Day 57: Monetizing with Products & Services 2

Today we're going to go over how you can create products and services to monetize your podcast, covering brainstorming and testing.

Steps for Skill Mastery:

1. Brainstorm Ideas
2. Test Ideas

Step 1: Brainstorm Ideas

Now that you have gained a real understanding of the struggles your audience is having in their lives you can begin crafting solutions for those problems and then selling those solutions to them.

Go back through last week’s content and look at the products or services that we discussed that may solve the pain points of your audience.

Some possible products or services you might offer to solve you audiences pain points are:

• Offer coaching services
• Taking on parts of a process that your audience doesn’t want to do
• Software as a service (SaaS)
• A community support forum
• A book
• Info courses (a membership site with video tutorials and resources)
• Physical products
• Mastermind community

‍Activity: Brainstorm

Brainstorm some possible solutions for your audience’s pain points

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Now let's start testing these ideas.

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Step 2: Test Your Ideas

Now you have an idea for a product or a service that you’re convinced your audience wants and needs. It’s important that we don’t set out to actually create it yet without first testing it out and trying to sell it.

Testing your idea is all about getting feedback from your audience – a “green light” – to continue creating whatever it is you’re creating.

There are 3 major ways to test out your idea:

• Have one on one chats with your audience
• Creating a survey
• Engaging and listening to your audience on content about idea

Once you’re done with the chats & surveys, look back over your notes and answer these questions:

Activity: Reflect

Answer the following questions:

• Did you talk to your actual avatar?
• What are the recurring themes from your calls, surveys, and engagement?
• If you did not talk to your avatar, is it possible that you’re attracting someone completely different than you original thought are the recurring themes from your calls, survey, and engagement?

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Now that you have some feedback on your product or service you want to create – one that your audience wants and needs (and that they’re hopefully going to pay you money for!) – let’s take a look at how to create an outline so you can prepare yourself to market your idea.

Your outline should include key insights and information that you’ve uncovered from your audience (by way of the content you’re going to include), and it should also give you a pretty solid idea of what creating your online course is going to require.

When I started creating the course I just began with an outline of the topics that I thought would need covered and some of the ways I might deliver those topics.

Activity: Make an Outline

Make some notes around what your product or service will include:

• How it will be laid out;
• What format the content will be in;
• What the flow of the course will be; and
• Potential bonus materials.

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Creating an outline doesn’t mean you have to know EXACTLY what your product or service will include. You might still have some question marks next to some ideas and that’s okay. It’s important that you uncover those questions now!

They key here is to get as close to your idea as possible through creating your outline so that you can use that outline to get proof of concept, and getting proof of concept will guarantee you’re not wasting your time creating something that your audience isn’t interested in.

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Skill Lesson Mastered

Demonstrate mastery of the knowledge and skills presented in this lesson by applying it to the above activity. If, and only if, you have a full understanding and have mastered the knowledge and skills presented in this lesson, select the next lesson in the navigation.