How To Create A High Converting Core Product

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All right, good morning, YouTube. Myron golden here and just want to welcome you to this video. I'm going to talk about core product conversion secrets. So what is it? What does that even mean, core product conversion secrets? A lot of people who are in business don't even really understand what business they're in or the purpose of the different products that they have. So there are different types of products that businesses own or that businesses create. And so I'm going to talk to you about creating your core product. A core product is the primary product that you sell based on the business you're in. For instance, the core product of a real estate agent would be a house, right? The core product of a car salesman would be a car. The core product of an insurance salesman would be insurance. But for the purpose of this video, when I talk about core product creation secrets, I'm talking about people who want to create an information product that either informs people or educates people so that they become a better client for whatever their business is. So I submit to you that whether you sell insurance or whether you sell cars or real estate or whatever, it would behoove you to create a core information product, an education product that people can buy so that they can become better educated about the outcome that they can get when they buy this product from you. And so different businesses have different core products that they've created. So for me, in my business, one of my core products is my Boss Moves book. Why? Because my target audience is speakers, authors, coaches, agency owners, high level entrepreneurs, people who are experts in the marketplace. And I teach those people how to scale their business. If they're stuck at say, 20,000amonth, 50,000amonth, 100,000amonth, 500,000amonth, we show them how to 12.8x that business in four moves. And those four moves I put in my Boss Moves book. So my boss moves book is my core product. So when you think about a core product, think about something number one, if you want to, like you're just getting started as an entrepreneur. Number you want to create a core product. That, number one, is easy to create or simple, simple to create. It doesn't have a lot of complex moving parts. It needs to be a product that not only is simple to create, but it has a very high perceived value. But the most important thing about your product is it must solve a big problem for a big group of people in the marketplace. That's the most important component of of your core product. You want to solve a big problem you want to find a group of people, a big pool of people that has a problem, and then you want to be able to have a product, a core product that solves that problem for those people. Don't make the mistake of thinking that your core product should be something that you've always wanted to create. I'm an inventor and I've always wanted to invent this thing that, you know, it's a hat with a fan so you could like put the fan down and then turn on the fan and keep yourself cool in the summer. That like, that's your thing. Like in the words of Warren Buffett, the thing that you love to do should be your hobby, right? The thing that the marketplace loves to do, that should be your business. So hopefully that makes sense. So when it comes to creating a core information product, I'm going to talk to you about some of the things that for me are essential. First thing I'm going to do is I'm going to find or observe that there's a large group of people who have this problem. How am I going to do that?

Let's say I want to go into the weight loss space, if that's the space I want to go into what I'm going to do, I'm going to go on Instagram and YouTube and Facebook and I'm going to find weight loss gurus. My objective in finding these weight loss gurus is not to go and steal their audience or to steal their website idea. The reason I'm going to go and watch these people, I'm going to go to their sites and I'm going to go through the threads of their posts, I want to look at their posts that get the most views and the most comments and then I'm going to read what people say, going to read the questions that people ask, the questions that people are asking other gurus that are not being answered in their posts and in their videos and in their threads. Those are the answers you want to provide. Like if there are a lot of people asking, yeah, but what about xyz, right? You want to answer that question. So go do market research. Find out what the marketplace wants. And when you find out what the marketplace wants and you deliver that to them, then you're going to be the go to guy. So when I first started, when I first started in coaching, like my first, my first venture as an entrepreneur was in multi level marketing, selling insurance and investments through a company called Al Williams back in 1985. That's where I got started, right? Only problem Was. I was terrible. I was terrible at sales, right? That was my problem. Guess what? It's 2022. There are still people in the world who are terrible at sales. Who knew? It's like a thing, right? And so I was terrible at sales. I was terrible at recruiting. I was terrible at leadership. I didn't know any of that stuff. And so guess what I did. I had to learn how to do it by doing it, I got thrown in the deep end of the pool. And eventually, after 14 years, I was an overnight success. It was great, right? But I lasted through the learning curve, learned some of those principles. So when I first started doing information marketing, that's what it's called, information marketing. Some people call it Internet marketing. I like to call it information marketing. You write a book, you create a video, you create a membership site, you create a mastermind. That's information. What you're doing is you're creating information marketing for the purpose of transformation, right? So what I did when I first got started in this business of teaching people how to grow businesses, I started in the arena. I knew about multilevel marketing. So I created a product, a core product. My core product. My core product was a $67. $67.

Four cassette tape. Four cassettes. Been so long since we had cassettes, I don't even remember how to spell it.

Es. Okay, I had four cassettes. Four cassettes. It was called bigger, better, faster network marketing. That was my first core product, right? And I used to sell that core product at seminars. I would sell that core product on the Internet. And. And for that core product, when I first launched it online Back in 2005, in June of 2005, I was hoping to make.

$400. My stretch goal was $700. But when I launched this website in June 1, 2007, I actually did. My first month, I did $6,700 in sales. Not 7,000. $6,700 in sales. And I was blown away. Now I don't have a $67 offer anymore. I don't have that anymore. Like, I mean, actually, I don't sell that anymore. We still have a funnel up somewhere where somebody can buy it if they want to. I know because I just saw a sale for that came in last week. I was like, oh, I haven't promoted this thing in forever. I didn't even remember we still had a sales funnel for it. Right? So, but what's interesting now, my core product is boss moves book. It's $30.

Plus.

We'Ll just say $10 shipping and handling. Right. So. So which equals $40 every time we make a sale, we sell about. About 500 of those books a week. So 500 books a week times $30, that's 15,000 a week. It's not like it ain't Bill Gates money, but it don't hurt my feelings none. Right? So. But we created this core product for a couple of reasons. One, the one reason we created this product is because a book is kind of easy to write if you do it right. Right. This one I didn't do exactly right. So it took me about a year and a half. My first book, from the Trash man to the Cash Man. How Anyone Can Get Rich, Starting from Anywhere. I wrote that book in three days. This book took me a year and a half. This is my business brain in a book. That book is my financial literacy brain in a book. So that's one of our. This is one of our core products. Another core product that we have is in our business is the make. So this is the Boss Moves book. This is the Make More Offers challenge. And the general admission tickets are $97. The VIP tickets are $297. And then the platinum upgrade from VIP is $300. Okay. So what we do is we focus on selling these core products. I'll add one more core product, and I might as well put it up there since I created it first. And that is Trashman to Cash Man. We sell that for $20, plus $10 shipping and handling.

And that's Trashman to Cashman. Okay. Trashman to Cash Man. So that book sells for $20. We sell about, I don't know, 150, 200 of these books a month. A week. So. So now you kind of have our. You kind of have our metrics for our core products. Now why do we sell core products? Most people. Here's where most people mess up. Most people mess up because the reason they're creating the core products so they can make money. That's not what. Your primary objective with the core products is not to make money. You're going. If you do it right, you're going to make money. But that's not your primary objective. Your primary objective with your core product offer is to acquire a customer. I want you to wrap your mind around what I just said. Your primary objective with your core product is to acquire a customer. Why? Because it's easier to sell a customer than it is to sell a prospect. So my objective is to convert somebody from a suspect to a prospect, from a prospect to a client, or A customer, right? And so when I say suspect there's somebody, they suspect that I might be telling the truth when they see one of my videos on YouTube, right? So they go from suspect to they watch three videos. Then now they become a prospect. Oh, he does really know what he's talking about. And I think I'd like to buy one of his books, right? And then we have links to all of our different funnels in some of our different videos. I don't. I don't know. I don't do that part of the business, so. But I'm sure we have links to different offers, different core product offers that we have in the descriptions of our YouTube videos, right? And so you want to create a core product. The first thing you want to do, number one, you want to make sure there's a big problem in the marketplace. You want to make sure there are a lot of people there. And then you only want to target the people who have that problem, who also have the money, the willingness and ability to pay, Right? So now once you do that part, once you get this part down, now you just decide, okay, am I going to sell my core product, my initial core product, am I going to sell it for $20, or am I going to sell it for $30, or am I going to sell it for $67, or am I going to sell IT for $97, or am I going to sell iT for $297, or am I going to sellIt for $997? I think after $997, we get out of the core product price range. But core products generally sell somewhere in that range, maybe a little lower, maybe a little higher. So. But if you remember that your primary objective for creating a core product is not to make money, but you will make a lot of money with your core products. Like just books. Just books. We do. I don't even. I don't even know. I don't know. I was going to. I was going to guesstimate, but I don't know. And I said 15,000 a week for this. It's. It's not. It's like. It's not 15,000 a week because I did the math, and that doesn't make sense. So with the Boss Moves book, I think we do about $27,000 a month with this funnel and another 12 or 15,000amonth with this funnel. You add that together, it turns it. Now, this. This funnel is ridiculous. I don't even want to talk about how much money that makes. But. But that's not the objective. The objective. The objective of none of these is to make money. I am not. I'm not selling these for the purpose of making a bunch of money. I'm selling this for creating a community of clients. Why? Because I took three pages out of Apples three trillion dollar playbook. What are they? Apple understands what business they are in. Apple, they're so evil and blah, blah, blah. And their first computer was six. They sold it for $666. Okay, great. Thank you for sharing. But the reality is they built a massive brand. They were the first company to get to a billion. And before anybody. I mean, to a trillion market cap. And before anybody else could get to a trillion, they got to 2 trillion two years later. Like, maybe we could learn something from them. Right? Put me in the palace. Right, Right. Just. Just let. I don't. I don't. I don't have to be like them. I just want to know what they did. Right? Because if it's. If. If there's a truth that works, it belongs to God, regardless of who's using it. Okay, let's don't get that part twisted. So Apple understands the primary purpose of being in business is to acquire a customer. So Apple, the first page out of Apple's.

$2 trillion playbook is to acquire customers. Like, that's my number one objective. That's like, this is. This is rule number one in business. Acquire customers.

Rule number two.

You have to awe those customers.

And what does that mean? That means when you. When you get a customer who buys your core product, there's one word that should come out of their mouth. Wow. And then they need to say it backwards. Wow. And then they need to say it upside down. Mom. Wow.

Right? You say, now I know I'm really corny. I get that. I get that. I'm corny. I get that. But the reality is, if I can write a book, if I'm gonna write a book or create a core product, it is absolutely essential that your core product wows people. Are y' all tracking like, don't put something that's not good out in the marketplace because all you're doing is demonstrating to the world that you're not good. What you want to do instead is you want to put something out that's so good, people are asking themselves, how can you even make money selling this something this good for this little. Right. So. So. So when you create, your primary objective is to acquire customer. So second objective is to all those customers, and the third objective is to.

Is to assemble.

Those Customers for virtual and live events. That's exactly what Apple does. Every year they have the what Apple Developer Conference. What do they do at the Apple Developer Conference? Here's what they do. They introduce, watch this now. They introduce new products to old customers. They introduce old products to new customers and they keep on doing old products, new products to old customers.

Old customers. And they just keep doing this thing. And every time they introduce an old product to a new customer, they get paid. Every time they introduce a old product to a new customer, they get paid. And so they create this massive money generation machine. So notice that Apple is doing exactly what I talked about in the boss moves book. Okay, what's the number one objective? Number one objective, there are four moves that will scale your business. What's number one? Number one, Lead generation.

So Apple generates leads. How does Apple generate leads? They have an Apple store. You can go into the Apple store and play with any other stuff for as long as you want. They don't even kick you out. Brilliant, brilliant, brilliant business model, right? All their Apple customers like, like Apple customers are not like any other businesses customers. Apple customers want to fight you about how good Apple products are, right? They got all kind of like you using a PC. Don't you know it's 2022. You know that's kind of stuff Apple, right? What you doing with that Android? I thought you said you had a smartphone. Right?

That's how Apple people talk, right? And so.

Their army, their army of customers are their greatest advocates. What's next? Lead conversion. This is where you sell. This is where you sell your core product. That's lead conversion. What does convert mean? Convert means to change. So what did you do? You change them from a lead to a customer. What's next? The next boss move is customer ascension.

And the last one. And what does this mean? This means like Apple, Apple started out, guess what? They gave you a free product. This was their, you know what Apple's lead gen was? Apple's lead generation product was itunes. You could have it for free. Their music player. Then what did you have to do? Then you had to buy music to put on. Then what happened? Then they created Apple Music. Now you just pay. Now they've got the fourth thing in place, which I'm not going to show you yet. Okay then. So they converted you to a customer. They sold you a Mac or they sold you a PC or they sold you some music. They sold you something. They sold you an iPhone, right? They sold you an iPad. They sold you something. They sold you an ipod. What's an ipod. It's a thousand songs in your pocket, right? I've got. I literally have like, my wife has an iPad, I have an iPad pro.

And I also have an iPad mini for my flight lessons, right? And I also have. I have three iPhones. Like some people when they get a new iPhone, they trade. There's. Why am I trading? I ain't trade my iPhone in. Do you know how good those cameras are? Like, if I had to go buy a camera that was as good as the camera in my iPhone 6, it would cost me thousands of dollars. And I can just keep my iPhone 6. Why am I going to give it to them? Keep my iPhone 6, my iPhone 8, my iPhone 10, my iPhone 11. Why? Because the phone, the cameras are so good. If I want to do a multi camera shoot, I can do all iPhones.

Wrap your mind around what just happened, right? So customer ascension, they're going to keep on selling you more and more stuff. Then they're going to sell you a MacBook pro and they're going to sell you a MacBook air because you want a MacBook pro because that's the big computer computer when you're doing all your graphics stuff. But then you need a MacBook air because you don't want to try with that big computer. And we just. And the reality is we talk ourselves into buying more of their stuff with the exact same verbiage they gave us to talk ourselves into buying more of their stuff. Can I get a witness? Okay, then the last. So customer ascension means you sell them more and more expensive products over time. And then customer attention. Customer attention.

Is the last boss move.

So now you can see clearly. The reason you want to have custom, you want to. You want to have a core product is so you have somebody to ascend and you have somebody to retain. So how do I create the core product? Because this is supposed to be core product creations, conversion secrets. So now you understand the conversion part. How am I going to create a core product? I'm going to tell you how to create a core product. Right now. This is the easiest core product creation. Like I've been paid $10,000. I've been paid $3,000, I've been paid $15,000. I've been paid 100,000. I've been paid million one. The most I've ever made, the most I've ever gotten paid to create a product is like $1.3 million. I got paid to create it. Which means now what does that mean? So once I have the pro, so the first thing I'm going to do, I'm going to find, once I find the problem and I know who the problem is, I know there's a lot of people out there, I know they have the ability and willingness to pay. What am I going to do next? I'm going to create. I'm going to create.

My outline.

For their transformation. I'm going to create an outline, right? I'm going to determine how long it's going to take me to create to deliver that. So let's say I want to have a six week course. So I'm going to have A, B, C, D. That's a D, that's not one D, E, F. I'm gonna have six weeks. So week one, I'm gonna cover the subject line and step one.

Step one, step two, and step three, and that's what I'm gonna teach. So what I'm gonna do is I'm gonna go and I'm gonna like go on my Instagram, I'm gonna go on my YouTube, I'm gonna go on my Facebook, I'm gonna go on all of my platforms and I am going to announce that I'm going to have a masterclass. The masterclass is ultimately going to be, let's say, let's say you want to sell it out of the gate, you just want to make some money, so you get paid to produce it, right? So the masterclass is going to be $297. But for the people who buy it as the beta group who are going to be in the room when I'm creating it, I'm going to let you get it for $97. And at the end of the six weeks you, you get to keep all the recordings, right? So every week for six weeks, week one, you do A, week two, you do B, which you have the main point and then you have 1, 2, 3, then the main point first C, and then 1, 2, 3. And each week you deliver a different outline for your core product. And then at the end of six weeks you have six modules and then you use a program like Click Funnels or whatever software you use. I use Click Funnels. And then you put it in like a membership style membership site and then you raise the price of 297. And then you start doing a webinar or you do an automated webinar and you run traffic to that webinar and it sells this $297 thing, or if you don't like the price, like you're going to sell it to them for two. Like you could say, okay, for the beta testers it's going to be 97. But after I create it, it's going to be 297. And for those of you who are more like me and you like premium stuff, like you want to make more money faster, like make the beta testers price for the six week 297. And once it's done, it goes to 997. Right. Here's the deal. When it comes to creating a core product.

You'Re the one creating it. So I remember one time when I used to do multi level marketing training, I created this program called.

Called.

MLM Skill Mastery. Multi level Marketing Skill Mastery. Right. So this lady Twyler, she had me come on her conference call. She had a conference call every morning. She said, myron, I just want you to come on this week, Monday, Wednesday and Friday and do like a series. I said, okay, you want me to make an offer? Sure, make an offer. So I'm gonna, I'm gonna sell this six, six week course. It's gonna sell for like $600, but I'm gonna let your people get it for 97. Okay, cool. So I go on there, I teach them this really cool stuff. Part one, part two. Each day I speak, I offer this program for $97. I got, I made $15,000 that week. Speaking for 20 minutes Monday, 20 minutes went to Wednesday and 20 minutes Friday. I made $15,000 that Week before I recorded one phrase, one syllable of that course. And then I scheduled it, they showed up, I taught it to them, I recorded it, I sent them the recordings. Bada bing, bada boom. That was back when we used to have to mail out CDs. What do I care? I made $15,000 before I record. See, what most people do is they go into a studio or they get in front of their computer, they start recording stuff with nobody there, right? And they don't even know if it's going to sell. So they spend nine months creating a product and then they go to sell it. Nobody buys it. How do you solve that? Sell it first, then create it by delivering it. Those are the core product secrets that I use to this very day. My boss moves book. Okay? So I'm gonna let you know a secret. My boss moves book. You know how I wrote that book?

I speak at Funnel Hacking Live. I've spoken at Funnel Hacking Live for the last. Since 2017, 2018. Every year since 2018. But Russell used to have these round tables. And so he would have a lot of his 2 comma club award winners, like people who've done over a million dollars in a funnel. We'd sit down and we'd teach people a framework, like at a roundtable. And there were like 70 roundtables in this big room, so the acoustics were terrible, right? So what did I do? I said, I'm gonna record mine. So I recorded my roundtable discussion, right? Then all I did was taught the boss moves. That's what I taught. I taught the boss moves for two hours. Well, guess what? I charge $25,000 an hour for coaching. I was coaching all these entrepreneurs. They weren't paying me, but I was creating an asset that would pay me forever. Now, the book has already made me more money than if all of the people at my roundtable for those two hours would have paid me $25,000 for those two hours. What you wrap your mind around this, you have to think about, how can I monetize things that I'm currently not monetizing, right? So I recorded it. I had the recording transcribed. I had the recording transcribed, right? I felt like I had a fly on my leg. So I had the head, the recording, transcribed. Then I took the recording of the tran. I mean, I took the transcript. I sent it to my book editor, and she turned it into a manuscript. After she turned it into a manuscript, I went through it and edited it to make it sound like me again. I hired an illustrator that I found on.

Illustrator, I found on Instagram to create those little cartoon myrons. Put all that stuff together, paid her formatter, paid my. I paid my. My editor's formatting. People had a cover design, bada bing, bada boom. Wrapped it up. We have a book.

Now. Here's what's interesting. The book wasn't just a book. So the book. We launched the book last year, last October, at Funnel Hacking Live. How did we do it? We put a book. I was speaking at Funnel Hacking Live in a breakout room, but I didn't care. I put a copy of the Boss Moves book on everybody's seat. 3,000 books, right? But I had to pay for those books. Put 3,000 books on the seats. Guess what happened? People will read the book. Well, the book leads them to the make more offers challenge. Bada bing, bada boom. Don't just sell something. Sell something that sells something. Make sure when you create a core product, that that core product leads them to your ascension product, which eventually leads them to your retention product. Remember when I told you about Apple? I was going to tell you later. What's Apple's customer retention program? Apple TV, Apple Movies, Apple Music. I pay $14.95 a month so five people can have access to Apple Music on my account. You know who accesses my Apple Music account? I do. My wife doesn't use it. My kids don't use it. And I'm still like, well, I'm gonna. I had the $9.99. I'm using the $14.95 so my family can use it. I'm still the only one uses it, and I know I'm the only one that uses it. So why haven't I gone back to 999? I haven't thought about it until just now when I'm telling you this, right? They've got hundreds of millions of people paying them $14.95 a month. How would that change your business? So those are the core product secrets that I use to build a business that does a significant amount of revenue every day. Right? And if you will use those secrets over time, and you will consistently use them over time, eventually you will have a business that that's on autopilot success. Hopefully this video helps you share it, like it, comment on it, subscribe, YouTubey stuff, all of that stuff. All right, in the meantime, in between time, we'll look forward to seeing y' all next week. Bye for now.

Okay. Core product secrets.

Sir.

It's making sense. Yeah, was.

Say it again.

Why did I make you look bad?