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Turning a Bomb into a Blockbuster: The Five Crucial Keys to a Massively Successful CD or MP3 Audio
By Robert Schultz
It constantly amazes me how excited people are about the tantalizing prospect of creating their own audio information products. When I speak or talk to them one-on-one I can see their eyes grow wide, and hear their ambitious plans for success.
So why are so few professionals producing audio products when there are so many who want to?
The main reason: not only do people not know how to create audio, they simply don't know what it takes to make it massively financially successful.
From my own successes (and failures!) and those of others, I have discovered several secrets the pros use to consistently make each product they produce insanely profitable. And if you begin to work with just a few of them you can catapult the success of your first audio product:
ONE -- WHAT THE HECK DO YOU WANT TO ACCOMPLISH?
Anyone who has ever heard me talk – either live or via teleseminar – knows there's one statement I virtually BEG every new audio producer to take to heart:
"Ask not what you can do for your audio; ask what your audio can do for YOU!"
Most folks don't suffer from a lack of ideas for projects. But what brings them to their knees is they NEVER ask how they want those projects to benefit their business. Build your mailing list? Initiate a never-ending passive revenue stream? Channel people to a high-end service or live event?
Before you can create a massively profitable product, you have to decide just what "massively profitable" means to you. Having made that decision, the strategies on what product to create and how to get it out there become obvious. The magic here is working BACKWARDS! See your end result FIRST, choose the audio vehicle and marketing strategy that will help you get there, and then work RELENTLESSLY to keep that end result foremost in your mind as you develop your product.
TW0 -- WHAT THE HECK DO YOUR CUSTOMERS WANT?
Look, I'm all for self-expression. I'm a very creative guy, and love coming up with great ideas as much as the next person. But it defeats the purpose if I'm the only one who wants to buy my great idea.
I'm not suggesting you pander to the masses, or compromise your ideals. I'm suggesting there's a huge (and hugely profitable!) territory that combines what you love to do, your most brilliant ideas AND what your customer or client base is looking for.
There's a trick to being able to do this that comes mostly from experience. But when you learn what works, you will arrive at a hugely profitable, hugely fulfilling business 'sweet spot' where both you and your customers make out like bandits.
THREE -- THE INCREDIBLE VALUE OF TRUST
Yeah, I know that teleseminar listing service has an email roster of 20,000. But have you ever gotten anyone from that list to BUY ANYTHING? While such third party listing services can be enticing, and may be useful for building your mailing list, you will NEVER get the buy-in response rate you will from your own mailing list. People who come to know you will simply want to buy your products again and again. Especially when they come to know that you over-deliver, give phenomenal value, and seem to anticipate each of their challenges and develop a product that nips it in the bud.
So I urge you to do everything you can – offer free content, write articles, sign people up at speaking engagements – to build a large opt-in list of folks who trust you. And if its gonna take you awhile to build it, 'barrow' someone else's trust factor by partnering with them. Exchange exposure to their large mailing list for a cut of your sales. They get a check they didn't have to work for, and you get exposure that you would have had to work your butt off to receive.
The value of trust – whether its from your own list or someone you're partnering with – should not be underestimated. Yeah, there's no short cut to building it. But it's the closest thing to guaranteed money that I know.
FOUR -- THE POWER OF SELECTIVITY -- AVOID THE LOOKY LOOS
If you're looking to sell product AVOID those notorious looky-loo venues like the plague. You know – those groups, or websites or class listing services where everyone is so used to getting things for free, they wouldn't spend a dime on your product, even if it helped them accomplish every goal they've ever wanted in their lives.
Its tempting to try, because some of these venues boast very large rosters and mailing lists. And you may want to stick your toe in the water, just to see if a new resource just might be the exception.
However, if the well has turned up dry a bit too many times, best to move on and cast your line in a different pond.
Make an effort to select venues where people are serious about taking action to improve their lives. And where you're confident they will buy – whether they do it today, or six months from now.
FIVE -- GIVE IT AWAY
There's on exception to the "Looky-loo" item.
That is – those venues where people WON'T buy today, but will in the future. And the key to staying in touch with those folks is by giving your content away.
I read recently read an article about a rock band that boosted their profits by GIVING THEIR MUSIC AWAY. Now, that may seem strange in this era of pirating paranoia.
However, there was a method to their madness.
Since their record company made most of their money from CD sales, and the band made most of THEIR money from touring, they cut loose from their recording contract so they could give their music away, promoting it on various MP3 download sites.
The upshot? Their live crowds are larger (and much more lucrative!) than ever. And since they didn't see a dime from CD sales anyway, they're not losing anything by giving fans every new song for free. And they are gaining A TON because they are making a lot more money at their live performances.
The key here is relentless focus on strategy! They saw where they made most of their dough and directed their audio production strategy to make that grow. Even if it meant giving some of their audio away FOR FREE.
So don't be afraid to build good will in one area of your business by crafting free audio products. The loyalty (and great word of mouth) generated will pay off handsomely in ways you may not be able to imagine.
Copyright (c) 2005 by Robert Schultz. All rights reserved.
About the Author
Rob Schultz, the creator of the Audacious Audio Success System, mentors cutting edge entrepreneurs to catapult their profits with their own affordably produced audio and information products.
Receive your free "5 Audacious Avenues to Blockbuster Audio Profits" special report, packed with crucial keys to getting started at: http://www.audaciousaudio.com
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