There is no argument with the statement that we’d all love to see more revenue coming into our business. But there are tremendous disagreements about the best ways to create that revenue. Scott is convinced that the “how” is not important as long as you are increasing your revenue and he wants to see everyone who listens to his podcast do so as soon as possible. On this episode, Scott walks through 5 ways to generate more revenue that you may not have considered, and many of them are able to be attached to your existing brand by going for a market, not just a product. You can hear it on this episode.
The importance of multiple streams of income for everyone.
Think this through for a moment. If you put all your eggs in the “selling products on Amazon” basket, and Amazon changes things in a way that impacts your success, you’ve just lost all of your eggs. That means the money you were once making dries up overnight. Scott’s a great advocate of creating multiple streams of income to support your business and personal life. The more you have your income spread out the less vulnerable you are to the changes in any one platform. Today’s episode is filled with Scott’s insights into the ways you could launch some additional streams of income and support your life and business even more successfully.
Is there a book opportunity you could build off of your current products?
You probably haven’t thought of it this way but no matter what your product niche is, there are people who need to know more about that niche. There is probably an opportunity for you to create a digital book that you could sell on Amazon that covers some of the most important elements of the niche. You’d be providing a great service to would-be customers and creating an additional stream of income for yourself. Listen to Scott’s ideas about how to understand your market so that you can come up with ideas for additional streams of income.
If you have physical products is there a way to create a digital version of it?
It might require some creative thinking but many physical products can be pivoted into a digital version or a related product that is digital. There are so many ways you can create helpful things for people who are using your existing products and offer those items for sale. Creating additional streams of income is not as difficult as it might sound. You can do it – and this episode is full of ideas for how you can rethink what you do to increase your revenue.
You probably have a video course inside you. Yep. It’s true.
You may not be a technically oriented person. You may not know a thing about video. But you can be assured that there’s something you know well that others would pay money to learn. And more importantly, they would pay money to learn it in the WAY that you teach it. Scott’s got lots of ideas to give you about how you can create additional streams of income, and one of those is a video course that you can offer online or via DVD. You don’t have to be the expert on video, you can still create the course. Scott’s going to tell you how, on this episode.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to the podcast!
- [0:53] Scott’s invitation to you: Subscribe to the podcast and share it!
- [1:55] The international TAS connections.
- [4:39] The importance of multiple revenue streams for everyone.
- [6:53] Have you considered a digital product version of your physical product?
- [16:31] What about a video course? Do you have something to offer?
- [21:48] Special downloads that relate to your product.
- [24:27] Content creation that can be repurposed for additional revenue.
- [29:46] A story from Scott’s experience: GarageBand and music loops.
- [33:40] Scott’s tips to wrap up the episode – and a bit of homework.
TRANSCRIPT TAS 248
TAS 248 : 5 Ways to Add More Revenue to Your Current Business (Untapped Opportunity)
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 248 and today we’re going to be talking about five ways to add more revenue to your current business. I believe that this is an untapped opportunity. It doesn’t get talked about too much especially with…
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…physical products. That’s what we’re going to be talking about. I think it’s a huge opportunity and I just love talking about this stuff. So I’m going to share that with you and my thought process especially if I was in this situation which I kind of am. Also anyone that would ask me this question if we were having that conversation over coffee or whatever.
This would be my response and the different ways that we should be looking at this business and our brand. Before we jump in, first off just want to say thanks for tuning in again and really appreciate it. I just want to ask you a quick favor. If you guys have been subscribed for a while and you guys automatically get the updates, you guys are awesome and I really appreciate it. Everyone that is sharing this, everyone that is commenting on the blog or on Facebook group or any of that stuff I just want to say thank you, thank you, thank you. I really do appreciate it and it feels really good that we’re able to go out there and create some really great value and help a bunch of people.
If you have not subscribed to the podcast, maybe you found it on iTunes, you haven’t subscribed yet, do me a favor and subscribe that way you won’t get left behind as far as any new updates that we do publish which is three times a week currently; Monday, Wednesday and Friday. Also if you think that this is valuable to someone else or another group, go ahead and share this. That would be awesome, that would be the ultimate pay for me to be able to continue to do this. Just share this with people because I love, love getting emails from people saying like, “You know what Scott that really helped me today. I’ll figure out this one problem.” “I was stuck there.” “I can totally relate.”
Those things really, really make a huge difference for me personally when I’m sitting here behind the mic because I get to hear your story and how well it’s affected you or other people that you’ve shared it with.
[00:02:07] Scott: Now, a perfect example of this is there’s a meetup group in the UK and they actually posted in the big Facebook group, the TAS group, which is over 32,000 people in it currently. They posted that they’re having a meet-up, there’s over 1300 hundred people in the UK right now that are doing a meetup. They’re talking all about this business model and I just wanted to give a shout-out to those guys because they did post it in the group and they’ve been a member in the Facebook group.
Anthony Vaughn, I think that’s how you pronounce your last name, I apologize Anthony if I did not pronounce it right. I just wanted to say thank you guys for posting, thanks for inviting me to the UK. It was funny because in here it basically says, “I hope to see you there real soon and when Scott Voelker gets over to London, we hope that he’ll visit us as our very special guest?” The answer is I would love to go to London and hang out but right now, obviously, it’s going to be a tough trip for me to get over there but one of these days, one of these days I would love to. We’ve got another one in Canada, which is called TAS Canada meetup. Dom Sugar actually runs that one so we have one there as well. Just really awesome that we’re able to go global now and really helping connect other people.
Really the cool thing about this is the relationships that come from it, not just the knowledge that we get, that’s great but the connections are everything, I’m telling you. Everything in business or in life, is those connections. Definitely if you’re not part of our Facebook group, our TAS Facebook group, head over to theamazingseller.com/fb. Go check that out and just go over there and connect with people and you can see here if you’re in the UK, hey there’s a meet-up there. If you’re in Canada, we got a meetup there too. Definitely, definitely check that out.
[00:04:01] Scott: Really excited about that stuff. The other thing I want to remind you before we dive into today’s topics or topic I should say about the five ways to add more revenue to your current business is just want to remind you that the show notes will be published on this episode. That’s the theamazingseller.com/248 and you can get the show notes, the transcripts. Anything that we talk about there will be posted on that page as well.
Really excited to share this with you today because it’s something that I just find myself talking about anyway so I’m like you know what, why not just break it down in the thought process. So many of us we start thinking about one thing that we’re doing and that’s the only thing that we can be doing. Now you guys have heard me talk about it’s very important to create multiple revenue streams and that can be within the same brand.
It doesn’t have to be just starting new businesses, which that is a way to obviously take your revenue stream and make new ones but that’s not really what I’m talking about. I’m talking about taking that same product or that same market that you’re in and creating other products for those people in that brand. Not just physical products, what I’m talking about is digital products. I also would like to say anyone that’s listening to this podcast that already sells digital products, you have an opportunity to create physical products that could then complement the digital products. That’s something again that we don’t think of. John Lee Dumas has recently done this. He has a podcast called eofire.com, you guys probably know about that podcast.
I was on that podcast and John’s a great friend of mine but he has done that as well. He’s got a digital product that he sells teaching people how to start their own podcast but then he’s got a physical book now that sells on Amazon and on his own e-commerce site which is doing pretty well. That’s a way for him to diversify his income.
[00:06:00] Scott: That’s just an example on how you can do this. Again, if you have a digital product now, add a physical product or products. If you have physical products, add digital products. I’m going to go into five different ways that you can create these digital products. This way here you can get an idea.
I’m also going to share a story with you on how I did this not too long ago. About five or six years ago give or take. Time flies when you’re online, I got to be honest with you. I can’t believe that I’ve been online now selling different products and services and everything for almost ten years now. Which is really, really crazy. Well I can’t believe that I have a daughter that’s 21 that’s going to be getting married and I can’t believe that I have a son that just graduated. It goes so, so fast. All right, let’s get back into the podcast here. I just went off on a little side road there. If you already have a digital product, I’m sorry, a physical product right now have you ever thought about a digital product that you could offer? It’s a huge opportunity.
The margins are better than a physical product. It’s sometimes easy to create something that’s in a digital form that can complement the physical product. Let me walk through… We’re going to look at this as though you already have a physical product and now we want to talk about how can we wrap some digital products or a digital product around that. The he digital product just doesn’t have to be something for sale. It could be also content that’s going to allow people to find your physical product. You heard me talk about this before a little bit as far as like creating content that educates people. Then it gets them to warm up to your brand and then from there they’re going to have an opportunity to buy your physical product.
That’s another great strategy using a digital product. That digital product could be free but it’s still a digital product. It’s found online, it’s not a physical book. Although a physical book would be another opportunity in physical product space that could then allow people to find your products.
[00:08:06] Scott: I do believe that this is an untapped opportunity that if you just started in this business or maybe you’ve been running it for an year now and you’ve got some pretty good sales going on Amazon alone, well we got to start thinking again about other avenues of revenue not just one channel. We’ve talked about building a funnel. Well, when you have a sales funnel, having a digital product to have in place is a really great opportunity for you as well because now we can create these sales funnels with a mixture of both. Let’s jump in here.
[00:08:40] Scott: The first way that you could do this, that you could create something where it brings awareness but also brings in a little bit of cash would be Kindle Book. Now you might be saying, “Okay how would I ever create a Kindle Book around my product?” Well, first off, I should probably call a timeout here. I’m putting my hands up right now or I’m putting up the time out sign. Any of you sports people out there, you guys know what I mean. I’m like, “Hey, time, time, I got time, I got time here. 30 second timeout.” Basically you have to understand that when you are looking at creating a digital product, you want to also think about the products you’re currently selling are they market specific?
What I mean by that is some people are going after just products not after a market. That’s where this timeout comes in. Let’s think about this moving forward. If you’re selling something right now that is a product or a trend, that’s okay but understand that it’s going to be harder for you to do what I’m saying you to do. Every situation is different. You’d have to know the exact product. I’ll give you an example here in a minute on how this all works using an example.
[00:09:57] Scott: If you are just starting right now and you’re just listening to the podcast, you may want to also think about, “Okay if I create this thing, what else can I create down the line that’s going to serve multiple products, physical products but also what could I then educate them with?
What could I have as a digital product? Could I create a Kindle book around this market?” Once you understand that, then you can start to see how everything can be this whole blanket of different ways for people to discover you but also to purchase from your brand. Kindle books is a great way to do it because, again, Amazon, talking about Amazon, it’s on Amazon. Amazon helps you sell those Kindle books. Again, you don’t need a website, you don’t need any of that stuff. Although I would think that you’d want one but it’s a great way for you to then bring awareness to your products. Again if you’re, I’m just going to throw it out there, let’s just say that you have a golf product.
Now, you have a Kindle book that gives you ‘15 ways to shave off ten strokes to your game.’ I don’t know. I’m not a huge golfer right now. I’m looking to be because I live near a golf course now, very close but I’m not really there yet. Maybe I’m going to have to buy that ebook. You can create this book that gives you all of the different things that could help me with my golf game. It could be everything from my T-shot, it could be everything from my chip, it could be everything from a put, it could be all that stuff. It could be how many times to drive balls during the week, it could be certain techniques on how to maybe switch up the handle grip that I’m gripping my golf club. Whatever it is.
If this is your market, you should understand what your market needs and wants. If you put that into a digital form, people will buy that and guess what? It’s going to get led or they are going to get led back to your product because in the book you’re going to reference to certain products and those products could link over to your Amazon listing or your own ecommerce.
[00:12:08] Scott: It also is a great way to do as a lead capture. If you have a Kindle book, you make money on the front end. Let’s say you charge $2.97 for that book. You want you now you make on that book let’s say $1.75 or 2 bucks after Amazon takes their fee. Not a ton but if you sell ten books a day, you just made 20 bucks. You didn’t pay for that but you got 20 people that purchased your book. Did I say 20? No, that’s 10. That would make 20.
Let’s say you have 10 people now that found the book, they bought the book. Now, they are going to be educated through the book and now those ten people are very, very highly targeted that could also go ahead and buy one of your products. The other thing that you can do inside of there is then have a lead capture offer. That lead capture could then bring people into your sales funnel that we talked about. That sales funnel could look like something like ‘5 New Ways to Drive the Ball…’ I don’t know, ‘50 Yards More.’ Something like that. Maybe you can have like, ‘5 Exclusive Interviews by Today’s Top Golfers and What they do every day so they can perfect their game.’ Something like that
If you had something like that, you could drive people to a landing page, capture their email address and then from there lead them into the sales funnel that we talked about before. Again, that’s a kindle book. Again, that’s being sold on Amazon, it’s a great way for you to be able to capitalize on that traffic again. That way there you can bring awareness to your products, add a little bit of a revenue stream. Let’s do the math on that real quick. If it was just 20 bucks a day that you made on those sales, we’re just talking like as a bonus, that’s 20. In 30 days that’s 600 bucks. That’s 600 bucks, that’s nice car payment.
[00:14:00] Scott: Again it’s another revenue stream but it’s also another way to lead people into your brand. That’s why it’s so important to understand that we want to go after a market not just after a product. If you are going after to just go in on a trend to scoop up and grab a little bit of cash quickly, then that’s fine but understand that you’re not building a brand really or you’re not serving products to a market. Hopefully that makes sense.
Number two, is you can take that same exact book, ebook and sell it on your own website. Now, you can charge a little bit more for it on your own website if you want to or if you didn’t want to go to the Kindle route then you can just take that same book that you would have created and then you can just launch it on your own ecommerce site. It’s a great way for people that land on your website… If you already have a digital product or even just a physical product and then you have already website traffic, that you’re getting a hundred visitors a day and you can convert even 5% of them to basically opt in to get your leaked chapter or your bonus chapter in your book and then from there you sell them the book.
Then from the book they get led into your sales channel. You see how all that works? Like having this is a huge asset and it’s a digital product in a sense. Maybe not a huge money maker right now but it could be. Now, again, this is going to depend on the market that you’re going after. It has to make sense and if it doesn’t make sense, well then you can’t offer this. That’s why if you’re just starting or maybe as you’re launching new products, you want to be thinking about this stuff because it’s another great way for us to tap into a digital product and bolt it onto our brand. That would be an ebook for sale on your own website. Some people say too, “How would I collect money on my website?” There’s a ton of different ways that you can do this.
[00:16:00] Scott: There’s a site called ejunkie.com. I’ve used them for years, they do digital downloads, they do delivery all that stuff, they do money collected through your PayPal. ejunkie.com. Really, really super simple. That’s that and again, maybe moving forward I can dig into some of the ways to create some of this stuff too. If I see that you guys really want this stuff more moving forward, I’ll dig in deeper. I’ve been doing this stuff as far as the digital products stuff for almost ten years now. I do know a thing or two about that as well.
Number three is a video course. A video course again it could be free, it could be paid. You’ve all seen DVDs that sell or $29.97. Yes, that’s right. They still do sell DVDs and they still do get purchased. You could also sell that on a website and charge $19.97 because it’s not a physical item or maybe even $17.97. Something like that or you can use that video course as a lead in to get people educated before they buy your product. Perfect example would be golf lessons. If you’re someone selling in the golf market, you’re probably smart if you went and hired someone that was in your local area, go to the golf place, whatever the top golf place is in your area and then reach out them and say, “Hey, would you mind hopping on maybe some videos that we can break down these top ten mistakes people are making with their golf swing,” or something like that.
Pay them 300/400 bucks for a couple of hours worth of work. I’m sure they would love to do it. Again you won’t know until you ask or maybe you already know someone in your market that would do that. That’s just an example on how you can capitalize on someone’s expertise and you don’t really need to know that, you just need to reach out to the people who do now how to do that. Same thing with baseball. I know a thing or two about this because my son played baseball pretty competitively up through high school.
[00:18:00] Scott: I’ve hired a lot of hitting instructors, pitching instructors, which he didn’t pitch that long. We did that for about a year. Actually a catching coach that we worked on footwork and stuff like that and I was paying them $50 to $75 a lesson depending and guess what, each one of these people that I had as a coach for him or a trainer I would say to them, “Listen. You’ve got all this information, you should package it and sell it.” They are like, “I have no idea how I would do that.” There’s so much opportunity there and because of… My opportunities are always kind of just popping up, right, I have to hold off on those because they are so exciting for me because these people know so much and the thing is it would take me so long to educate them on that process.
If I say to them, “Hey, I will tell you what, I’ll give you 500 bucks if you just meet with me for like three hours and you just go over these 15 or 20 drills and I’ll just go ahead and I’ll sell it,” or, “I’ll just use that for my content for my blog,” or whatever. There’s so much opportunity there in a certain market if that’s your market to go into. Go out and find these people. Like I said, a basketball, same thing. I had basketball instructors. Same exact thing. I’m like, “You guys are trading dollars for hours. I come in, I hire you, you give my son a lesson an hour, I pay you 50 bucks. Done. You’re not making any more money until you do another lesson. Why don’t we record that session and then why don’t we use that as content and drive people over and then why don’t you create your own training DVD for $29.97.
You can sell it all day long?” They are, “I have no idea where to even start.” Then that’s where you would say, “Well, I’ll tell you what, I’ve got a market that I’m into this and I’m selling different products in this, why don’t you go ahead, I’ll pay you 500 bucks,” and you can even work out a deal if you wanted to. You can say, “For every DVD I sell I’ll give you 25% of all sales but I’ll do all the work.”
[00:20:00] Scott: That could work too. Again, I don’t want to hear that you don’t have the know-how or you don’t have the expertise. There’s people out there that do and I’ve proven it, time and time again because these people that are giving my son like lessons they have no idea about digital stuff. They have no idea about Amazon. They have no idea about Kindle. Any of that stuff. Again, it’s a great opportunity. Hairstyling, it’s another example of how you can do that. The reason why I’m using that is my daughter who is a hair stylist in the wedding market. Her market is clueless as far as how this stuff works. Again whether she was a hair stylist or not I could find someone like her and then just pay her for three of four hours or maybe say, “Hey, can I come and shadow you with a video crew while you’re doing a hair style?” Then you could put this stuff together
There’s ways for you to do it without you being the expert and that could be a video course. Like I said, that could be a video course, that video course you could turn that into an ebook because what you could do is then do screen grabs from the video, have it transcribed, go over to Upwork.com or one of those other sites that you can do a VA and have them transcribe it. Then transcribe it, have it edited. You might spend 1,000 bucks to have this done but guess what, that’s an asset that can bring you money, that can bring you new leads, all of that stuff for your physical products.
Like, let’s go to the hairstylist one for a second. If we did hair stylist stuff, we’ve got a whole bunch of physical products that could wrap around the hair stylist business but there’s people in there in that field that need to know how to color hair, how to do a perm, how to do highlights, how to cut it, how to do all of these different techniques especially because it’s always, always evolving. Hopefully you guys can see that there’s opportunity there. I’m sure for whatever market you’re in right now, don’t limit yourself to just that physical product or those physical products.
Now let’s talk about the next one. That was number three. Let’s go to number four. You can have special downloads. You could literally have special downloads for your product.
[00:21:58] Scott: The guy that I interviewed not too long ago, Mike Jackness, he’s doing this same exact thing. He sells coloring books or coloring pencils for audlt coloring and then coloring books. An easy download for him would be, “Hey download two free designs that you could color this afternoon. All you got to do is put your name and email address.” Boom, you do that it introduces them to his products, he gives lessons and he doesn’t know how to do it but he’s hired someone that knows how to do it. Another example and I’m going to share this with you guys here in a second because it’s pretty relevant to what we’re talking about here but there’s Photoshop templates.
I’ve done that personally, still do it so that’s a way again, special downloads. If I sell something, let’s say Scrapbooking. Let’s say, that we do Scrapbooking and we sell scrapbooking supplies and scissors and maybe binders and whatever is in that scrapbooking market, well guess what, I can have Photoshop templates created and then I could offer those templates to all of my customers. Now that’s a digital product. They can go ahead and click on a button, they’ll be taken to E-Junkie, E-Junkie will then process the payment, deliver their downloads. End of story. Etsy even allows to do digital downloads now.
Again, that’s just another example and I’m giving you one that I’ve actually currently done and that I’m doing. Then other one is loops. Now, what the heck is loops? Not Fruit Loops, there are actually loops that work with a recording program, I’ve got one called Garage Band. It’s for Mac. I’ll give you guys a real example of this here in a second because it really makes a lot of sense when you’re walking through this scenario but the way that it works is like you buy this main name brand product but then on the back end, you need additional loops. What a loop is, it’s like ten second or a fifteen second or could even be three second, whatever it is. It’s just a little tiny blurb of a sound and then what you do in Garage Band is you string these along and you loop them and a lot of times like rappers will use loops or hip hop but there’s also guitar loops.
[00:24:04] Scott: All these different ones but there are digital. Now what you can do is you can create digital, these loops or have them created by a musician. Then you could package them up, as a download or DVD. That’s another way but again, you just have to think about does your product offer a way to be able to create something that can be downloaded. Then you can charge for that. Those are a couple of different examples. That’s number four.
Number five is content creation. Now, the content creation again goes along with the ebook or the Kindle of creating this stuff. That content can then be re-purposed on your blog, on Pinterest, on Instagram, on YouTube, on Facebook. When the time comes that you want to start doing some outreach and you want to go ahead and start getting some more traffic coming from these other places. Then you’re going to take this same content and you can publish it in different forms. If you created a Kindle e-book and you have ten chapters, guess what, you can go ahead and take each chapter and you can make a blog post about it. You can create a Pinterest pin. You can do Instagram mentions. You can do YouTube videos about the same exact thing just broken down in video. Facebook. All of that stuff. Here’s another cool thing. Another cool little strategy that you could do.
Let’s say you want to go ahead and say, “I’m just going to create the content first to publish on my blog.” Figure out the top ten, fifteen or twenty different things that your market needs to know about to make them better at it. Scrapbooking might be like ten different things for Scrapbooking or ten different ways to become a better Scrapbooker or whatever. I have no idea about that market by the way, as you can tell but you get what I’m saying. Then what you would do is you would write really in depth blog posts, one at a time. Each one of those is going to be like your chapter in the book. If you think about it that way, you don’t think overwhelmed with how do I write this book.
[00:26:00] Scott: You just think about, “Okay, I’m going to create ten of the top things that people need to know about this. I’m going to really great detail about it.” Then you’re going to take those blog posts, you’re going to send it over to an editor, they are going to then put it into a book form and now you have a Kindle book and you have ten blog posts. You see how that works? That’s really, really powerful and I’ve done this. Actually the book that is available right now where I have, that’s on Kindle 4, being able to show you how to launch a product on Amazon, I took all of my best podcast episodes and I had an editor go in, transcribe them and then really distill them down and make them more actionable as far as like bullet points and all the stuff. That’s really what I did.
Yes, it’s similar content that I’ve already published but it’s on the podcast. It’s not in written form. Now, I was able to take that and then piggyback off of that and put it into that. I did the same thing in the photography space. My wife and I, as you guys probably know, and if you don’t we were in the photography business for years. We did newborn photography, we did senior photography, we just did family portraits, all of that stuff. One of the big markets out there is newborn photography. We took all of our best stuff, all of our best tips, all of our experience on what it would take for a new photographer to go through the pre-consultation or the way through your edits at the very end.
Everything in between. Everything from a warming blanket underneath the prop that you’re using, using a hair dryer to warm it up before hand. Maybe even a hair dryer as a sound so this way it keeps the baby calm. All of that stuff. We went through all of the stuff that we did. All that we did is just taught exactly what we did and then we posted on our blog and then we packaged all that up and we put it into a Kindle book. I still sell copies of that every single day right now. I also have a lead in capture from there that leads people into that part of that brand. You see what I’m saying.
[00:28:00] Scott: There’s things here that we can do that we don’t have to be overwhelmed by just saying like, “You know what, I’m just going to go ahead and give really good content in my market about this thing.” Now, if you already have done this and now you’re moving into physical products and maybe you’re not thinking about that market because you’re like, “Well, I’ve already did this digital thing over here but I don’t really sure about physical products. I’m going to start from scratch.” That’s fine but you also ought to be thinking about, if you already have traffic on a site and there’s an opportunity for you to launch digital products or physical products with them, I would go for it.
There’s some of you out there that already have… That maybe went through the Spencer Haws teaches like Niche Pursuits, that’s his blog. He talks about building niche websites. Well, this is a perfect example. Let’s say you did that and you let that thing go and it’s trucking along. You’re doing maybe a couple a hundred bucks in sales on affiliate commissions through Amazon. That’s fine and all but now you have the opportunity to say, “What products are selling on that affiliate site that I could possibly tap into and create my own products and then also my own digital products?” Again, you might be sitting on something that you aren’t even aware of. If you are by the way, I want you to reach out to me firstname.lastname@example.org and let me know that this was like an ‘aha’ moment for you. I do believe that some of us don’t even realize what’s happening or what we have, that we’re sitting on just because we’re so focused on something else.
If it is, I want to hear about it. I love this stuff. Again, I talked about how to do it simply, create ten blog posts or videos, ten tips for improving your golf swing. Something like that. Have it transcribed, have it edited into an e-book then also have it formatted for Kindle. Boom, you’ve got two different pieces of content. They are like bringing in money but also bringing new prospects for your physical product brand. Now, quick story, I said that I was going to share with you. This is that Garage Band example.
I was, I still I’m a guitar player, a musician. I started when I was 15 years old. Actually a little bit younger. I’d play drums first, I think I was 13 and then I went to guitar because I wanted to actually melodies.
[00:30:03] Scott: My first time that I really wanted to play guitar is when I seen Ozzy Osborne that’s dating myself. Ozzy Osborne and Jacke E. Lee if you guys are guitar players in the 80s, you guys probably know Jacky Lee, he was one of the guitarists and I seen that concert on TV and man that just made me say, “I want to be that. I want to do that.” Anyway, that got my bug for music and then I’ve grown since. Obviously I’ve been playing for over twenty years now and so that’s just a passion of mine. Going back probably 8 or 9 years now, that application came out called Garage Band and I was like, “Okay cool, this is a way for me to record my music and put it on a track,” and then I could do like a real recording. I used to have little four track recorder with a cassette tape.
Then I had an eight track one that had eight tracks that I can record up to but you had to do it, like time it perfectly and then I bought this thing called the D16. It was made by… who was that made by? Forget now. It doesn’t matter but it was a sixteen tracks, boy that was big. Then all of a sudden come out this Garage Band thing. I could actually have drum beats that were already in there. I could just loop them and it just opened up a whole another way for me to really be creative and I loved it. I was able to make music. I was getting that instant gratification.
Then also as an entrepreneur I seen this opportunity and I’m like, “Wait a minute here, these are loops. There’s not a lot of guitar loops. There’s not a lot of lead loops. There’s not a lot of even drum loops. I had a software that I could create different unique patterns and then you could still use the sounds inside of there to make other instrument sounds and then I would make… Long story short, I seen this opportunity that there was an audience or a market that wanted more expansion packs off of this program, Garage Band. I did that. I said, “You know what, I’m going to make a thousand loops.”
[00:31:59] Scott: I locked myself in a room for about a day and a half, two days and I busted out a thousand loops. I then went and started selling that on Ebay. Ebay back then was allowing you to do digital downloads. It was awesome. I was selling them for like $19… At first it was $29.97 and then I went to $24.97. $29.97 for a digital product it was awesome. It was crazy, I couldn’t believe it. That was really like my first taste of like digital products. Then Ebay went and said, “You know what, we are not going to let you guys offer digital downloads. People are, they are just scamming the system. They are doing penny downloads and just to get your email address and…”
Again, marketers ruined it. Then we said, “Okay, now we have to ship something.’ I just said, you know what, I’ll just take that same stuff and put it on a DVD and I’ll sell them that way.” I did that. A little bit more work though because now I had to say like, “Okay, I got five, I sold I got to go ahead and package them up and send them out.” Not a big deal, small package and I found site that would actually do all this for me. It was really awesome but I never would have known that this was possible unless I was a guitar player that was playing around with this program called Garage Band and that other people would probably want loops as I would have. These loops, these sounds for this program. I was then able to piggyback off of Garage Band name. Just giving you this story just to show you that this all came just from something that I was passionate about and I seen an opportunity and I was able to make some money at that by doing that.
That was pretty cool and also like a little aha moment. Let me go back to how we can understand that market. Think about his for a second. What does a guitar player need? Let’s look at this. We’ve got strings, we’ve got a guitar strap, we’ve got chords that you plug into the amp with, we’ve got picks, we’ve got a tuner.
[00:34:01] Scott: We’ve got a guitar case, we’ve got all the stuff. We even got like these pedals. There’s all these different effect pedals that we can have. A lot of times though now effect pedals are being used in these software programs that then have a pedal. If you’re not a guitar player you don’t understand what I’m saying, it doesn’t matter but just understand we’re looking at that that guitar player could need. Those are products in that market that we could offer to that person. What does that guitar player need to record? Now, we’re into something else. Well, they need software, Garage Band Software. You could be an affiliate possibly for Garage Band or that software or hey, maybe you’re a developer. You could create your own software that helps a guitar player record inside of a program. Also as you’re recording, you’re going to need headphones, you’re need a pre amp, you’re going to need loops for the software, there’s my aha moment.
I look at this as a market and a good example to show you that all of this stuff can really be offered to the guitar player whether it’s physical or whether it’s digital. The same thing applies for drummer or a singer or a bass player. The bottom line is there’s so many ways that we can start or grow a business if we look at the market and what that market needs. Now, if you can create a hybrid of a physical and a digital products, that’s a game changer because now we talk about building a sales funnel. That sales funnel a lot of time has digital products that lead in people. We could have an offer that gives them something, a quick win and then from there we can go ahead and show them our physical products or lead them to our brand.
Now, again I want to remind you guys this and give you guys this tip as we are winding down here. One tip. If you’re currently selling digital products right now, I would say start looking at adding physical products. It’s a beautiful marriage. Number two, tip number two. If you’re currently selling physical products which a lot of you are, add digital products.
[00:36:02] Scott: Find a way to add digital products for all the reasons that we just discussed. I’ve got a little homework for you. I want you to ask yourself, “What opportunities right now do you have by looking at the market that you are serving with products. Whether that’s digital or physical.” Think about the market in a whole and also think about niching down that. Let’s dig into that really quick before we wrap up. We talked about the guitar player. There’s all different kinds of guitar players. We have a classical guitar player, we have a lead guitar player, we have just a rhythm guitar player or maybe we just have a guitar player that plays the banjo. We have different types of guitar players.
Well, maybe what we want to do is go after that one specific person, that one avatar that we can then go after. Your messaging will be a lot more direct, you won’t be trying to get everyone that is a guitar player although in the end you would love that but right now it would be a lot easier that if you knew that you were targeting me you’re going to know that I’m a 44 year old guy that was probably into the 80s music so now you know a little bit about me just from that. Then you’re going to say, “Well, he likes electric guitar, he does have acoustic guitars too,” so those two can go back and forth. We got electric, we got acoustic and there’s different items that go with an acoustic, or go with an electric but we all need strings.
We need a guitar strap, we need chords, we need picks and we need a tuner. Maybe even a special cloth that this way here you don’t scratch your $3,000 guitar. We haven’t even talked about guitar amps or anything that goes with the guitar. We didn’t talk about the pedals, we didn’t talk about the little jumper cables that go between your different effects pedals. We didn’t talk about a guitar stand. We didn’t talk about any of that stuff but you can see if we can niche it down and take these same things and then target that one style of guitar player, it’s going to be easier for us to really match to them and they are going to be more likely to buy our stuff or read our stuff or download our stuff.
[00:38:10] Scott: Hopefully, hopefully this has been eye opening for you. Hopefully you can see that there’s a ton of potential here. A ton of opportunity. All we have to do really though is sit down again with that, a good old fashion notepad and think about what are the opportunities that I’m missing here? What else could I add as a revenue stream to my current brand or business or if you’re starting one also have a list of all these different things that you’ll eventually want to do. I’m just going to recap real quick the five different ways that you can add revenue to your current business.
One, create a Kindle book. Get that Amazon traffic from Kindle sales and get it over to your physical products. Two, an e-book. Take that same or similar product that Kindle book and put it up on your own website. Use E-Junkie to deliver that product. Three, a video course. Again, you can take and add all of these if you want to. A video course could be like I said, golf lessons, baseball lessons, hairstyling. You can even do painting. Maybe you’re teaching people how to paint and then you sell brushes and you sell the canvas and you sell the easel and all of that stuff.
Then four, special downloads. Loops like I mentioned, Photoshop templates, Scrapbooking or maybe if you’re a painter again maybe it’s a painting that they can outline and then they can use as an outline and then they can use the different techniques when you give them that video tutorial but they are going to have to download this sheet in order to follow along. Five, it is content creation and that’s really taking a lot of this stuff that we just talked about whether we start with content creation or you take it after the fact and you break it down into little chunks so this way here we can create a blog post. We can create Pinterest pins, we can do Instagram, we can do YouTube, we can do Facebook. Don’t let this get you overwhelmed just think about what is it that you could do the quickest?
[00:40:01] Scott: I would say do that first but again always have this stuff to go back to and always be thinking about the different things you could offer your market.
All right guys, this was a little bit longer that I expected. I didn’t think I was going to go this long to be honest with you but there’s a lot to cover here. You guys can tell I get pretty fired up about this stuff because there’s a ton of opportunity there. Not just thinking about selling private label products on Amazon. That’s great but as you move forward you’re going to want to think about these different revenue streams, these different ways for you to find clients that wouldn’t have found you if it was just on Amazon and vice versa. I want to remind you guys on the show notes everything I covered here will be broken down in transcript and in the show notes, theamazingseller.com/248 is where you’ll find them.
Again that‘s theamazingseller.com/248. If you guys dig this I definitely want to hear from you guys whether it’s on the Facebook page or a comment or an email, whatever. Let me know, you guys can tell I get pretty fired up about this stuff and I love talking about it. The other thing I want to remind you real quick as well if you are brand new to this whole like Amazon, FBA, private labeling stuff and you’re like, “Scott, that was a ton that you just covered here and it’s exciting but I haven’t even launched a product on Amazon yet,” which I think that’s where we should start currently right now as it is, if you’re new and you wanted to attend one of my live free workshops where I walk you through how to launch your first product step by step, head over to theamazingseller.com/workshop. You can register for an upcoming one there and you can learn all about that as well.
Also I do live Q&A there too. If you have any questions and we are doing a live workshop you can ask all your questions there. Guys, that’s it. That’s going to wrap it up. Really think about this though. I want you guys to really, really think about this especially if you’ve already started selling on Amazon and just really, really get that notebook out and start brainstorming and thinking about all of the different things that you could do to add value to your market and another revenue stream in your business.
[00:42:05] Scott: That’s it guys, that’s going to wrap it up. Remember as always, I’m here for you, I believe in you and I am rooting for you but you have to, you have to… Come on. Say it with me, say it loud, say it proud… Come on now, say it with me, “Take action.” Have an awesome amazing day and I’ll see your right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
- www.TheAmazingSeller.com/FB – Facebook group
- Entrepreneur On Fire Podcast
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