Creating JV Info Products
for Profit and Fun …
Part Two in a Three Part Series!
Dear Business Builder,
TGIF … It’s hard to believe that another week has come and gone. I’m glad to see you back.
When last we meet, I outlined my step-by-step process for getting started creating your very own joint venture teleseminar series. To re-cap – in last weeks issue we discussed creating a theme or umbrella for the overall series, how to determine the individual call topics and select the experts that can speak to those topics. Plus, what you should consider offering your guest experts in exchange for participating, how to go about inviting them to join and how to get started scheduling your series.
In today’s issue, we’re going to dive right back in and talk about how to structure your teleseminar series offer and how to get started with the marketing.
O is for Offer …
Now that you’ve invited your participants and you’ve put together a basic schedule for your series, it’s time to turn to marketing. And, the first place to start is with your offer. When developing your offer it’s important to know exactly what you hope to accomplish.
You must have a specific goal …
- Is your goal to make lots of money? You want to generate a considerable amount of revenue to feed some other goal … like paying your bills or footing the development of another product.
- Is your goal to position yourself as an expert in your field so you can become known in a specific niche?
- Is your goal to generate a slew of new customers so you can promote a higher priced back-end product that you’ve developed for the same target market?
- Or, maybe your goal is to just generate a bunch of new qualified prospects for your e-zine or opt-in file.
Let’s break each of these down individually and look at the possible offer structures for each.
Show Me the Money …
No doubt about it, a well thought out JV teleseminar series has great potential to generate significant income right out of the gate if you structure your offer accordingly. Not to mention its potential for future sales after the series is complete.
If revenue generation is your goal then it’s important to develop a series around a specialized niche that has demonstrated a willingness to pay a high price for information, learning and career development. Product pricing in this spectrum can range from several hundred dollars to several thousand dollars depending on the market.
Bottomline: to generate a lot of cash, you’ll need to charge a higher price for attendance.
You’ll also want to add considerable value to the product by including permanent electronic audio playbacks, CDs, transcripts and hard copies of other bonus materials so your customers have something tangible at the end of the series.
Also with higher priced offers, consider offering a monthly installment option to help reduce sticker shock and make the product accessible to more people.
When structuring a JV series to generate revenue you’ll bring in far less customers so the pool of potential new prospects is limited … consider offering your guest experts a percentage of revenue or commission to make up for it.
Expert by Association …
If becoming known as an expert in your field is your goal, positioning yourself with some of the best known leaders in your niche is by far one of the fastest ways to get there. The implied endorsement has the power to catapult you to center stage.
When structuring your offer with this goal in mind, it’s important to make the series as accessible as possible by keeping the cost affordable, without killing perceived value. Experts tend to be paid at the highest range of their field. It’s crucial to price your event with this in mind. I recommend pricing at the mid range of the spectrum – anywhere between $79 and $249 … depending on your area of expertise and what your market will bear.
At this price range, you should still be able to provide considerable value by offering permanent electronic audio playbacks and CDs and transcripts delivered by mail for the whole series … but it’s best to deliver all other bonus material electronically.
Get em on the Back-end …
Having a strong stable of back-end products to sell to your new customers is a sure way to skyrocket your sales and revenue. With this in mind, a JV teleseminar series is an excellent way to qualify new customers for back-end sales.
The goal here is to bring in lots of new qualified customers. You should consider your series the wide end of your funnel and bring in new customers as inexpensively as possible. Structure your offer so that prospects have to pay to attend but keep the fee nominal so they don’t have to think twice about it.
For example you could pull together 9 experts around a central theme and have a special offer of $9.99 or $19.99 for all 9 calls.
What’s important here is the new customer has to make a buying decision by actually entering their credit card information. They’ve immediately demonstrated an interest in your product and they’re more likely to attend the calls because they’ve paid something to attend. Thus they’re more qualified to upsell to your back-end.
When structuring a call series for this purpose, it’s important to factor in a projection of the total revenue you intend to generate in back-end sales to ensure you cover your production costs. It’s also crucial to have specific timed upsell promotions in place that start immediately after your new customer comes on file … when they’re most engaged and interested.
At this price range, it’s cost prohibitive to offer hard copy of materials. Stick to online delivery for all audio and bonus material and look for opportunities to include your back-end promotion offers whereever you can.
Leads, Leads and More Leads …
Depending on your business model, pure lead generation may be the way you want to go. The beauty of a joint venture such as this is the exposure that each individual guest expert gets beyond their own customer file. For example if every guest expert you invite has a customer/subscriber list of 10,000 people. And you invite 6 guests … the total additional exposure for each guest expert is 50,000 new potential prospects.
By making the call series free to attend you can capture a much larger pool of potential prospects to then market your products to during the series and on down the line.
This tactic becomes truly powerful if you know the long-term value (LTV) – what new leads buy on average in a specific time frame after they come on file – for every new lead you bring in the door.
If you don’t know the LTV of your leads, you can easily monetize with an upsell (to cover production costs) for the series by offering two levels of access. For instance you might want to offer free access to the live calls only, then charge a premium for people that want to receive call playbacks, CDs and transcripts and bonus reports. You may be pleasantly surprised at how many people will actually take you up on your bump-up offer.
A Special Note about Pricing Information Products
Information products can be tough to price. They tend have very low production costs and very high profit margins. Do a little research in your marketplace to determine what similar info-products sell for before pricing your products. Plus, it’s crucial to know your production costs before you set your offer in stone. Check out my Issue #122 for some more specific information on the costs of producing a teleseminar.
Hope that helped and stay tuned …
Because next week in part three of Creating JV Products for Profit and Fun, we’ll talk about preparing for the big day … and how to make sure your teleseminar series goes off with out a hitch.
Until next week,
Julie McManus
Editor, In the ‘Net Trenches
THE TOTAL PACKAGE
And Web Media Goddess
P.S. Are you in the ‘net trenches? Do you need help? Send
me an e-mail to AskJulie@MakepeaceTotalPackage.com and
I just might answer your question in an upcoming issue.
P.P.S. Have you checked out The Total Package affiliate program lately? We’ve added tons of new creative to help you earn cash on any new subscriber you refer and we’ve opened our archives up for the pilfering… Click Here to check it out NOW!
Looking for resources related to this article? Try some of these.
Looking for more of Julie’s articles? Check these out.
Looking for past issues of The Total Package? Click here for our archives.
 |
Want to share or reprint this article? Feel free. Just give us full attribution and a link to our Home Page when you do. |
Attribution Statement: This article was first published in The Total Package. To sign-up to receive your own FREE subscription to The Total Package and claim four FREE money making e-books go to www.makepeacetotalpackage.com.
Related posts
No Comments »
No comments yet.
Join the Discussion!
Let us know what you think. Or ask us anything. Or offer your own sage advice.
The only rule: RESPECT THIS HOUSE! Postings that contain abusive language and/or personal attacks will be cheerfully VAPORIZED. One cross word and – POOF! – your well-thought-out post will be gone in a puff of smoke.
– Clayton
