MBA1999 Why Content Products Are So Easy to Sell

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Visit Dell.com deals. Hey oh. Welcome to the $100 MBA show. Because time is money. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014. And in today's episode you will learn why content products are so easy to sell. If you've been struggling with not knowing what to do, what business to start, what kind of products to sell, well in today's episode I'm going to make the case that you should build a content product. What do I mean by content product? I'm talking about books, I'm talking about courses, I'm talking about coaching you passing on information knowledge skills in pretty much any any form. There are a lot of advantages to selling a content product including low cost of production, low cost of distribution and reproduction. But actually the biggest reason is because content products are so easy to sell. Well I should say easier to sell than other types of products. And I'll explain why in today's lesson. This is why I recommend a lot of new entrepreneurs and business builders to start with content businesses. I'm going to show you the psychology behind potential customers that will buy your content product. Why making the decision to buy your product is so easy and why customer satisfaction is often quite high when it comes to selling your content product. We get into all of that and more in today's lesson. So let's get into it. Let's get down to business.

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Edu I'm going to start today's lesson with stating the obvious. Any product that you sell will require some effort to market and to sell it right. But the good news is that you can sell content products with content. It's called content marketing. So there's a solution to that. And today's lesson is just to explain to you why content products are easier to sell than other types of products. One of the worst things that can happen to an entrepreneur is to build a business to build products around that business that just simply don't sell products that people don't buy. These are the three real big reasons why people don't buy a product. They're not sure it solves a problem. They're maybe not used to buying this type of product, or they're not really sure if it'll actually fulfill on its promise. The good news is that content products actually do a great job of solving these three buying problems. Problem number one, the product doesn't really solve a problem. Well, that's the whole thing about content. Content actually is all about teaching something. It's all about providing a solution to an issue. So by nature, a content product will solve a problem because you start with the problem in mind, which whether you have a course on how to alleviate back pain with yoga, or going from being an absolute piano newbie to being able to play your favorite song on the piano. Content products are all about problem solutions, so it solves that issue. The second big problem is that they've never experienced or bought or went through a product like this before. Guess what? Mostly everybody has learned something in school, has read a book before, has been guided or mentored or coached by somebody in their life. This is not a new concept to them. They've been through these things before. They've experienced what is it like to learn from somebody, to be a student. And therefore, the concept of taking a course or learning from somebody because they're going to do some group coaching or even buying a book is not foreign. It's something that is actually second nature and makes sense to them, hey, I need to solve a problem. I got to learn how to solve it. I don't know something today. The best way to know is to learn. This is the super strength of content products. And thirdly, they're not sure if you're going to actually fulfill on your promise with a product. That problem is solved as well. Because when you show people what you know on your sales pages, on your sales videos, on your webinars, in your emails, in your newsletters, this is a form of your content. You teach people that, hey, you can trust me, I know what I'm talking about. Here's an example of me teaching you. And subconsciously they get convinced, hey, I have no doubt this person's gonna deliver on a course if they offer me a course. People have been investing in their own personal growth and professional growth since the beginning of time. I can't tell you how many books, how many courses, how many coaching programs or webinars I paid for, or over my lifetime, countless. Whether they were for my job back in the day when I was in teaching, whether they were for my career, even before that when I was in university, whether it was for my hobbies or the sport I played, or even planning a vacation, I read a book to figure that out. Content. So if you can easily show people, hey, I have something that solves a big problem, and it's in the form of this. And they can see the value of the book, the course, the coaching, and it's dead easy to sell. Now, on top of that, content products give tremendous value to the customer, regardless if they consume it or not. This is what's insane about content products. People will be happy they bought it, even if they don't use it. Very few products are like this. Imagine you bought a vacation but never went on vacation. Imagine you bought a device like let's say a Roomba to clean up the floors at your house, but you couldn't figure out how to function it or how to get it working, and you actually never used it. You wouldn't be happy with that purchase. But with content, it's a different game. People are just happy they have it. People equate having a book or a course or even access to a coach as a way of having access to that knowledge. They can always tap into it. People have books on their bookshelves they've never even cracked open, but they are happy they bought the book. There are people that bought courses that they maybe watched the first few videos or maybe gone through the first module, but haven't completed it yet, but still feel satisfied. They bought it because they know it's valuable. I know even people that pay thousands of dollars a month to have an online coach, they may not even ask them for help, but once a year they might ask them for their opinion on something or advice and it will unlock something for them or help them make X amount of money. And for them it's worth it to have them on retainer. So the customer satisfaction and retention factor with content products is huge. This is why refunds are so low with content products in general. Now, it's going to vary for your industry, your market, your business. But there's a reason why you will see a 30 day, a 60 day and 90 day money back guarantee on content products. It's because the creator of the product is confident they're not going to return it. They know there's good value here. They know that if the customer doesn't consume the product, it's not on them. And the customer knows that. The customer knows, hey, that's not their fault that I didn't read the book. It's not their fault I didn't go through the modules in the course. That's on me. And most people know this and don't request a refund. That doesn't mean that no one's going to request a refund. Of course you're going to get people that will try. But we're talking about numbers here. We're talking about the likelihood and this is where the low cost of reproduction of your book, your course or whatever kicks in. It's not going to cost you too much to refund them, if anything at all.

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To wrap up today's lesson, I hope I gave you a strong argument to why content products are actually one of the best products to sell. There are many types of businesses, like software businesses that sell content to sell their software. Hey, I'm speaking from experience, okay? And I'm not the only Software company that does this, where we sell a course, and that course teaches you how to get the most out of our software. For example, we had a course called the Automated webinar challenges. The 30 day course, it's $99. But through the challenge, we show them how to create incredible automated webinars to automate their leads and sales and to of course, use our software. They look over my shoulder and look over my screen to see how to do just that. Now, this course sells really well because people want guidance, People want to learn. People not just want a software. They want to know how to get the most out of it so they don't waste their money. So even if you have a physical product right now and you're thinking about how can I diversify my revenue stream, how can I push more sales, how can I get more customers that maybe are not as savvy as I think they should be? Incorporate a content product. This could be a book, this could be a course. This could be coaching. Let me give an example. With coaching, let's say you sell some fashion, maybe T shirts, maybe some custom tailored clothing like I did back in the day. Why not sell a monthly coaching call where you coach people to put together their wardrobe and where are they going to get some pieces of that wardrobe from your store? But the point here is that people love to learn and to get step by step guidance on how to do their best, how to live their best life and be their best selves. I want to wrap up by saying this is not new. Teaching is one of the oldest professions in the world. And I know because I was a full time school teacher for 13 years. People know the value of education and they're used to investing in themselves to learn, whether it's money, time, effort, sacrifice, whatever it is. So if you're struggling with your first product or your next product, think about going with a content product. Thanks so much for listening. If you love what you hear, hit, subscribe or follow on your favorite podcast app right now. By doing that, you make sure you never miss an episode. Also by hitting follow or subscribe, you get access to all our episodes in the archives. Nearly 2000 episodes. Speaking of 2000, tomorrow we celebrate episode 2000 of the Hundred Dollar NBA Show. It's going to be a special one where I share what I've learned after 2000 podcast episodes. It's a pretty deep one, so you don't want to miss it. Before I go, I want to leave you with this. With content products, there is an upfront investment of time and effort, whether you're putting a course together or even putting together a coaching program and outlining the curriculum. And of course, we know writing books can take some time. But what's great about content products is that you have the power of leverage, the leveraging of reproduction. Once you write that book once, once you create that course once, once you flesh out that coaching program, you can just continue to reproduce it over and over with minimal effort and minimal cost. So take advantage of that leverage. Thanks so much for listening, and I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

At Capella University, learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the courseroom to the workplace. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.