Developing Product: Risks and Rewards

We’d all like to bring in more money while we sleep.

Imagine being on vacation and coming home to several thousand in on-line product sales? Sweet!

So what are some of the things we need to think of when developing product and how can we reduce our risk?

Here are a few ideas:

1. Make sure your idea supports your empire. If you are a sales expert then creating products for sales people makes perfect sense. If you tout the use of technology for sales in your presentations, than perhaps you even go as far as developing an iPhone application. (Now you’re really walking your talk).

But if you’re a sales expert thinking about writing a book on aging parents, you might need to re-think. Unless you are a writer by trade, all of your product efforts should support your one expertise.

2. Test your product for saleability. We test everything. Check and see if you developed this product, that people would buy it, and what the perfect price point would be.

The main reason we don’t test things is FEAR. We are afraid to find out that our idea isn’t good.

3. Think in terms of your audience and how they learn best. If your audience is not too technical, then you’ll want to keep it simple. Of course books are usually the product we start with. Does your audience work with eBooks? Or would they prefer a book in their hand? Do your homework and know the best fit.

4. Promotional products are terrific for keeping your speech messages top-of-mind. What poster, thermal mug, screen saver, thumb drive or desk top calendar might work well for your groups?

5. What are some of the new training ideas for keeping your message going after your talk? Many people are developing membership clubs, virtual training modules, podcasts, etc., as an added value to their speech. Clients usually like the idea of keeping the message alive longer than 60 minutes.

When developing products, the risk is that we waste money and end up with a garage full of product that nobody wants. But if you know your market and test your products, you should be reaping the rewards of making money while you sleep!

PS: It may surprise you, but I just happen to have an awesome new MP3 product called The Wealthy Speaker Seminar LIVE. If you liked The Wealthy Speaker book, then you’ll love this career catapulting content. Check out the details. http://www.speakerlauncher.com/WealthyLive.html

Firing Clients: Is it worth it?

I’m lucky to be in a business where I get paid before I do the work. There’s no waiting 30 or 60 days to receive a check. It’s all arranged up front before coaching is provided.

But this summer I had a new client who really couldn’t afford me and delayed payment for weeks after our initial session. After alot of rig-a- marole, when the payment did arrive, it was short.

This didn’t feel great to me.

A day later another new client package arrived by Fedex. This client had started the day before. He overnighted his book, the signed agreement and full payment.

Now this felt perfect.

Although I felt bad for my cash strapped customer, I am clear that two qualities of my perfect clients are: 1. That they pay gladly and 2. That they pay on time.

In fact, I have a long list of qualities of a perfect customer/coaching client. They include things like being fun to work with, taking action after each call, and not getting easily distracted (this is a tough one for most speakers).

I hope that you will strive to surround yourself with perfect clients as well. Here are a few questions to help you get the ball rolling:

1. What are the qualities of your perfect customer?
2. Who are the clients that you love to work with? And why?
3. Who are the clients that cause you the most work for the least reward?
4. Who do you need to let go of? Or fire?
5. If you should have done it a long time ago, what are you waiting for?

Now you might say that this is a pretty tricky economy to be speaking so loosely about firing clients. And you’re right.

But let me ask you this….if you are not willing to let imperfect clients go, how will you make space for clients who are perfect?

I believe that if you do the right thing, the Universe will support you.

ps:  Although I am currently on coaching sabbatical, I am doing these awesome ‘Focus 40′ sessions – they seem to be a hit! Check it out http://www.speakerlauncher.com/coaching.html