Transcript for:
Core Product Conversion Secrets

are we we're not live all right good morning youtube myron golden here and um just want to welcome you to this video i'm going to talk about core product conversion secrets so what is 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 you there are different types of products that businesses own and 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 use 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 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 product core 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 um people who are experts in the marketplace and i teach those people how to scale their business if they're stuck at say twenty thousand a month fifty thousand a month a hundred thousand a month five hundred thousand a month we show them how to twelve point eight x 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 under when you think about a core product think about something number one for if you want to like you're just getting started as an entrepreneur 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 um it needs to be a product that 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 prop 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 in the words of uh warren buffett uh 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 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 my 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 and get the most views and the most comments and then i'm going to read what people say i'm 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 mark 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 so so i was terrible at sales i was terrible at recruiting i was terrible at um 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 and so so 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 multi-level marketing so i created a product a core product my core product my core product was a sixty seven dollar sixty seven dollar four cassette tape four cassettes i've been so long since we had cassettes i don't remember how to spell it e s 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 uh 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 dollars in sales oh not 7 000. 607 700 6700 in sales and i was blown away now i don't have a 67 offer anymore i don't have that anymore like i 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 i've promoted this thing forever i didn't even remember we still had a sales funnel for it right so so but what's interesting now my core product is boss moves book it's thirty dollars plus um 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 trashman 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 okay 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 um 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 dollars and then the platinum upgrade from vip is 300 okay so what we do is we focus on selling these core products i have 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 cash man okay uh trashman to cash man so that book sells for 20 we sell about i don't know 150 200 of these books a month um a week so so now you kind of have our you kind of have our matrices 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 is so they can make money that's not what your primary objective with a core product 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 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 i 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 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 um 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 sell it 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 i don't know i was gonna make i was gonna guesstimate but i don't know um and i said 15 000 a week for this it's it's no it's 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 twenty seven thousand dollars a month with this funnel and another twelve or fifteen thousand a month with this funnel you add that together it turns it now this this funnel is ridiculous i don't even wanna 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 apple's three trillion dollar playbook what are they apple understands what business they are in apple they're so evil and blah blah and their first computer wasn't six they sold it for 666 dollars 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 2 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 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 um pl um um two trillion dollar 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 all 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 um the reality is if i can write a book if i'm going to 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 a customer second objective is to all those customers and the third objective is to um 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 us 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 boston's book okay what's the number one objective number one objective there are four moves to 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 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're using a pc don't you know it's 20 22. you know that's kind of stuff right what'd you do with that android i thought you said you had a smartphone right that's that's that's and that would that's how apple people talk right and so so they're what they they're they're their army their army of customers are their greatest advocates what's next uh lead conversion this is where you sell this is where you sell your core product that's lead conversion what does convert me 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 legion 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 it then what happened then they created apple music now you just paid now that 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 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 my i 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 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 when you just wrap your mind around when it just happened right so customer ascension they're going to keep on selling you more and more stuff 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 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 retention customer retention is the last boss move so now 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 ten thousand dollars i've been paid three thousand dollars i've been paid fifteen thousand dollars i've been paid a hundred thousand dollars 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 dollars 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 a billion 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 gonna 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 um 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 master class the master class 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 master class 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 at the end of the six weeks 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 one two three then the main point for c and then one two three 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 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 if you don't like the price like you're gonna 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 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 um 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 six hundred dollars but i'm gonna let your people get it for 97. okay cool so i go on there all right and teach them this really cool stuff part one part two each day i speak i offer this program for ninety seven dollars i got i made fifteen thousand dollars 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 that was back when we used to have to mail out cds what do i care i made fifteen thousand dollars 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 and 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 you know how i wrote that book um i spoke i speak at funnel hacking live i've spoken at funnel hacking live for the last since 2017 er 2018 every year since 2018. but one russell used to have these round tables and so he would have a lot of his two 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 like a framework like at a roundtable and there were like 70 round tables in this big room so those acoustics are terrible right so what did i do i said i'm going to record mine so i recorded my round table 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 charged 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 with 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 it i had the recording transcribed i had the recording transcribed right i felt like i had a fly on my leg so uh i had the had the recording transcribed then i took the recording of the train 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 um i instead i found illustrator i found on instagram to create those little cartoon myrons and put all that stuff together paid her formatter paid my i paid my uh my editor's formatting people had a cover design 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 boo 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 3000 books on it on the seats guess what happened people will read the book well the book leads them to the make more offers challenge boom don't just sell something sell something that sells something make sure when you create a core product that core product leads them to your ascension product which eventually leads them to your retention product remember what i told you about apple i was going to tell you later what's apple's customer attention 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 nine nine i'm gonna get the 14.95 so my family can use it i'm still the only one that uses it and i know i'm the only one that uses it so why haven't i gone back to 9.99 i haven't thought about 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'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 you all next week bye for now okay core product secrets sir is making sense say it again why did i make you look bad