A lot of people that have a service-based business often fail their clients by not having a tangible product to offer them that compliments their service. Whether they need a lead magnet, a companion guide or resource that their client can use in between sessions, developing products out of your IP is pure GOLD.
Here are the 3 Steps that I help my clients be able to turn their IP into Profit:
Step 1 - Write down all the problems that your business solves. Then, write down the 12 things that you would be able to teach people about even if a gun was being held to your head. These are what I call your bread and butter. Then write down two things that you know, that your competitors aren’t talking about that you know is critical to your target markets problem.
The most effective way to stand out from the crowd is to talk about what others aren’t. Then you say, “We all know that ABC needs to occur before you see the change in your relationship however, I am here to tell you that unless XYZ happens, the results will never truly be remarkable.”
Step 2 - Identify how you can monetize your IP. Now that you have ‘unpacked’ your IP, it is time to start to look for ways that you can profit from it. You can take one of your 12 things you have listed, or as I mentioned one of the things your competition isn’t talking about and create a wicked Opt In for your website. Make your bold statement, and then create a short eBook or PDF file that you can give to the people who inquire.
Choose six of your ‘knowledge points’ and create an eBook that you can have for sale. Not only will this be a tangible product that you can have for sale, it is the perfect entry into your sales funnels that in marketing, is almost your most important business tool.
Now you are starting to get the hang of creating products, how about you look at creating workbooks or manuals? Another deeper entry into your sales funnel, and again, tangible products that you can photograph or have 3D widgets made to give substance to your website.
Step 3 - Write a book (OF COURSE!) The most powerful way of turning your IP into Profit is by writing a book. Becoming an author gives you the biggest credibility boost for your own profile and your business. Writing a book shows to your potential clients that you are committed, intelligent and knowledgeable and therefore, a perfect choice to help them solve their problem.
Not only will you make passive income from the sales of your book, being able to promote yourself as the authority figure in your niche suddenly become so much easier. Business owners who have written a book are twice as likely to achieve business success as those who haven’t.
Each of the 12 ‘knowledge points’ that you written down can become chapters. Unpack them further to give them clarity and substance. Sort them into some form of structure and readability and voila, you are on your way to writing your first book.
Hope this gives you a starting point to begin to get some tangible products for your community.
As you can see, writing a book is my number one tip to be able to turn their IP into Profits – if you want to come along to my Author Your way to Business Success workshops that run around Australia and coming to America in May 2017