Core Product Conversion Secrets

Jul 13, 2024

Core Product Conversion Secrets

Introduction

  • Speaker: Myron Golden
  • Topic: Core Product Conversion Secrets
  • Focus: Creating and selling core information products that inform or educate clients to become better customers.

Understanding Core Products

  • Definition: Primary product sold based on the type of business.
  • Examples:
    • Real estate agent: House
    • Car salesman: Car
    • Insurance salesman: Insurance
    • Information product creator: Educational or informational product (e.g., books, courses).
  • Importance: Aids in educating customers about the benefits and outcomes of your primary product.
  • Myron's Example: 'Boss Moves' book targeting entrepreneurs to help scale their businesses.

Characteristics of a Successful Core Product

  1. Ease of Creation: Should be simple and not complex.
  2. High Perceived Value: Must appear valuable to the target audience.
  3. Problem-Solving: Must solve a significant problem for a large group of people in the marketplace.

Steps to Create a Core Product

  • Market Research: Identify a large group of people with a problem and willingness to pay.
    • Use social media platforms like Instagram, YouTube, Facebook.
    • Observe questions not being answered by current gurus.
  • Understand Your Audience: Know their problems and needs.
  • Create Solutions: Develop products addressing these unmet needs.

Myron's Journey in Information Marketing

  • Early Career: Started in multi-level marketing (MLM) and faced challenges in sales and leadership.
  • First Information Product: 'Bigger Better Faster Network Marketing' - a $67 tape set.
  • First Sales Success: Made $6,700 in the first month.

Example Core Products by Myron

  1. Boss Moves Book: $30 + $10 shipping; sells ~500 books/week.
    • Focus: Business scaling.
  2. Make More Offers Challenge: General admission - $97, VIP - $297, Platinum upgrade - $300.
  3. Trashman to Cashman: $20 + $10 shipping; sells ~150-200 books/week.

Objectives of Core Products

  • Primary Objective: Acquire a customer, not just to make money.
  • Secondary Objective: Move customer from suspect to prospect to client.
  • Customer Journey: Convert suspects (interested prospects) into loyal clients.

Pricing Core Products

  • Typical pricing ranges from $20 to $997.
  • Your objective is customer acquisition, so price accordingly.

Business Strategy Inspired by Apple

  1. Acquire Customers: Apple's primary business objective.
  2. Awe Customers: Provide