TRS 04 – What Is A Revolutionary Information Product?

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Host: Richard Chancey
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What You Will Learn

• What makes an Information Product revolutionary
• Some examples of Information Products
• 6 characteristics of a Revolutionary Information Product
• How to establish what product to create

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[content_toggle style=”1″ label=”Transcript” hide_label=”Hide”][00:00:00] The rep show where it's all about building revolutionary information on products so you can work smarter and scale your business faster. I'm your host Richard Chancey.

[00:00:11] Welcome back to Section 4. I'm so excited. That you're back. Now this may be your first podcast episode with me and I understand that but this is session number four for me and I am I am pumped that you guys are with me for the journey.

[00:00:24] I am going to do something today that is ironical. And yes I know that's not a word. When I started this podcast The big thing that I wanted to tackle was to dive deep into the subject of information products and the reason I wanted to dive deep is because I am a huge fan of podcasting in the podcast medium but I'm a little bit irritated by how often we're getting massive amounts of great new information on a regular basis meaning when we can listen to a podcast and comes up with some great ideas and you become a fan of that podcast you come back the next week and they get a different person on there being interviewed with a different way to run your business. And if you're not careful what happens is you just start feeling really bad about yourself. So I wanted this to be the anti that kind of podcast. I wanted to be able to deep dive into this issue of information products digital products to help you launch your first digital product or launch your first product that is a digital product in your traditional business whatever that is. Now here's the ironical part. This is Section number four and what we're going to talk about the day is what is that info product. Now you would have thought that I would have dove into that in-session number one or session number two it really didn't occur to me that everybody doesn't know what an information product is. The irony is my biggest frustration with the gurus in any industry is how easy they make it sound to do what we do.

[00:01:44] OK and the irony is I have done that myself. I just breezed right over this idea of what is an information product. And I was speaking to a business friend of mine the other day and I said Hey do you guys sell information products in your business he owns a virtual assistant company called bullae I've talked about it before on the podcast and he said well we might tell me what that is. Now this is one of the smartest people I know in in business. And when I said information products he didn't really know what I was talking about. Now I know for a lot of you that's not an issue most of you know what an information product is or you wouldn't have been out searching for a podcast on information products. But I want to dive in today to not just what an information product is but what makes it revolutionary what sets one product apart from another. And so I'm going to walk through and tell you the litmus tests that I use when we're developing products before we take them to market or ideas before we even develop products so that you will know we are kind of have a shot or a target to shoot at. So what is an information product. Well an information product is simply this knowledge delivered electronically. Most of the time that produces for movement for the student. So it's knowledge delivered electronically that produces forward movement for the student. When somebody buys a digital product or an electronic product what they're looking for is some sort of change in their life and they're looking to accelerate that change.

[00:03:04] Now I wrote a bunch of other definitions down here so I want to I want to dot in just a little bit to my ideas on what information product is and then I'm going to dive into what makes some revolutionary so other potential definitions for an information product with the subject matter expertise packaged in a digital format to share with other people. So basically what you're doing is you're downloading the systems in the process and the know how in your brain into a format that can be consumed by other people we're going to talk later about how important that is inside of your business for internal processes as well as it is for external processes. I've seen digital products that teach everything from how to build membership sites to how to care for your beard and everything in between. Yes that's right I said Beard care actually listen to a podcast a while back from a gentleman I don't remember his name but his entire suite of offerings was just about how to care for your beard which is apparently a huge thing. Now let me tell you this if you can create a digital product and this guy was doing seven figures or more if he can do that in that space I promise there is something in your brain that when you download it and put it on a membership site or in an e-book or in an e-mail sequence or something that you know how to do that other people would pay to know how to do. Now I want to talk to you today about what makes these revolutionary. But before I do that let me just tell you this.

[00:04:24] This is my claim and my and I guarantee you do not have to be an information guru to do this. You don't have to be Tony Robbins. You don't have to be John that's you don't have to be any of these people in the industry there are industry leaders to create digital products. In fact I think what you're going to find more often is that the people that are really killing it are not the people that are going across the top part of an industry like leadership or personal growth. I think you're going to find that people that are really killing it are people that haven't you've never heard of that are servicing a very small niche market with some very specific information. OK so let's dive into a little bit about what information products are and then we'll talk about what makes them revolutionary. So I'm just going to give you the laundry list here of everything that we've engaged in. That would fall under the category of an information product e-mail sequences would be the first one. Yes that's an information product it is information that you're taking out of your brain and you're serving to people now. There are a myriad of different types of e-mail sequences that are everywhere from information products to just pure out sales strategies. But a lot of times people will say sign up for my e-mail sequence and you will learn this process over this period of time.

[00:05:35] The first one I remember signing up for I think was on copy blogger and it was a 20 e-mail sequence that was delivered over 20 weeks which did a brilliant job of indoctrinating me and people like me into what they do copy blogger and how to get more adverse or understanding SEO in copywriting in that kind of thing. But it was just a brilliant way to do that. That was one of my first forays into what an information product is now information products are not always paid. Sometimes they're free. I tell people there's two kinds of content that you have to produce to be in this business. There's the stuff that you sell and there's the content that you produce to sell the stuff that you're selling. OK. And sometimes that's an e-mail sequence for us. We run several different kind of e-mail sequences. Right now we're running one as we get ready for summer. We chopped a web in or up into four different segments and we're just feeding those segments out one at the time over a period of time we actually put a delay timer on it or a click through time or in that e-mail sequence so we're not hammering our list with four e-mails about the same subject. If they're not interested we put an e-mail on to e-mail sequence together and if they click on either one of those e-mails it triggers the four e-mail sequence that has the seven ways to beat the summer slump. Webvan or sequencing in it. So I'll tell you that just to say e-mail sequences absolutely can be an information product. And the thing that you want to convey with a free e-mail sequence is indoctrination you want to be able to help them understand that you know what you're talking about that you care about them and that you have a very clear path for taking them where it is that they want to go.

[00:07:07] The next thing is in it for infographics now you've seen infographics out there they were really on the rise a couple of years ago it seems like they've been curtailed a bit right now. We're still having a tremendous amount of success with an info graphic and I'll tell you how you can put together one really simply. We came back we had several different e-books that we were given away and I realized that people were constantly e-mailing us for links to different things that we had mentioned on our web or or in our life. Unas whatever those things are and they would email and ask us for these products so I said hey we need to make a list of these and when people call and ask for any of them let's give them all of them. So we made this list and it grew and it grew and it grew till it was about 62 links. So what I did was I took those lengths and I gave it to a designer and he made an info graphic out of it a clickable info graphic. Well then we started one and adds to that info graphic because I realized this is a really cool thing. It's like pastors are always looking for resources that are going to help grow their churches and that's the market that we're in. So we put together this info graphic I called it creatively 62 free and cheap Church Growth resources and it's a clickable info graphic.

[00:08:13] And we started running Facebook ads to it before we knew it we were one in a 60 or 70 percent opt in rate on that which if you don't know the industry standard for opt in rates on a lead magnet somewhere between 12 and 25 percent depending on what you're giving away right with with a weapon or you're not going to get an opt in rate of 50 percent. Most of the time with an info graphic you should get a much opt in rate. But the commitment's a lot lower. But that was just an incredible win for us and then we put it on in an e-mail sequence right behind that so that when somebody downloaded that we began the process of indoctrination and moving them towards our digital resources to help their church grow webinars. I just mentioned this webinars or any credible information product now most of the time when people think about information products they don't think about the individual pieces they think about a course right. So and we sell courses. We sell several different courses. The bottom line is a product is or a course is the product of several products that didn't come off well when you have of course what you've got is a combination of a bunch of mini videos trainings screen captures inside of that that make up that course well webinars are one of those things. Now we sell webinars as we use webinars to sell our digital products. So we'll draw people into a web in. And then we will teach and when I say that we teach we're not fluffing we're going we're going deep diving into content that's going to be valuable for those people and then we offer something in the middle of that which is our digital product.

[00:09:40] The reason it's so important if you're going to dive into any kind of digital format that you're serving people with especially on the free side you must absolutely hammer the value add of that. And here's why. Only about three to five percent maybe 7 percent of the people that register for your webinars are going to buy from you. OK that means three to ninety five percent of the people that see your webinars are not going to buy from you. Let me let me back up and rectify the numbers there. We when we put 100 people into a weapon or we usually have about 45 people that show up and we will sell 12 to 15 percent of those people in the web. I always look at the stat of we had a hundred people register I know we're going to get five to seven sales. OK so I skipped that middle show up right number. So in reality if we if we put 100 people into a weapon or they register for the web and are 45 of them show up in roughly seven five to seven of them buy from us. OK so we've got 45 people showing up five to seven by. Well that means there's 35 to 40 people that are seeing the Web are and aren't buying. Now the reason I'm stuck on this point for a couple of minutes is this is so important that you serve those people that aren't buying right now. Well OK because your brand in their mind is going to be one thing. How will you serve them during this when or if they showed up and you didn't show out. They're never coming back. OK that's so important to remember.

[00:11:03] Another information product with the many webinars. The distinction between the web and or in any way have an are is obviously many webinars a lot shorter I call them anyway. Wemen or something that's anywhere from six to 13 minutes. Well we were diving into one polling. The reason they're so important is because they don't you we run them on demand and you don't have to have people set time on their calendar to show up. They can literally opt in for something right now and what not watch a mini web or and then you can make an offer to him right there. It is an effective means to sell a low cost product if you're trying to sell you know a $2400 product you're not going to do it in a 12 or 13 minute video. Most of the time you can start a process. We also use many webinars in a couple of other different ways we put them on. We have a mini Weatherall right now that runs right after somebody open or Opta ops and for one of our Webvan or so they'll opt in and they get a thank you page and on that page. Many women are called 10 ways to grow your church using video and then we sell a $487 product right there which is worked out really well for us over time and I would call that a mini web or the other place you could put a mini web or in a web in our sequences in the confirmation sequence which is if they sign up today for women or that happens in two days you're obviously going to send him a couple of e-mail reminders.

[00:12:18] Well we add in many webinars into those e-mail reminders just so we can indoctrinate people and I'm not sure how the word indoctrination comes across to you but for me what I'm trying to do and indoctrination is very much what I'm trying to do with this podcast which is download something important with you and at the same time let you know something about me and hopefully convey the most important thing that you need to know if you're selling anything which is this that I care about you. Yes. I don't know you I don't know what you're what you're doing right now I don't know what your plans are for the future but absolutely I have been on the journey that you are on. I'm still on it. And one of the things one of my great values in life my great opportunities and the benefits of the path that I've walked is I get to help people just like you walk this path. And when I can help that's huge for me it's not my favorite thing. The next thing is blogs. So the difference between a mini web of log log is a digital product that you use and put on something like YouTube and then you would post it to your site. The reason that's an information product is because you're always trying to convey one part theology to part text two parts technology. If you live in the world that we're in if you're selling leadership you're always trying to help somebody get that edge and that information that you're passing along to them.

[00:13:33] You just want to spark something in them that's going to create a little bit of change because this is what I know for sure if you pass along information that's a game changer for people. Those people will be indebted to you. It's called the law of reciprocity which is a psychological law which means that if I add value to you what happens is I am putting chains in your emotional bank account and we want to do that as much as possible. Are some people going to take advantage of that. Absolutely. We have pastors that e-mail us and say Hey I just wanted to say thank you for that Webvan or. But I also wanted to let you know this in all honesty I'm never going to buy anything from you. And that is not awesome I'll be honest with you hopefully we'll change their mind over time but you're always going to have a subset of the market that does that. And guess what. You got to wake up and serve those people well two and more times than not those people that are showing up day in and day out they don't even know it but you're making those emotional deposits and ultimately they're going to wind up doing something. Hopefully. OK. The next information product is an e-book now you're you'll hear a ton about these in a lot of different circles how people are building whole businesses around building e-books.

[00:14:40] We've got some incredible e-books that we put out in the marketplace in fact if you've been listening to the podcast for any length of time you know I started this whole journey about putting out an e-book that was focused on church construction consulting so we built this thing and started giving it away and it kind of jumpstarted my email list. And from that I learned how to do this. E-books are a bit more difficult for me but it's just not my sweet spot. It's a little bit more difficult to put them together. In fact the way we do it now is we do a lot of video and then we take that video and have it transcribed and then give an editor the transcriptions and let them make an e-book out of it. I love e-books. I love reading. I get a lot of information from reading. I will tell you this. The click through rate on the links that we put in e-books is very very low. So if you're going to start this journey and you're you're you're going to sell a digital product at some point and you think that building or e-mail us with an ebook is the way to go. Here's here's what I would ask you to do. I would challenge that thought process before you go all the way into it. And here's why because it takes a lot of work to put one together and make it look good and you could just as easily create a list like what I talked about earlier that links list free and you know the 1:54 free and cheap. Church Growth resources. That product is crazy easy to put together. And then you can go onto fiber and have somebody put together the infor graphic for next to nothing I think we spent $150 on that info graphic and we've had thousands of people download that thing it was it was the easy button for building our list.

[00:16:11] Now keep in mind too if they read your ebook then you're going to have a lot more emotional capital with them than you will if they get your info graphic because chances are they'll download your info graphic and have no idea who you are. And that's why we've got to have that e-mail sequence that backs it up books. I put books in here because you can write a book. I plan to write a couple books I've got two books that I'm beginning to outline now and here's the thing I have traditionally been against the idea of putting books together many of you know that I spent about seven years working for John Maxwell and I have learned a massive amount from John not just about leadership but about intellectual property and how you can leverage content to grow a real business over time. And books were a big part of that. The challenge with the book is traditionally it has been very difficult for people like us to get our foot in the door with a publisher in fact I've written three books two of them were e-books. One is the church construction book and then the physical book that I wrote was a book called mentor like Jesus. I wrote it with a mentor like mine and it was published by BNA which is a division of Lifeway and the book has done incredibly well. But the process was a flip a nightmare. I'm not saying I'll never do that with a publisher again. I'm just saying if you're getting started in this I think a book is is a good way to go. It's a great calling card. Very rarely is a single book a business.

[00:17:34] In fact I know that your first book is not a business. If you make money on it all you've done something if you just lose a little bit you've still done done pretty well. But books there are a way to convey information to get people to take action. But it really is a tough path to start with not saying you shouldn't go there eventually but it's a tough way to go podcast this podcast The reason I started this podcast is because we are beginning more and more to train people on how to build these platforms and for me this is a medium where there are a lot of ears. Right. Podcasts are an incredible way for you to be able to get your message out. You'll notice that in just about every one of these podcast episodes we are pairing the podcast episode with a training that I'm putting together on our free membership site. The reason we're doing that is because we want to turn this medium into something that you're just riding down the road and hearing information to actionable content that you can go and do something with. And I know that if we continue to add value to you over time what's going to happen is when we do begin to launch our products on how to build your signature course how to build webinars that sell how to build your email list 1000 when we start launching those programs. Chances are some of you are going to be ready to do that and we're going to build emotional capital with you through this podcast and through the free membership site. Hopefully you see that way that that works.

[00:18:54] Now many of you may not know this but there are also premium podcast out there. You can actually put content out to your membership. So if you have a membership site you want to also convey information to them through a medium like podcast. You can set up a premium paid casting site where only the people that are members of your site would have access to that content. Podcasts are an incredible way to be able to communicate to people add value to people while they're in motion whether they're driving or working out or mowing the grass whatever that is. This is just an incredible medium to do that. Membership sites I just mentioned that we are going to launch in the next few months we'll be launching several different products on our membership site. And by the way you can find our free stuff at Richard Ganci dot com forward slash register or just click the link in the show notes below here and get signed up for that. I've already put a number of trainings on there the training that goes with this resource. I'll talk about in just a couple of minutes. But membership sites where most people think about information products primarily the thing they think about is a membership site and that membership site is composed of a lot of different trainings about a very specific topic. Every one of you everybody that's listen into this I promise you this. You've got a membership site in you you've got digital products inside of you. Most people think they don't because what I really know.

[00:20:11] And when they ask themself that question they're asked in a very high level question which is why would anybody want to know what I know. Here's one you have forgotten how hard it was to learn what you know. OK. As I mentioned this at the top of the podcast when I started this podcast I just assumed that everybody knew what an information product was like an idiot. Right. And most of the time that's what we do. We do the hard work to learn something new whether it's how to sell. You'd be surprised how many people don't have a clue as to how to sell a product whether that's a physical product consulting a service or digital product. Most people are just clueless as to how to do that. Well you could put together a membership site and you could teach people the fundamentals of selling it help them set goals and do all that kind of stuff. What happens with this is as soon as we know something we devalue what it is that we know. And I'm just telling you there's a membership site or two or 10 in you there's a digital product or 100 inside it you can break things down into the individual elements and you can begin to push those things out as skills. And that's what we're doing with Richard Chancey Dotcom is we're looking at what are the critical skills that are necessary to be able to have a business like this that that gives you the kind of freedom that you want. And it works while you're not working. OK. Moving on membership sites.

[00:21:28] The bottom line is if you're listening to this podcast in my mind you should be thinking about how do I build my own membership site. That should be where you are going is the focal point of what we're doing with the show events. Another type of type of information product is an event. Now you might think it's an event not a product by nature and event is not a product that's where you're wrong. OK because most people that are speaking most people that are doing any kind of selling through events they have got a way that they communicate from stage a way that they work a booth whatever those things are that is in itself a product you need to think about that as a product and the two sides of that product to mention him again. Or how are the people that buy from us going to buy from us. How are the people that are not going to buy from us. How are we going to follow up with those people and nurture them through a sales process. This drives me crazy I go to this so I spent the better part of 15 years going to events speaking at events and working booths at events. OK. Many of you are doing that you're trying to find new ways to use digital products and online to sell your products. If you're going to go speak at an event you should never stand on stage where you don't have a call to action that says go to this length and get this free thing. We use pretty lengths to do that which is a WordPress plug in. Richard Chancey dot com slash Register takes you to a u r l that's 100 characters long but really hard to say.

[00:22:51] Obviously right so if I'm standing on stage and I'm talking to you today I'd say hey this is who I am if you want to really get training on how to get over your limiting beliefs go to Richard change the non-comp or slash register and just put in limiting and then watch the videos that are going on with that do you see how I can turn people from viewers in an audience into leads by standing on stage. Same thing that happens when you're standing in a booth at an event. OK when you're standing in a booth when somebody comes by your goal ought to be to get somebodies name and email address and have a reason to follow up with them. And then when our taboos the Holy Grail was always can I set up a meeting with this person right now if they're a qualified candidate. And so if you've got that strategy in the event you can absolutely look at that event as an information product and then that information product ought to be followed up with an e-mail sequence that gets you whatever the next stage of your sales funnel is if it's a face to face meeting. You want to drive into that face to face meeting that person ought to be getting communication from you before they hit their seat for the next session. OK. Consulting. OK. Now we're in the deep weeds. OK because I did consulting for the better part of 20 years of my career where I would go out and I would go through the same routine over and over again.

[00:24:01] I worked for Smith Barney where I would walk people through a process of getting their finances in order. I worked for church construction company Well I would go out and sit down with people and coach them through the vision for their church and their strategies for how they lead teams. Before we do the construction process probably 50 to 60 percent of everything that I talked about in those environments could have been put in a digital product that my customer could soon consume on their own time. And then when we got together we could take it the last 10 or 20 percent of the way. Consulting absolutely needs to be turned in to an information product that is a combination of your consulting and then the stuff that you're your customer doesn't know that they need to know but you tell everybody to do it the same way in the same timing and all that stuff can be combined with a membership site and I can tell you this right now you go out to a client and say hey I'm going to coach you on I'll do this now I'm going to coach you on how to do webinars but I'm not actually going to show you how to set a web in order. We have a digital product that we use for that so I'll coach you on the philosophy that technology is set up all you've got to do is have somebody on your team. Davian and set it up. So that's really important that you begin to view consulting if you if you're in consulting right now. I'll say this all the time leverage where you are right now to go where you want to be.

[00:25:17] And by that I mean if you are in a consulting job right now and you're trying to figure out how to make this transition into working from home and having an online business I'll tell you this. Leverage your job right now to learn some skills that are going to help you make that transition because if you hit the ground with two three four thousand people on your list I'll promise you it will be the best decision that you ever made versus leaving your job and starting something like this cold turkey. OK. The last section of this I want to talk about is internal information products. So training your team is crazy important. And one of the skills that I'll constantly hammer on you with is document your process as document your process as I don't care if you work for somebody else or you work for yourself if there are key things that somebody on your team does for you or things that you need to hand off to people you need to document those processes you need to build a video you need to build a place on a Web site where you can say this is how we bring a new customer in OK for us. It's how we charge people's credit cards. We've got 15 or 20 different customer service internal processes mapped out on a platform call a sweet process. We've got all of our customer service processes mapped out there so that if we bring somebody new to one customer service for us we don't have to go back and reinvent the wheel and somebody doesn't have to sit down and teach them every little thing and God forbid something happened to Jessica.

[00:26:40] My virtual assistant who handles most of that when we bring somebody on if she was gone I would have to sit down and start completely over and there is a lot of stuff that Jessica knows how to do now that I don't know how to do. Right. And so what we're doing is we document our our processes inside of sweet processes so that if somebody leaves the organization we bring somebody in New has to take those things over. We don't have to reinvent the wheel one way this can be huge in any organization is if you bring in new salespeople and you have your best salespeople sit down and create an information product that tells those people what it takes to be successful and not this high level Well you just got to show up every day and get to work. I'm talking about somebody that sits down and says this is exactly what I do every day. Let me just tell you this if you run in a sales organization or you're building a sales organization and you've got that kind of resource your sales are going to go through the roof because you're killing the learning curve for new people coming in which is a good thing. All right let's dot in now to the characteristics of a revolutionary information product so this was the part that I really wanted to get to in this training because I think it's so important that when you go to build an information product that you start with the end in mind which means that your target for this is not to just get something out there that you can sell that your target is to create change in the lives of people because change creates influence and you want to have influence.

[00:28:01] You just want to sell something to somebody one time and then just willy nilly create something and don't put a lot of thought into it. Don't put a lot of heart into it. If you want to create rabid fans that are going to come back and every time you launch something they're going to buy it. They're going to tell their friends about it. Then you definitely want to make sure you pay attention to this list. So the first characteristic of a revolutionary information product is this. They create a mind shift. So let me give you some examples of that that are in my own life right. The mind shifts that I have a mind shift number one for me was you can get work done without actually working. OK this was a mind shift that I came to with a friend of mine sat me down and said you need to be new information products you've got the technical act meant for it and the personality for it I think you do really well for this the mind shift that I had to go through was this this spend an hour work for money basically tried your time for money. I had to get over that and a mind shift for me was you can actually get work done without working meaning if I do stuff today this podcast is a perfect example. Am creating this today. I don't know when you're listening to it. Chances are I'm not going to get a lot of traction on this podcast for the first six months year.

[00:29:08] Two years of it you may be three years down the road listening to this podcast right now. And I created it two years ago three years ago. OK see what I'm saying. It's out there it's working for you even though I'm not currently working on this session of this podcast. Right now the digital products that we sell in the church space are in 15 countries in impact and more than 140000 people. While I'm talking to you right now. I literally do nothing on the back end of this product. Once we sell it we do a live Q&A once a month. But the digital product 24 months where the training happens like clockwork it goes day in day out making an impact out there in the world. We're literally training people all over the world right now. Monch you have number two. The night shift number two is this solve real problems and don't worry about the money it'll follow. And when I say that now you want to start with a basic concept. We're going to go into a profitable marketplace which I did not do. Hear me say that church space is not what I would call a profitable. MARKETPLACE we're going to talk about profitable marketplaces in the next episode. I'm going to outline the seven characteristics of a part profitable marketplace. I did not know this when I launched in the charts nice and I'm still doing really well. People talk about the riches in the niches. I absolutely agree with that. I would just tell you start out with a really rich niche and then you'll get a lot of traction faster. So. So here's the thing.

[00:30:30] With that being said once you pick a good niche go out there and try to find a real problem that or people are having and solved the problem. I promise you if you can come up with a solution to those people's problems you're going to be successful in this business. Let me let me give you an example of this in my industry which is the church industry. The real problem is pastors need to train staff volunteers and build teams. But they literally have zero time to do it. And then and then there's the fact that a lot of them just don't know how to build teams they don't know they don't have the leadership skills or the training to physically create teams and lead those teams. Well we create a solution to that very real problem by creating a solution that takes a minimal amount of the past years time because we train him and the staff at the same time so they take our digital product our digital product isn't made to be consumed by a group of people and not a person. Now let me just take a time out right there and say this that if you can achieve that if you're if you're going into an industry where people make decisions together people are leading teams are trying to do something together and you can't create a process for that team. You're going to get a lot farther down the road and very few people are going to bail out of your system once you get people started. And the reason is when people make decisions as a team they have to unmake them as a team.

[00:31:46] Selling to the team is actually creating a commitment device which is if they say yes then we know that they're going to follow through because there's emotional energy around it. Much of number theory is making money while you sleep is a very real thing. Now let me say this I did not buy that when I first started doing this. In fact there's a lot of you that this may be the number one hang up that you have about doing something online because everything in you says this is a scam. OK. You ride down the road you see the little sign on the side of the road that says you know make twelve hundred dollars a month from home or you know make money wisely whatever it is. And the reality is a lot of those are scams but the business I'm talking about is a business that you're going to build and you're going to be the one pushing the buttons in determine what is and what is not morally in line with what you want to do. So for me I had to get over that to make money while you sleep. In fact I'm not sure I'm over it yet and my business is doing anywhere from 40 to $70000 a month in digital product sales alone and I still have a hard time believing that you can make money while you sleep. But every morning I wake up and I turn my phone off of airplane mode and I start getting text messages. I get a text every time somebody buys our product or they upgrade. And the first thing in the morning I turn that thing on it takes a couple of seconds I start getting text messages.

[00:33:07] In fact we're on a three day run of people upgrading to our most expensive training or they save the most money on our highest version of our digital product. But they also it's a it's a big number. When they do that. So three days in a row which is just incredible adds a ton right to the bottom line and it's all happening wirelessly. Now some of you are going to continue to be skeptical that this can happen or that people are actually doing this. I'm doing it in the church space. It's it's a fact. There are people that are doing it in shady ways but there are people that are in very ordinary industries that are absolutely making money while they sleep. Here's what I would tell you. Suspend your disbelief just get to work and keep working and turn the party your brain off. That says that this won't work until you see it work and it took me a long time after I was making money while I slept to get over the fact that you can't make money while you sleep. I know that sounds crazy but it's a fact. I mean I still sometimes go I cannot believe this is how this this works. I mean the fact that we're you know I had an email the other day from a guy in Australia that wanted to know if he could get a replay of our web and or because he just bought our product and he wanted to watch the web in our that he signed up through again.

[00:34:17] But he's on the other side of the world and didn't want to get up at 2 o'clock in the morning to watch it the next time. That's crazy. I mean I'm from a small town in south Georgia. We're reaching people all over the world with this product. The second characteristic of a revolutionary information product is this. They are catalysts. Now if you don't know what a catalyst is it's actually a chemical equation it's a chemical element that when you add it to a chemical equation it makes things happen faster but doesn't leave a residue. That's not super important or you need to know is this that your product should be a catalyst to make something happen faster. Let me give you a couple examples. We're going to launch a product that's all about how to run efficient webinars that sell well what we're going to show you in that training is we're going to show you the step by step instructions that we use to sell in an industry that's not make money online. The church industry I'm going to show you step by step how we do that. It took me three years to figure out how to do this. I'm going to show you how to set it up and have it run in four weeks. That's what I'm talking about. You go from a three year learning curve to a four week learning curve and we take out a lot of the risk in there. That's what I'm talking about with making things happen faster. Another idea might be this is a perfect example.

[00:35:26] Right now I have a coach that Tony Robbins coach his name is Ryan he's incredible and they have got a brilliant way that they are coaching entrepreneurs and executives and and here's the way it works. They actually leverage digital products along with their coaching so their coaching is not stand alone. Let me get on the phone with you and tell you how to do to build a goal what they do is we get on there and he says OK let's talk through your goals and you come to that meeting ready for your goals. And he says OK you know we went through the goals and he helped me clarify the goal and he goes OK. Now go watch the training on how to develop a smart goal or an RPM goal which is Tony Robbins lingo and instead of him spending an hour on the phone with me teaching me how to set a goal he sends me to a video that's 35 or 45 minutes that walks me step by step how to do that. That is a revolutionary information product. It's revolutionary because it's being combined with his coaching pay and for the coaching but he's leveraging his time with a digital product. If you can wrap your mind around that as a consultant as a coach as an author about how you augment your your primary service with digital products and what it can do in your business. I think your mind will explode or implode when you begin to put your mind around that. The third characteristic of a revolutionary information or product is this. They make something easier or unnecessary. OK.

[00:36:44] As I mentioned about the Web in our training that we're getting ready to do the big thing that we're trying to do that with that is to knock out everything that you don't need to be doing with any kind of digital product you want to put out there. You're going to want to make things easier or unnecessary for people in every business there's a million ways to do things. And then there's a few things that are the right way to do them. A revolutionary information product helps you only do the right things. They clarified the path to success and they're helping you get down to just must solve problems. OK in this process any process that you go to develop an information product there's going to be several different stages of it. Each one of those stages is filled with little problems that you have to solve all the way through. Any good information product is going to help you solve the right problems at the right time in the right sequence and not dive into stuff that you don't need to deal with now just because you're getting down to the nuts solve problems doesn't mean it's going to be easy we're going to create a clearer path when we create our digital product. But it doesn't mean it's going to be easy which is why the fourth characteristic of a revolutionary information product is they break down complex ideas into manageable tactics. You must make outcome the outcome possible in the mind of your student. Now think about that for a second. Your job is to make things seem possible in the minds of the people that are you're trying to do business with. If it's impossible your product and your sales will suffer. Belief is the first critical step and this is what I mean.

[00:38:16] Take what little belief they have and help them see the potential. Ok wherever they are you want to start elementary and help them see the potential see the next step when they can see the potential. They'll take action see results and their belief will grow OK. They'll sort of go oh maybe it is possible to do X just like I was talking about a minute ago I actually had to see the fact that we were making money on with automated systems before I actually believed that we could make money with automated it systems. Your job is to help them take the next step. Now the movie The Matrix comes to my mind as I'm putting this in my notes and it you know it's the the scene where Neo stays in the subway to fight Agent Smith. Now if you're under 35 you probably have no idea what I'm talking about. But this guy had been running from these agents the whole movie and then Morphy Morpheus says oh he's beginning to believe so neo stays to fight. Agent Smith and Morpheus is saying he's beginning to believe your job is to be Morpheus your job is to help people take the next step. Ok I just nerd it out on that and I apologize for that. If you don't know what the Matrix is. Go read it. It's like the most awesome awesome movie that you'll ever watch. In fact I lead a high school small group at my church and I'm constantly referencing movies like this. These guys that are 15 years old they have no I never reference a movie that they've watched. It's crazy.

[00:39:31] Hopefully you've seen this movie if you haven't go check it out. The characteristic of a revolutionary information product is they have a 10 x promise. So when you're bring people and your product and your product you want to make a guarantee to them. You want to say you're going to get this result out of this or you'll get your money back or I'll give you this or what. Most of the time when we're putting a digital product out there our guarantee is this hey try this out for 30 days which is enough time for a lot of our products to go all the way through it. Try it out for 30 days. And if you don't think this is worth the money if you don't think this is worth 10 times what you paid for it in your business ask for a refund and not only will we give you a refund. We'll actually let you keep the training and that because what we're trying to do is convey to them hey we know that this is going to work. We put the time into this. We see other people that are using this and it's working for them. It will work for you too. We refund very few people after 30 days in any of our digital products because we hit them right in the mouth with high quality value. That was the South Georgia thing. I apologize for that. The product makes a promise and delivers on it. This one separates the wheat from the chaff. As I mentioned earlier I've bought a ton of digital products.

[00:40:41] In fact I just bought a couple of products a few weeks ago about how to set up this podcast both products I had to. I was watching the product inside of the training that this got put out. And I actually had to go over to YouTube and augment his training with training on YouTube that was free to learn how to do what it was he said that this was going to promise it. The training is good. It didn't answer specifically the problem that I was dealing with. It wasn't a comprehensive training. It was very very specific about one way to use a mixer. So I was kind of disappointed with that. Now I've bought another course that I pay thirty eight hundred dollars for and got an e-mail after I bought it that they said that they were also giving me another $3500 course on how to sell high end consulting. So just imagine how blown away I was that when I bought the product from them which was in the early days of my business and hundred dollars was and still is a lot of money. And then right off the bat they give me another training now. I wouldn't want a training on high end consulting because I'm trying to move away from consulting. But as I dove into that product I realized there are some really good information in there about how to target the right audience for you to serve which a lot of the training that I talk about is an amalgamation of several several different training programs. This being one of them so the value that they added to me was enormous and you always want to be able to do that is to under-promise and over deliver by no means.

[00:42:03] Now does that mean that you give it away. No but you need to give them 10 times value for what they're paying for. I absolutely believe that you should charge for your products. I think that cost is a very elastic thing. We're going to talk about that more in later podcast but if people pay nothing it's worth nothing. So I think you absolutely should pay or charge for your products. The six characteristic is risk reversal guarantee I talked about that a second ago. Not only is the guarantee great for selling. Most people think it's you know it's a gimmick they're just trying to use it on the back and to sell it is great for that but it also gives a great standard for you to hold yourself to because you know if you put crap out into the world that people are absolutely going to ask for a refund and let me just tell you if you refund somebody their money if you're charging $2000 for a product and you research on somebody their money that just costs you 60 to $70 in credit card fees. Yeah welcome to the NFL my friend. You want to be put good stuff out in the world and that doesn't mean you don't want to give a guarantee because you don't think your products good. You want to make your guarantee irresistible. The seventh characteristic of a revolutionary information product is it's priced to create commitment. Let me say that again. You want to price these things to create commitment. This is a concept I hope that you can put your mind around when you spend money you put yourself in the game. OK.

[00:43:23] Nobody's life is radically changed without a cost. That's not always money but when you're selling digital products if you sell your product for $100 you're hoping somebody gets a thousand dollars worth of value out of it if you sell it for $2000. You want him to get $20000 worth of value. Now let me ask you this. Is is is $20000 worth of value better than a thousand dollars worth of value. Well I think the answer is yes. Thanks for answering that with me. And the bottom line is you can sell a product you can sell the same product for $100 dollars or for $2000. Sell the identical thing. I'll promise you you're going to get better reviews better feedback on the $2000 offer because people are going to be more committed when they jump in. Now not only are they more to committed to the process they're committing themselves more the process and that is huge for them. Maybe the best thing that you can do for them. I know that when I've spent big money on training as soon as I spend it I thought I'm getting my money back in a month off this thing from value in my business. OK. That's what you're creating when you're creating price. There's a ton of great information out there about how to price your products which I would definitely check out going out there. You don't want to. Underprice you don't want to overprice but I can tell you this when you're launching one of the things that you want to keep in mind is you can always raise the price.

[00:44:38] It's very difficult to lower the price. The bottom line is when you start. It's OK to start low. You can actually sell your product before you build it and give them the pre-launch discount pricing. It's a great way to jumpstart things. But the bottom line is this. You've got to price it to create a forum if you know that you're putting together a product that's going to create a ton of value in their minds you need to price it so that you get the people that are serious about it into the product because that's going to be better for you. It's going to get you going to have fewer people that opt out which is a nightmare for your customer service team. And then you're going to get better testimonials in a more life change bottom line. OK I'm going to go ahead and wrap this up with this last segment I had a couple more things to do but I'll add some of this content into the next training on markets. But the biggest question you should start out with at this point if you've never created a digital product I know the probably the number one question on your mind is What product do I create. We're going to dive into markets a little bit next week. So and maybe that's just in the next episode for you depending on when you're listening to this.

[00:45:37] But I wanted to hit this really quick and tell you about the resource that's on the membership site nale every partic should start with who right you should start with market we're going to talk about market next week in the training on the membership site called How to build core influence. I'm going to dive into that idea with the I'm going to dive into how you build your ideal client avatar and then I'm going to show you an incredible way that I've learned to go out and do market research using Amazon Kindle to find out what's going on in the head of the people that are in your marketplace. I'll tell you this it all starts with a 1.0 version of yourself you'll hear me say that over and over and over again you want to find markets that are profitable but also where you have some sort of value that you bring to the table. Now if you pay close attention to my story you realize I'm not the subject matter expert on the content we sell in the turret space in fact I've built six churches. Construction wise but I've never been on staff at a church so I sell a digital product that leverages somebody else's subject matter expertise. OK you can absolutely do that. Their strengths and weaknesses to that for sure. The strength is there's an infinite amount of other people's expertise. The weakness is you've got more people at play you have more schedules to manage and all of those kind of things. The 1.0 version of yourself is where I would start go out and find people that are where you are and try to offer value to them by solving a top of mind solution. OK. The core influence training is all about heart level information. Most of the time when we're selling we're selling at the head level. Even sales training will teach you features and benefits.

[00:47:09] What I'm talking about is core level information. You want to know what's going on in the minds of people in your space before you start to take an offer out to them. And then ideally you're testing the waters by making offers to people for products that you haven't built yet to see what kind of response that you get. And you're going to get all of that. There's going to be a deep dive into how to go out and find the research to build your first digital product in that how to bill court influence training. So all you got to do is go to Richard Chancey dot com for sites register. Once you've registered that page also takes it to the log in. But once you register just put in core and you'll find that training it's a couple of videos on how to do that. Other than that I will look forward to seeing you in the next training. As I mentioned next time we're going to dive into how to find profitable markets someone to walk you through the process that will help you determine what is and isn't a good market for you to move into. I will tell you this my friend and I had this debate all the time. He says I would rather have a wildly successful business in an industry that I'm not passionate about than a business that I'm passionate about that I'm not making a lot of money in. And I disagree. He thinks I'm on the passionate side. By the way because I've been selling the church space for all this time I'm not on that side. I would rather have both.

[00:48:21] I would rather work in markets where I'm passionate about the people I want to connect with these people these are people that I would want to hang out with. But at the same time I also want to do well and provide well for my family because I do a lot of work. I love to work. I do a lot of work to make this thing happen and it needs to be worth it if I'm going to take time away from my family time away from other interests that I have to be in this business then the business needs to be profitable. OK. So hang in there for the next episode and go ahead and register if you haven't subscribed to the podcast. Now be a great time to do that. OK. If you have questions after you sign up for the membership site you get an e-mail from us any time you need to connect with us if you have questions if you know somebody that might be a good person for us to interview. We're going to move into the interview phase shortly in the next 6:07 sessions I'll start bringing people in that are living in this world if you know somebody or you know somebody that you'd like to hear me interview. Drop us a line and let us know it's Richard at Richard Chancey dotcom. And that goes right into my inbox. Jessica we'll check that out and we will make that happen.

[00:49:22] Otherwise I truly truly truly appreciate you taking the time to listen to this podcast if we can do anything to serve you. Just let us know. That's.

[00:49:33] Things for being with us on the show don't forget to subscribe to the podcast and remember to register for the free premium content mentioned in this session at the rep show dot com slash register. Thanks for listening to the repped show. We'll catch you next time

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