For two weeks now, I've been part of a group coaching program on product creation, the Rapid Product Formula by Nicole Dean and Ronnie Nijmeh.
Yes, I am joining the ranks of thousands of other infoproduct marketers on the Internet. In fact, I already have two information products, which I created and began marketing in 2009.
This time, however, I decided to let get the guidance of two of my best clients and business mentors. I figure, why keep trying to reverse-engineer what everyone else is doing? Why not just follow the formula or blueprint that's already working for successful infoproduct marketers?
So, here I am. I'm going to be blogging about my experience in following the Rapid Product Formula. No, I'm not going into the details of everything we're doing in the program. You're gonna have to join when Nik and Ron reopen later this year to get that.
However, I will share my own journey — the challenges and difficulties I encounter, the mistakes I make, the successes I have (and I do hope I have some to blog about), and the results I get from this exercise. I hope you're in for the ride.
I've been a copywriter and online marketing consultant for two years now. And I am quite happy with the income I've been earning, especially considering that I don't put in a full eight hours a day, seven days a week into it. As far as I'm concerned, trading hours for dollars is still the fastest and easiest way to make money from home.
But still, I also recognize my own limitations. I can only accomplish so much work in a day. Plus, I'd like to be able to go on vacations and still get paid (Alas, service providers don't get paid time off). I also want to be able to continue earning money even if I get sick, or need to put my attention to other important things, such as taking care of a sick family member.
Passive income sure is attractive, but there's more to infoproduct marketing than the money. The other reason I want to become an infoproduct marketer is so that I can reach and help more people. With an information product, I can share what I know with more people without spending one-on-one time with them.
There are dozens of information products about creating and marketing your own information products, so why did I choose the Rapid Product Formula (RPF)? The primary reason is that I know, like and trust Nik and Ron. I've been working with them for two years now. In fact, I credit Nicole for getting me started with writing from home. She was my very first client, the very first person who took a chance on me and hired me even though I had never written for the web before (thanks, Nik!).
Secondly, I know that Ron and Nik are successful online marketers. They make full-time incomes online in different niches. They don't make money by teaching other people how to make money from online. They know how to get into a niche, create product offerings for it, and make profits doing so. Plus, they're good people living the wholesome, balanced Internet lifestyle I want for myself too.
RPF is only one of the many ways one could get into infoproduct marketing. In its essence, the formula is:
(USP + RP + SP + MP)x = PC
USP means Unique Selling Proposition, which includes your particular niche, what problems your product solves for them, and how.
RP stands for Rapid Product. The formula is all about getting a product out there – fast. Not crappy products, but a well-thought out product that, while imperfect, delivers more than it promises. No need to get caught up in writing, technology or trying to come up with a product. Create a good enough product, put it out there, and then keep improving it.
SP means Sales Process. This is the technical side of infoproduct marketing: getting your product online, accepting and processing online payments, and fulfilling orders for your product!
MP stands for Marketing Process, which includes everything you do to get in front of your target market, find leads, and turn them into customers.
Finally, PC means Profit Creation. If you add all these ingredients together and multiply them (the x in the formula), then you will create profit. The key thing here is the “x” — you don't generate wealth with only one product. You need to keep doing the formula and scale up the entire process to really see the profits.
I remember Frank Kern once said that the way to make more sales, is to make more offers. I think that's what this “x” means. The more products you create, the more marketing you do, the more offers and therefore, sales, you make too.
The first week of the program was devoted to the USP part of the formula. Our task was to decide on our niche, research what our target market's problems are, and start thinking of an infoproduct to create.
I have to admit, I'm already in three different niches. I have two niche blogs for one niche, and two authority sites for the other two niches. For the RPF program, I decided to go with the niche I've been in the longest, the one with the oldest blog and the oldest list. I have been neglecting this niche for a long time, in the sense that I haven't properly monetized my involvement in it beyond Google Adsense and affiliate links.
I don't want to give myself away, but here's a hint: it has something to do with parenting.
Based on Nik and Ron's advice, I decided to laser focus on a smaller and more specific market within my current niche. This gave me a better idea of how I'm going to shape my infoproduct and make it irresistible to my Ideal Customer.
My USP is that my product is the very first digital product on this particular topic. There are printed books similar to it, but most have a broader focus. My product will provide everything my Ideal Customer needs all in one package, and cut down their research and organizing time. It takes the guesswork out of the process, because I've already done the research and am giving them the tools to execute the process step by step.
By the way, a surprising by-product of the first week is that I've got a list of products for all of my niches now. I'm going to be busy for the next couple of years, at least 🙂
Next week, I'll let you know all about my experience with the second week of RPF. It's all about Rapid Product creation, so it's going to be exciting and challenging at the same time for me.
Watch out for it!
Do you think I'm on the right track? Am I missing something? Do you have advice for a budding “infopreneur” like me? Do share.
PS: I actually cut down on client work so I'll have time to do my assignments for RPF. I've also committed one hour per day to work on my infoproduct. If I have to lose one hour of sleep every night to get it done, so be it!
photo credit: Marco Bellucci
Lexi Rodrigo is a communication and marketing professional for multimillion-dollar businesses, co-author of Blog Post Ideas: 21 Proven Ways to Create Compelling Content and Kiss Writer's Block Goodbye, and host of "Marketing Insights LIVE!." Connect with Lexi on Twitter, Facebook, or LinkedIn.
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I will be really interested in seeing your progress and your success! Keep us updated!
Thanks, Judi, I will certainly be keeping you all posted!