be very closely related to your product idea, which you give out in exchange for an email address. This strategy is enough to know whether your audience are interested in what you want to create.
Your freebie doesn’t have to be in the format you plan to create your product in – it could be a simple ebook instead of a full blown video training series. Keep it super simple.
Once you have people on your email list, send them MORE of what they signed up for. When you do that consistently you’ll have fans queuing up to buy your product when you launch!
No one biting on your freebies? Try targeting a different audience, or go back to step 1 and choose another idea.
Tip – Create your test content in Facebook instead of your website to keep your ad costs down (it costs more to send traffic to your website). Share the content you create on Facebook with your target audiences using “Facebook post engagement” ads. Those that comment, share and react can then be targeted with further adverts – this is called a Post Engagement Audience.
3 – Create your product in the simplest way
Once you’ve created an audience from step 2, whether email subscribers, community members or Facebook audiences for example, you are ready to launch a beta product.
You should create your product in the easiest, fastest and most simplified way possible. In the products world we call this a Minimal Viable Product (MVP). An MVP means getting your product to the stage that your customers can test it and get results from it, you can then be sure the final product will be a success.
When it comes to turning your skills into products, avoid creating a huge over-produced video course and run some live online workshops instead. Live workshops will stop you from aiming for perfection and constant editing that doesn’t need to be done.
Perfectionism stops products ever getting launched
Tip – Don’t forget to get those all important testimonials and killer case studies for the next version of your product.
4 – Launch the next version
Once you’ve had a successful MVP launch you can start to scale your content creation and list building to launch the next version of your product. I say “next” and not “final” because the product creation cycle is continuous and you should always be improving.
You should be aiming to creating this next version with 2-3 months of your test to keep up the momentum.
Tip – Don’t stop creating content and emailing your email list when you’re not actively launching a product. This will cause huge amounts of pressure when its time to launch as you frantically start to trying to list build, email and plan a launch at the same time!
5 – Create low ticket products
I do not recommend this stage until you’ve had a successful launch at stage 4, because it can be highly unprofitable and time consuming. But once you are ready for this stage your goal is to start covering your ad spend by selling low ticket products. You are far more likely to get sales from a low ticket product (such as an ebook) from cold traffic and if you can make this part of your funnel profitable, you’re actually going to get PAID to add leads to your business.
Tip – If its an ebook you want to create, then make your life easier by repurposing video content into transcribed copy. You can always refine later on down the line!
6 – Build your products system
One digital product can really help you to transition away from 1:1 work, but the real magic happens when you have a system of products in your business. A products system is a suite of products strategically working together to increase the number of customers you win, increase the amount they spend and the frequency of sales. A products system will transform your skills into your ultimate freedom business.
Tip – Want to understand what a products system looks like? Download the Products System Map below
I hope you loved today’s posts! The grass definitely isn’t always greener, especially in the early days of moving to a products based business, but it is worth it! Ultimately you just need to listen to your audience, craft products that they really want, and focus on over-delivering. You’ll then build a tribe of loyal fans who buy all of your products and shout about how amazing you are from the rooftops!