Key insights

• 💼 Portfolio of writing businesses surpasses $10 million in sales from different products and launches
• 📉 Underestimation of the work required to create info products
• 💡 Acknowledgment of the active component in generating revenue from digital products
• 🔋 Continuous deployment of energy necessary to sustain sales of digital products
• 💻 Creating a portfolio of products in the digital world, Understanding different business models and price anchoring
• 💰 Three pricing tiers for selling online courses: tier 1 (below $350) for impulse buys, tier 2 ($350 to $1,000) for an experiential purchase decision, tier 3 ($3,000 to 10,000) for a training program with price anchoring
• 📚 Monetizing how-to book as a digital product with experiential element, The importance of pitching products to email list for digital product sales, Reasons for digital product sales failure: lack of clear outcomes, inefficient membership model
• 🎙️ Balance between actionable content and belief-breaking insights is crucial in digital product creation, The perfect course module includes reasons why, mistakes to avoid, action steps, addressing objections, and a walkthrough example, Customer feedback is an opportunity for improvement and creating different variations of products, Introduction of a new series called 'Coffee with Cole' to share insights about writing and business updates

Q&A

• What is important when building digital products?

  When building digital products, it's crucial to balance actionable content with belief-breaking insights, create a perfect course module, address customer feedback for improvement, and introduce variations of products. Additionally, the introduction of a new series called 'Coffee with Cole' is an exciting way for the speaker to share insights about writing and business updates with the audience.

• What are the considerations regarding monthly memberships for digital products?

  Monthly memberships may devalue the content, leading to high churn rates, and the math of monthly membership versus one-time purchase can significantly impact business revenue and customer lifetime value. These considerations are important for creators when structuring their digital product offerings.

• What are the reasons behind digital product sales failure?

  Digital product sales failure often stems from a lack of clear outcomes, or inefficiently leveraging a membership model. Understanding these challenges is crucial for creators to ensure the success of their digital products in the market.

• Why do books have limitations in monetizing information compared to online courses?

  Books have limitations in monetizing information compared to online courses because the latter can integrate an experiential element, making them more financially lucrative. This knowledge is vital for authors and creators seeking to monetize their expertise and content effectively.

• What are the three pricing tiers for selling online courses?

  The three pricing tiers for selling online courses are tier 1 (below $350) for impulse buys, tier 2 ($350 to $1,000) focusing on providing an experience, and tier 3 ($3,000 to $10,000) offering a training program. Understanding these tiers is essential for creating and pricing successful online courses.

• What is important when creating a portfolio of digital products?

  Creating a portfolio of digital products requires understanding different business models, price anchoring, and the recognition that not all digital products and business models are created equal. Additionally, there are three pricing tiers for selling online courses, and it's important to warrant the price and value of a product to ensure its success in the market.

• What are the lessons learned from creating digital products?

  The lessons learned include underestimating the work involved in creating info products, recognizing the active component in generating revenue from digital products, and the need to continuously deploy energy to sustain sales. This insight emphasizes the effort required to build and maintain successful digital products and businesses.

• What is the portfolio of the speaker's writing businesses?

  The portfolio of writing businesses has surpassed $10 million in sales from various products, including Ship 30 for 30, a premium ghostwriting academy, a paid newsletter, and other occasional launches and campaigns. These businesses have achieved significant success in generating revenue from digital products.

• 00:00 The speaker's writing businesses have reached $10 million in sales from various products including ship 30 for 30, a premium ghostwriting academy, and a paid newsletter, along with other occasional launches and campaigns. Lessons learned include underestimating the work involved in creating info products, recognizing the active component in generating revenue from digital products, and the need to continuously deploy energy to sustain sales.
• 07:57 Creating a portfolio of products in the digital world requires understanding different business models and price anchoring. Not all digital products and business models are created equal, and there are only three pricing tiers for selling online courses. It's important to warrant the price and value of a product.
• 15:06 Understanding the three pricing tiers for online courses: tier 1 (below $350) is about impulse buys, tier 2 ($350 to $1,000) focuses on providing an experience, and tier 3 ($3,000 to 10,000) offers a training program. Books have limitations in monetizing information compared to online courses.
• 22:11 The speaker realized that a how-to book could have been monetized better as a digital product with an experiential element. Pitching products to an email list is important for digital product sales. If digital products aren't selling, it's usually due to lack of clear outcomes or not leveraging a membership model efficiently.
• 29:30 Monthly memberships may devalue the content, making it challenging to retain members.The math of monthly membership vs one-time purchase can impact business revenue. A broader frontend product can make it difficult to build a high converting backend product.
• 36:51 When building digital products, it's important to balance actionable content with belief-breaking insights. The perfect course module should include reasons why, mistakes to avoid, action steps, addressing objections, and a walkthrough example. Customer feedback is an opportunity for improvement and creating different variations of products. The speaker is excited about a new series of podcasts and video podcasts on YouTube called 'Coffee with Cole' where he shares insights about writing and business updates.