You have to justify every single thing you are doing.
For example, I have to ask myself, “Why am I doing webinars?”. There could be several answers. Maybe I’m doing them to promote one of my information products, one of my software products, to promote a workshop or the Marketing University membership.
I can justify webinars. They make sense. They can be used to promote every one of my products. The same thing can be said for seminars—they can be used to promote every single thing I’m doing.
The stuff I have in the promotion stuff compartment is what I call “one to many.” One webinar, one seminar only needs to be done once, but it is presented to a lot of people. They can be recorded and presented over and over to large groups of people.
Now, let’s look at the partner products compartment. Do they make sense? For me, yes, they do because they bring in residual income. Pageable and PayBlue are the type of products that all of my customers need and want. So, it’s a no brainer to have them.
The same thing applies to my webinar software and cloud hosting. Everyone in my sphere needs those products. Why should these people want my versions of these products? Because I built them with my own needs in mind.
I used the competing products and found them lacking and hard to use. I have designed these with my needs and my customer’s needs in mind.
The options out there for video testimonials don’t do a good job or cost too much money…and, in many cases they do a bad job AND are expensive.
All the products in my compartments can be justified. They are entirely different products, but they all work hand in hand. They can either be used to move people up the ladder or down the ladder.
What I mean is that I may use them to move up by convincing them to purchase a more expensive offering from me or down the ladder where they have already purchased something and now, they will purchase additional products that could even be less expensive than the initial one they bought.
These basic four compartments are how I mentally compart- mentalize and visualize them as I work all aspect of my business. They all have to work independently but justify each other.
- Marketing University–Various levels
- Information products—“one off ” products
- Webinars on Demand
- Traffic Encyclopedia
- Software products
- Cloud hosting
- Information products—“one off ” products
- Partner Products
- Promotion Stuff—One to Many
You may have heard some of this before, but here’s something no one tells you… You have to be able to separate all different categories in your head and promote them independently in your head.
Let’s look into what I mean with that statement.
The problem is that once you have a scenario like I have, we can send an email out today to promote a seminar. But we also could send an email to promote a workshop. We could send an email to promote one of our products. See what I mean?
If you’ve only got one, two or three different email lists, you’re fighting with yourself as to what to promote. So, you have to think about these things as being independent of one another.
The only way that you can separate these programs out and not cannibalize everything that you have is to simply create advertising strategies and campaigns for each now.
What does that do? That makes it so you’re not competing with each other. In other words, I can promote a seminar; I can promote a webinar; I can promote 10 different webinars; I can promote several different products, all independently and at the same time.
You have to know if you can create an advertising campaign in order to promote a particular product. Your email list is not involved. The idea of promotion through advertising or promotion through campaigns allows you to have multiple scenarios going on, all working for themselves, because everything should be able to pay for itself.
You may have to fund initial advertising for each one, so you should have a budget for it, but within a very short period of time, each one has to pay for itself.
In other words, if I promote a product or a service, the advertising that I do and the sales that I get through that advertising has to ultimately pay for itself. I should be able to spend X number of dollars and then make X number of dollars.
That should be enough to pay for the advertising and make a profit.
And then somewhere, along the line, I can reinvest money back in and get more advertising and keep bumping it up like that.
If it doesn’t work out that way, I have to make choices. I have to realize if I can’t afford to advertise because it doesn’t pay for itself, I have to rethink the product or service. I have to rethink exactly what is happening with that offering.
Each one of these has to live independently…by promotion through campaigns each product has to pay for itself.
It’s really easy to fall in love with a product or service and cannibalize your entire business to save your pet. It’s the hardest thing for most people to do…you have to treat everything separately and advertise each independently and justify each individually.
A lot of people think that everything has to work via a so-called funnel. No, it has nothing to do with that…not if some of these products don’t match up.
Let me use my cloud hosting product as an example.
I believe it to be a simplistic idea and a simplistic service. I also believe that could dwarf almost everything else I have. Therefore, even though that might be a small, monthly type product, it may not be something that I want to promote along with another one of my products.
I want to promote it independently. I don’t want to create a funnel where you have to buy this product and this product, because it wouldn’t make sense. I would only be limiting what I have to offer my customers. You can’t look at forcing people to go to product A, B then C.
The sad part is that people think it’s the only way, but a funnel is not always the best scenario. In order for it to work, you have to have one line of products that all match up. That’s not always the case for everyone.
You actually have to think in your head of each product being a separate company and allowing it to prosper or fail on its own.
I know this isn’t a scenario that applies to all of my students. Some may only have one or two products and that’s okay…that leaves room for growth!
The reason I’m sharing this with you is because it’s the way I think…it’s what’s in my head. This is kind of how I maintain my sanity.
There are a couple more things I want to share with you, to get you thinking in the right direction.
Let’s start off with information-type products.