5 days to clarity on your digital product idea – Part 1

Everyone thinks that a profitable and valuable digital product is this unique idea that nobody has ever done before. It has to be this thing that comes to you in this flash of inspiration, like Uber or Airbnb that nobody had ever created and that has no competitors already and that's not true.

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5 days to clarity on your digital product idea

We're looking at five days to complete clarity in your winning digital product idea. To get you to identify your one winning digital product idea even if you don't have one yet, or you have way too many ideas and you have no idea where to start.

We're going to uncover exactly who is going to spend money on your digital product even if you don't yet have an audience. We're going to pinpoint your product's core message and communicate it clearly. So your potential customers aren't left scratching their heads or wondering what it's all about and we're going to decide the best format and structure for your product so you can get the best results for your customers and turn them into raving fans who sell your products for you.

 

Solve a problem

We're looking at the problem that your product is solving because the most successful digital products I've seen solve a problem. It is so much easier to sell a digital product that solves a problem for a very specific group of people than it is to sell a digital product that's just nice to have.

Everyone also thinks that a profitable and valuable digital product helps the widest audience possible tomorrow. We're going to deep dive a little bit more into picking exactly who that ideal customer is for this digital product idea. But the narrower you get on the audience, the easier it is to sell. The more specific it is, the easier it is to sell.

 

You don't have to be an expert

Everyone thinks that a profitable and valuable digital product is taught by the person who knows the most. The expert who knows everything when in fact it actually doesn't have to be the person who knows the most. It can be somebody who is relatable, who has walked in that person's shoes. Someone who is a few steps ahead and can share their experiences.

There are times when I wanted to learn something from the biggest expert and likewise, there are times when I wanted to learn from somebody who was just like me. So you don't have to know absolutely everything about the topic that you are teaching to be qualified enough to teach it and everyone thinks that a profitable and valuable digital product teaches as much as possible and has as much content as possible.

This is a huge myth that I see in particular with people launching online courses or memberships, they think that their course or their membership has to have as much content as possible for it to be worth the price that they want to charge for it or that it has to have as much content as possible to be valuable in the eyes of their students. It's actually a huge miss that is costing your students results, it's slowing them down and it's hindering them from completing your course or your membership.

I know enough to help another business owner launch a podcast and that's what qualifies me to teach that and it doesn't teach absolutely everything about podcasting. It doesn't have as much content as possible. I purposely kept it lean because I knew that the biggest challenge people would have wasn't that they didn't have enough information but the biggest challenge that they had was that they would have too much information and that they would struggle to get to the finish line. They would struggle to launch their podcast.

That idea for the podcast launch plan is not a unique idea, it doesn't help a super broad audience. I'm not a podcasting expert and it doesn't teach as much as possible about podcasting and that has still brought in more than 800,000 us dollars. It made more than $700,000 in that first 12 months and it just helped to launch more than a hundred podcasts so far.

 

A profitable and valuable digital product

When we look at some of the things that make a digital product profitable and valuable, I would say it's one that solves a specific problem or delivers a specific transformation. It's about the execution. It's not about how amazing your idea is, but it's actually about how well you execute that idea.

It's about the way that you create it, which is different from what everyone else is doing. It's the way that you teach it that's different from how everyone else is doing. If we look at the podcast launch plan, instead of being like every other podcast and course out there that has these long videos, it's a step-by-step plan.

I've executed the same idea that a lot of people had in a very different way. A profitable and valuable digital product helps a specific group of people. So the podcast launch plan in my mind, I knew, I want to help other business owners to launch their podcasts. Yes as a side effect, the podcast launch plan has helped other people who don't have businesses to launch their podcasts.

But they aren't the people that I'm selling it to. They aren't the people who the sales copy is designed for. They aren't the people that the product is designed for. A profitable and valuable digital product can be taught by somebody who has solved this problem or achieved this transformation. It doesn't have to be that expert.

The biggest plot twist is a mindset shift, whatever you want to call it. A profitable and valuable digital product has the least amount of content needed to get somebody to the finish line. So if we think about what that finish line is, in my case, the finish line for the podcast launch plan was that they have a podcast.

 

Where do we find the problems that our products can solve

When we talk about how a profitable and valuable digital product solves a problem, we then need to think about where can we find the problems to solve?

Now you might be somebody who knows off the top of your head. My ideal customer has these 50 problems. Great. That's 50 product ideas right there. Your problem that you are solving, doesn't have to be a huge problem. It can be a tiny little one. It can be a tiny little store this year because you're probably not going to end up with just one offer that you sell in your business. You're probably going to have a few different offers and you'll probably find that your business.

When we're looking at problems, we can solve small problems or big problems and where do we find them?

 

Your Email inbox

The first place to look is your email inbox. When I launched my very first-ever online course back in 2017 called Facebook ads, which is now retired, I launched because I was doing Facebook ads management for a lot of my clients and I was getting a lot of inquiries from people who wanted someone to manage their Facebook ads for them because they had no idea where to start, but they didn't really have much of a budget to spend on their ads and I thought that it would be so much better for these people if they could spend all of their budgets on Facebook ads and learn how to manage it themselves, rather than pay somebody else to do it.

I knew that there was a problem that could be solved there and that's where I came up with the idea for that first course, Facebook ads.

 

Your Direct Message

The second place to look for problems you can solve with your product is your DMS. I was constantly getting people DM-ing me asking how I launched my podcast. What microphone do you use? All of those questions made me think that there's definitely a gap in the market here for somebody teaching you how to start a podcast and that was where that product idea came from.

 

Facebook groups

This is another great place to look for problems. If you search in a Facebook group, how do I do things? It'll bring up posts from somebody who is asking. How do I grow my audience? How do I sell more things? How do I make more money in my business?

 

Reddit

Reddit has very niche communities and when you find those right niche communities, you have access to people asking a lot of questions.

 

Google

What are they Googling? What are they looking for? What are they searching for? You can add a Chrome extension called keywords everywhere to Google Chrome and that'll give you related searches to what somebody's searching which can be your search keyword. So if I search for online courses, it would show me some of the questions people are asking about online courses.

There's another tool you can use called Moz and you can use Moz for free keyword research as well. You can see what other things people are searching for that are related to that search term. That'll give you some ideas about the problems they are struggling with.

 

I want you to identify five small or big problems that your audience has that you can help them to solve. Don't think about the product yet. Just identify those problems and trust the process. We will get to identify whether it's going to be a course or group program or membership or what it's going to be.

 

Day 1 Key takeaways

Firstly, it's not about having a unique or competitive idea that nobody has done before. It's about solving a problem for a particular group of people and it's about how you solve that problem for them.

It's also not about being an expert and teaching everything you can about a particular topic. It's about being able to guide your people through solving their problems and lastly, you need to pick one idea and stick with that.

Forget to try to create a whole library of products. Create and launch one and then use the income from that one product to invest in people who can help with your next product such as Copywriters, Marketers, whoever, wherever your weaknesses are, you can then use that money from that first product. But let's just start one at a time.

 

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