**Due to the popularity of this topic and this episode, Ryan and Danny are hosting a live Google Hangout to discuss launching a “product pilot.” Register for the class through this link.**
In this episode of Freedom Fast Lane Ryan Daniel Moran talks with Danny Iny who takes us step-by-step through finding out what people want, testing offers, setting the price point, and what to do if you don’t have an audience.
From Untapped Potential to Profitability
The further you try to go when you are slightly off course. the further off course you will land. You can have the best set of steps in place but if you lock yourself in and don’t course correct you will probably fail. The steps are build on taking rapid action but getting feedback and course correcting.
What Do They Want?
This can be done with a small group of people or a large audience. You need to figure out what people want that relates to your expertise. Don’t build on what you ‘think’ people want as that is not validated but rather build a pilot to validate. Having an idea is a good start but you can also create a survey to mine for information. Distill your information to two things 1) What is the core problem, 2) What is the core solution?
If you are helping people with problems you understand then addressing the core problem isn’t that difficult. However, the solution is generally where people go off the rails.
The Curse of Knowledge
This is where people want to throw in everything plus the kitchen sink in a solution to make them experts in what we do. People don’t want to be ‘experts’ they just want to solve the problem. Ask yourself what you would teach someone if you only had two hours. This will tell you the solution you should propose.
Write your pilot course on a half-page and pitch it to your small group. If people aren’t going to buy in to your pilot you want to know now as at this point the cost of failure is minimal. If you get a lot of ‘no’s’ then get the feedback and find out why so you can go back and do the process again and get to the point where people say yes.
The Three Options
In order for the pilot process to work and scale up you have to be able to say yes to the following:
1. Did it make money?
2. Did you help students?
3. Did you like the process?
The big sticking point for a lot of people is ‘what if I get it wrong?’ and ‘what if I hate the content?’ The good news is if you do a pilot program you never have to do it again if you don’t want to or you love it an can scale it.
If you are planning on scaling and selling the course as a stand alone for $2K, then you need to consider that the pilot will teach A-Z but the pilot will only teach A-B and may be 10% of the final course. However, the one-on-one time will be 5x as much as the final course. $1K in this case would be appropriate. With that said, you can charge a lot more for a pilot than you would a course.
The Short Term
There are different perspectives when it comes to what you want to do on an ongoing basis. Some people want to work with small groups and others want to get their message to as many people as possible. It’s better to err on the side of caution in the short-term as you want to create the best product you can.
At certain points the audience will be confused and it’s best to see it in their face and hear it in their voice so you can fix it next time. If you are only charging $50 for an email course people will drop out and not respond.
The Permission Mentality
People have a mentality that they need something to happen that gives them permission to start selling something. It could be hitting a certain number of subscribers, proof from the market, build the product. This is a lot of mind chatter that blocks the dream you want to create in case the reality doesn’t live up to it.
Feedback and Failure
Most pilot program participants are excited to live up to their end of the bargain and provide feedback. It’s important to remember that feedback is not failure but rather information for improvement.
If You Have No Audience
If you have no audience then you should broaden your definition of what an ‘audience’ actually is. An audience isn’t necessarily people who signed up to your email list, you already have people who know, like, and trust you socially personally and professionally. Odds are that there are people in your circle who have the problem you are addressing and need your help. They will either say yes or no.
Resistance to Selling
The major resistance points are face-to-face and phone sales. This can be automated online, however, you will always close more people on the phone than you will in email. Remember email is a lot more scalable that the telephone. It is possible to automate on online through using other people audiences and screening people through applications, doing guest posts and going to where your audience already hangs out and bringing them into a sales process so you end up only talking to the most qualified people.
What trips people up is that they feel as though they need to have their course all built and polished as they are not experienced in selling. You don’t need that many leads you just need the right one with the right problem willing to spend money to solve it.
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Links to Resources Mentioned
The Course Builder’s Laboratory