Creating a new product by interviewing others
and selling it online.Back in July, I wrote 20 Scam-Free Ways to Make Money Online, which has since become my most popular post. It is an honest look at various ways that you can make money online, from quick ways to make a few extra bucks to entire businesses that can be started from your home.
Instead of posting affiliate links and hoping to gain a few dollars, I instead asked you for your feedback. And feedback poured in — from the 48 comments on the post, to email after email and Tweet after Tweet.
I wanted to know which of the 20 ways you wanted to hear more about. You told me.
Now, you get to find out why I asked!
Creating A New Product, Step 1: Market Research
Delivering pure content and then asking for feedback is a great way to do market research. The people who respond are engaged, and they are actively looking for more information on a particular subject. Given a reasonable price, many of them turn into buyers.
I have wanted to create a product for budding Internet business owners for a while. I am currently actively developing and beta testing a product about how to create a profitable blog, but it’s not ready for release yet.
In reading your comments and exchanging emails with you, I realized that many of you are interested in quickly creating and selling an online product to solve a problem that others have. Yet, you aren’t quite familiar with how to choose a niche, create a product, and sell it online.
I looked around for quite a while for a product that I could promote that would teach you how to quickly create a product and sell it online, but I couldn’t find one. Then I started looking back at my own experience.
About a year ago, I recorded several interviews and sold them online. I did this mainly as an experiment. I didn’t sell them on this blog; instead, I promoted them on another site.
The first interview I sold on that site generated over $800 in sales in two days.
It was then that I knew I was on to something…and the entire process is exactly what I’d like to teach you.
Creating A New Product, Step 2: Decide What Your Product Will Be
You can create an ebook, a physical product, or hundreds of other permutations, but I chose to simply sell the audio interview with a transcript and a quick how-to guide.
Why interviews? Simple: they are the easiest and quickest way to create a product. Interviews can also be used as the basis of many products, from a monthly membership site to an ebook to a physically-delivered audio CD.
Any question you can think of that you would pay to answer would make a great interview product. How to fix your own home appliances — interview those who fix them professionally. How to start your own business at home — interview those who have done it. Which vitamins and supplements actually work — interview those who have written books in that industry. All of those examples, along with millions more, are waiting for someone to create a product around.
If you can save someone money (huge right now), make them money, or make them happier, you likely have an interesting product on your hands.
The great thing is, not only are these interview products easy to create, but they’re easy to sell. Most of them will sell in the $7-8 range. If you can save someone $20 a month with the information gleaned from an interview, would they pay you $8? Sure! What about if you can make them money? Or help them make their life better? Heck, I know from personal experience I’d pay $8 to listen to a few interviews on what to do when you first get diagnosed with Celiac disease.
Creating A New Product, Step 3: Actually Create the Product!
In my upcoming product, I will show you exactly how to go through each step of creating your product, from figuring out what problem you want to solve to finding people to interview to the right questions to ask. I will show you the email I send out that gets 80% or more of the people I ask for an interview to say “Yes”, and how you can tweak it for your own benefit. I’ll give you some webpage templates to get started and show you how to get your website up and running and what to say. And finally, I will recommend several ways you can promote your product to get immediate sales.
Does it work? Well, I made $800 in two days using these exact methods. But that’s not really the best part. The best part is that you have a product that you can sell over and over again. You can make money while you sleep and not have to worry about fulfillment (yes, I will show you how to automate this!) And you will be able to help other people solve an issue they have.
Since this is an online business blog, I decided to do something really special and unique. I will be showing you, week by week, exactly how I create my new product. I’ll start with the mind map and spend time walking you through my new product with videos. As I create the product, you will gain a better understanding of how to create and sell your own information product.
Creating A New Product, Step 4: Sell Your Product
I plan to give you an opportunity to try out my new product, with a DVD shipped to your door plus online access, for under $10. Sound cool?
I haven’t told you the best part yet, though. I’m holding what is possibly the coolest contest I’ve ever held on my website. I am giving you an opportunity to name my product! If I select your product name, I will send you a free copy of the product and give you credit for the name (with a link back to your website.)
More on all of that soon…
Starting next week, I will be posting at least once a week on how the product creation is coming along. I’ll also ask you to participate — from naming the product to helping me flesh out ideas.
An Example of An Interview Product I Created
The first “inside” piece of the product I want to show you is an interview I did with branding expert Ben Mack. If you’re interested in creating your own product, you don’t want to skip this interview.
I sold this interview online and made several hundred dollars within a week. This is a great example of a product that solves two problems many bloggers and online entrepreneurs have — how to make money and stand out from the crowd. Ben Mack sold an ebook — a simple PDF — for $197, and made over $40,000 with it, and in this interview, I grill him on exactly how he did it!
Don’t miss your chance — download this complete interview and how-to guide for free!
Stay tuned for more free videos and behind-the-scenes looks over the next few weeks as I unveil my complete guide to creating your own product and posting it online for sale!
Recommended Reading:
- Download my complete interview with Ben Mack for free! If you are tired of writing hundreds of articles and/or blog posts just to scrape together pennies, this is a must-have interview.
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21. October 2009 at 11:13 am
Hi Erica! This is really exciting stuff. Interviews are definitely a great way to get started making money online. I can’t wait to see the insider tips and tricks you have for us to create some really high quality products. Thanks!
21. October 2009 at 11:29 am
Nice!
I’m working on my little product suite right now in fact. Took a break to check email.
My market research is coming from traffic number on my blog.
21. October 2009 at 12:17 pm
Good stuff Erica, looking forward for your guide.
21. October 2009 at 4:04 pm
Hi Erica!
I’m looking SO forward to watching right along with you launch your product. This is something I have been wanting to do for such a long time.
Thanks for always sharing such awesome information and I can’t wait!
Deb
21. October 2009 at 5:40 pm
Hi Erica!
This is very exciting stuff! The idea of interviewing other people sounds like a lot more fun than blogging. I can’t wait to see what you’ve got in store for us next!
Frank Midgley
21. October 2009 at 8:49 pm
Good tricks. Selling audio interviews. What about video interviews? Which one has the highest demand in the market? Anyway, I can’t wait to see your final product.
22. October 2009 at 10:15 am
While I don’t think I actually commented on your 20 Ways post, I did email it to a number of friends and family as well as look in to each of the different ways you listed. I now have accounts on a number of sites that you suggested.
This post addresses a frustration that I have been dealing with for a while. I know I have knowledge and access to knowledge that others want/need but I have no clue as to how to specifically identify a product much less how to package it for consumption. I can’t tell you how excited I am that you will be addressing that very problem!!!
Your site has been very inspirational to me the past few months since I first found it. My wife (who doesn’t really follow blogs) now knows you as “that girl who made the millions in her 20s”. Hopefully you’ll become “that girl who showed ME how to make millions in my 30s”. Heck, I’d even settle for thousands…to start out with.
23. October 2009 at 1:00 pm
Erica:
Have you been eavesdropping on the conversations going on in my brain?! This just what I’ve been looking for. This is so cool! Thank you so much – I can’t wait for more!
26. October 2009 at 10:11 am
This should be awesome, been a reader for a long time. I remember reading that post, one of my favourites – that and the real American dream post.
26. October 2009 at 2:44 pm
Erica,
This is an amazing post and I have a number of thoughts.
Absolutely love the concept of listening to information dispelled through an interview, rather than reading an eBook. There may be a tremendous market opportunity with packaging and selling information within this type of format.
I realize the intention is to make money online as “Part-Time” interest, but I prefer the thought of building an actual sustainable business with residual income. So, the first question is can an actual business and/or sustainable model be created from selling $10 audio or even video interview products?
Conversely, my secondary concern is largely one of actual value vs. pitched/perceived value of individual information products in general. I have purchased a number of info products and have been disappointed with the lack of information, complete thought, and detailed instruction.
Having said, if I were an information Entrepreneur, I probably would not charge for information products(Interviews & eBooks), as it’s individual value would be subjective to the reader/listener. Instead, I would charge for access to the information products (eg. Niche Membership site). The perceived value as a collection of info products could be considered greater.
Returning to your point, should one pursue the idea of creating ‘One-off’ audio or video information products, the next logical set of basic questions would be what type of subjects would be considered valuable enough to be marketable and to whom? As well as, how would one determine who would be considered a qualified expert in which others would pay to listen.
Thanks for the great discussion!
27. October 2009 at 1:03 pm
Erica,
This sounds fantastic! I can’t wait to hear the details that are forthcoming. Good stuff!
27. October 2009 at 6:46 pm
Hi Erica,
Very intrigued about your ideas and look forward to reading more. Also like Val’s comments/ideas…I’ve wondered about offering something like this on ebay… any thoughts?
28. October 2009 at 10:08 pm
I agree with you.we must choose to research new product.It could help to what do the people want?we must create new product what did the people find?So we can help them to get what they want and we also get income from sale the ourproduct.
30. October 2009 at 8:37 am
Hi Erica,
Great Post!
I’d like to add my thoughts on the ranking of the steps.
For a B2B sale, it might be interesting, if the product development is heavy, to “invert” steps 3 and 4.
It’s less risky to sell the product before actually creating it!
It’s in the best interest of everyone: you and your clients!
Before developing the final version of your product, I suggest developing a concept version first, sell it, finalize the creation in order to deliver.
WHY?
The selling process (in a B2B environment) is very rich in terms of information. Even an excellent market research can not give you an insight on it.
For you or your company it’s safer to work on a concept first before involving big money.
For your clients (businesses) a concept is more flexible than a final version.
Thank you once again for this post,
Cédric
30. October 2009 at 11:30 am
This is great information! I’ve done dozens of interviews for my non-profit and had not thought of actually selling them. This could be an awesome fundraiser. Thanks!
30. October 2009 at 11:46 am
I listened to the interview and read the materials. WOW! I can’t believe you gave us an opportunity to start a new business like this FREE! Thank you! Also, I was tickled when he said *BLEEP* I thought to myself, did he just say that? Great interview!
1. November 2009 at 7:51 pm
Ahoy again Erica,
I posted on the original thread. My system is to create original products, content, and sell it online. I have been focusing on e-books, but I went in a different direction and wrote a “real” book. It went on sale last Tues. I wrote the real book more for the experience of doing it.
Anyway, the defining a problem that needs a solution, creating a product, and offering it online is working for me.
Arrr.
Captain Rob
1. November 2009 at 8:16 pm
@Anton: “What about video interviews? Which one has the highest demand in the market?”
I think audio interviews are actually as high-demand as video; the main reason is that you can listen to audio anywhere (in your car or on a portable player.) This isn’t as easy with video. Also, TV/music videos have trained us to expect a camera change every 2-3 seconds; this makes video interviews appear “boring.”
Both are better than text.
@VAL: “So, the first question is can an actual business and/or sustainable model be created from selling $10 audio or even video interview products?”
Yes. I will demonstrate.
Per your specific questions, advertise the one-off product as a front end to get people in the door to a membership site.
“what type of subjects would be considered valuable enough to be marketable and to whom?”
Also a great question; I will definitely be demonstrating this in the product, and I may do some free videos on thisas well.
@Anne: “I’ve wondered about offering something like this on ebay… any thoughts?”
eBay is a tough market. I think it would probably be easier to do Google PPC. I’m going to experiment with PPC as a part of this product launch, and I will be happy to post the results on my blog.
-Erica