Are you making the most of your ideas to gain more success? That’s what leverage is all about, and that’s what I want to talk about right now. I honestly think many people don’t use leverage enough, which makes their lives harder than it needs to be.
You can leverage so many things in your business, especially ideas. Now, what you want to do is leverage what you already have at your disposal to discover what to build next or create new products to multiply your income. Unfortunately, it’s often the last place people actually take a look at when envisioning the next big thing.
Many people don’t consider fully developed products and existing concepts they already have. So, when I talk about leveraging ideas, I mean exploring what already exists to generate something new.
Let me use my latest product Easier as an example. Easier is a video hosting platform, and it works exactly the way I want it to. We successfully launched it, and we’re now making residual income with it. But the question is: What ELSE can I do with it?
Can I market it as something other than my original concept? Can I add new features to enhance the platform? After tinkering with my original idea, I discovered a new opportunity and created something I call Bubbles. Basically, it pops up over the video player, adding text to a video without requiring the user to edit the video.
Bubbles is a product idea I created upon analyzing the potential improvements that can make my video hosting platform easier, better, and more convenient to use. I’m not starting from scratch. The original concept is already there, and I can take inspiration from it to develop new solutions to offer to my existing market.
For Bubbles, I applied the exact same system I used to create Easier. I didn’t have to build an entirely new piece of software. I simply modified some things and produced a new product to sell. I took the Easier platform and LEVERAGED it into another compelling product.
That’s how leveraging ideas works. You simply explore and experiment with your original concepts to create more product ideas.
Now, I will use the same Easier system to create a testimonial platform where people can collect video testimonials. Revolutionary? Probably not. Many other sites out there offer the same service, but this is MY testimonial platform that I created from my own system. It’s another product I can sell without building an entirely new piece of software. I already have everything I need. With just a few tweaks here and there, I can easily craft a new online tool that solves a common problem of my target market. I successfully created a couple of video-related solutions relevant to my Easier video hosting platform.
You see, leveraging your existing ideas is the easiest shortcut to creating new products. So, what I did was explore one idea and turn it into three products that give me more residual income. Oh, and making these ideas into reality took me no more than five months.
Leverage doesn’t just apply to software ideas; it works just as great with any other product, even information products.
For example, I have a course called B.A.M. (Build a Membership), which teaches people how to create a membership website and build a recurring income. How do I leverage this product? Who exactly can use my membership site?
Well, I start thinking about various markets that can use it to pro- mote their own products or retain loyal customers. I’m not offering my course to just anybody; that’s too broad. I think about particular markets, such as lawyers, doctors, chiropractors, realtors, coaches, and so on.
Do I change the contents of my course and tailor it to every group? Well, no. It’s actually the same content for everyone. In fact, I’m going to sell the same course to all of my target customers. The only thing I’d add is a short 30-minute module that speaks to a specific group to foster a personal connection.
Basically, what I’m doing is using the same content I already created and promoting it to these different groups. This leveraging process allows me to save time and effort, so I can create more with less.
I don’t have to come up with entirely new content to cater to every market. All I have to do now is create a landing page for every target group and sell the same program to those target groups. If you’re familiar with my 30x system, you’ll know that I frequently use this strategy. I leverage a product idea by simply targeting an existing market that’s potentially interested in my new products or services.
The next step is to promote my product to my target audience. What I normally do first is send a product launch email to my subscribers telling them I have something valuable to offer and encourage them to find out more by visiting my website. So, when people come to my site, they’re going to see the product on the main page.
So, again, I don’t just offer my product to everybody; I target a particular segment and provide a solution that addresses a specific problem. I aim to fulfill a need by identifying the pain points of my market. I’m already familiar with my market, and I do more research about the problems and challenges my customers are experiencing. I then present the right solutions and tailor my marketing approach, leading to higher conversion rates.
Now go ahead and start exploring whatever you’ve got. Take an existing concept and create several other products from that same idea or simply target specific segments, market directly to them, and offer the exact same product without changing it in any way. You’ll be surprised how leveraging your ideas can help magnify your revenue!