Create High-Value Low-Cost Products

                                                                                         

I first started using the Web in its early days (which was only as far back as 1994). There was no Amazon.com, people were just starting to put Web addresses in e-mail, and Yahoo was just a small Web site being operated by two university students from their spare room.

In those days, there were very few commercial Web sites. When commercial Web sites did come along, almost all of them were for promoting businesses. In other words, they were like an electronic brochure. And let's face it - most commercial Web sites today are still just electronic brochures.

There's nothing wrong with that, of course. After all, it's perfectly OK to have a Web site that promotes what you've got to offer.

My point, though, is that there is so much more you can do when you've got a Web site. In particular, your Web site gives you the chance to build new low-cost, high-margin products - all based on your existing expertise.

Look at that last sentence again: You can create products that have a low cost (to you), but you can sell at a high margin. Some of them can sell for two, three, ten or even hundreds times their cost, which means greater profit for you.

I'll give you an example ...

Suppose you operate a life coaching business, and most of your clients see you for a two-hour personal coaching session once a week. That can be a profitable business, because it mostly involves your time rather than cash out of your pocket. But it's also a time-consuming business, for the very same reason.

What if you could deliver your coaching without the time investment of spending time with each client? In fact, what if your coaching business was making money even while you were asleep?

Yes, it's possible - using your Web site.

Over time, you've probably discovered a few common principles that apply to a large number of clients. Of course, each client has different requirements, but I'm sure there are some principles that apply to them all - for example: setting clear outcomes, breaking down tasks into small steps, taking action every day, measuring progress regularly, creating rewards for achievement, and so on..

You could use this expertise to build an on-line course, which is based on these common principles that you use. The course is delivered by e-mail, and delivered automatically at weekly intervals.

Of course, this isn't a substitute for your one-on-one personal coaching. But some people would actually prefer the on-line version - perhaps because it's less personal, can be done on their own time, is cheaper, or suits their learning style better.

People who visit your Web site could buy the on-line course directly. Your Web site would enrol them in the course, which means that you send the course information in weekly e-mail messages. Of course, this would all happen automatically, so that you're not spending your day keeping track of what e-mail goes to which person!

Many of our clients are professional speakers, who present at conferences and training sessions to live audiences. Many of them are now using on-line courses to deliver their material in another way.

Does this work for other businesses?

The idea of providing on-line courses isn't limited to people who sell "information". Whatever business you're in, you have the potential to leverage your expertise.

Here's the key question to ask:

What do you know that you can teach your customers?

When you know the answer to this question, you know your unique expertise. And because it's something that your customers would like to know, there's a good chance that they are willing to pay for it.

For example, suppose you operate a pet shop. What do you know that customers would like to know? One example that springs to mind is dog training courses. Some people will take their dog to classes, but others might be quite happy to buy this information on the Internet.

What if you don't know how to train a dog? That's OK - get somebody else to write the course for you, and split the profits! Don't be limited only by what you know - you can also gain leverage by considering what else your customers are interested in, even if you don't have this expertise yourself.

I've talked a lot about on-line courses, and that's just one example of the type of product you could create and sell on your Web site. Here are just a few other examples:

* Ask somebody to interview you on various areas of your business, and make these audio interviews available on your Web site. For example, in the pet shop business, you might conduct interviews about health of your dog in winter, how to teach your cat not to scratch the furniture, how to teach your parrot to talk, or what to do with pets when you go on vacation.
* If you consult to clients over the telephone (coaches do this, as do consultants, professional speakers and other advisers), record the phone calls (with the other person's permission, of course), and make these available on your Web site for a fee.
* In some cases, you will require a more visual component, so you can produce short video clips or use photographs to demonstrate certain things. For example, if you sell gourmet foods, you can offer a "recipe of the month", with step-by-step instructions either as a video demonstration or a series of still photographs.

There's really no limit to the possibilities when you start exploring them for your own business.

The beauty of creating on-line courses - and indeed, many of the other products you can create on your Web site - is that you do all the work once, and then everything happens automatically. You write all the course material once, schedule it to be sent out at weekly intervals (or monthly, or whatever schedule you choose), and then everything else takes care of itself. It's the ultimate form of passive income, because it really can make money for no on-going effort.

This could create huge profits for you!

Don't underestimate the value of creating on-line courses and other Internet-based products that are based on your expertise.

Sure, you can build a successful Web site without them, but you're leaving lots of money on the table.

You already know how much time, effort and money it takes to get people to visit your Web site. Then you have to convince them to buy from you. Then you have to persuade them to complete the order. Then you'll work hard to establish a long-term relationship with them.

Are you going to waste all that effort by just selling them your standard suite of products and services? Even if these are high-margin products, why not invest a bit more time up-front to create even more products for them?

Find more about our on-line course software at firststep.com.au/design/courses.html

About the author:
Gihan Perera is the author of "The Seven Fatal Mistakes That Most Web Site Owners Make - And How To Avoid Them" and "Spin: Turn One Idea Into Hundreds of Information Products". Visit www.gihanperera.com and get your complimentary copies now.


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