LY Podcast: Ep. 52 How Digital Products Fit into Your Business

Melissa Anzman (00:00): This is the launch yourself podcast episode number 52, all about how digital products, your courses, your membership sites, your eBooks, and all the things fit into your business. For more information and show notes, go to launchyourself.co/52. Welcome to the Launch Yourself podcast. My name is Melissa Anzman. I'm a bestselling author and the CEO of two businesses, an employee experience company, and launch yourself where I help entrepreneurs diversify and scale their business by launching digital products each week, you'll hear mind blowing interviews, where we peek behind the curtain of other people's launches, as well as actual tips and strategies that you can implement in your daily work life to create launches that actually make you money. Thanks for spending some time with me today. Now let's get started.

Melissa Anzman (00:54): Today is all about how digital products fit into your business model. Now, this is one of those things that you think, you know, but there are a few different approaches that you can take to it. And I'm going to share what works best and how to actually think a little bit more strategically about your digital product offerings as part of your entire business, instead of just another source of income. And this is why we really talk about how to grow and scale your business the right way versus just creating a product. Now, the first thing I really want you to understand is digital products are an offering as part of your overall business and should be looked at through the same lens as other traditional services. So if you think about your business, like a brick and mortar store, each store has a theme, like a specific type of products, we, or themed merchandise or a feel or I'll look that they bring in that are for sale within that brick and mortar store.

Melissa Anzman (02:01): So for example, if you go into an Apple store, when we can go into stores again Apple stores sells only Apple products. If you go into places like JGL or Ann Taylor, or Chico, they're all, women's clothing of a certain look all different between those three, but it's a certain look and feel that matches their brand, their clothes, even warehouses and department stores have a theme. So Costco, for example, has like bulk items at lower prices and very specific types of things in there. Target has more home-related things that are chic and moderately priced. Or if you go to compare, you know, between target and Walmart, there's a different brand mix inside their brick and mortar, or even like at Macy's and Nordstrom it's would they make a decision as to what to include within their brick and mortar store to be for sale. And I'd like you to think about your online business as in the same lens, approaching it through the same way your suite of offerings have to have that consistent look, feel transformation statement with them.

Melissa Anzman (03:12): And that's why I always start out of what does your business actually do? You have to be super crew clear on what your business is first, before you dive into your digital product mix. So the work that we do around your chance, formation statement for your time digital product, that is at a high level, the same exact work that you need to do about your business to get clear as to what makes sense for your own digital products. So that transformation statement, the I serve X to do Y at a high level is so important for you to know going in. Now, if you're not clear who you want to serve and the solutions and outcomes that you want to provide, it doesn't matter what type of digital product you create, or the services that you include. They are not going to be coherent and consistent.

Melissa Anzman (04:12): So what you're going to end up doing is creating a business that doesn't fit together with all of these digital products that don't lead to anywhere they're just seen as one off sales. And if you think about it, you can't contain them in the same brick and mortar roof. And I see this all the time. I see people create something on this topic, and then they changed their mind, indeed, this topic, and then this topic, or maybe this topic kind of like that. And they end up with all these digital products that aren't selling, because they're not known for anything. They're confused in the market space from that buyer as to what they offer, because they're not leading to that one business level, top level, business transformation statement. So before you consider your product suite, which I'm going to talk about in just a minute, you have to be clear about your company's direction and the type of business you want to build.

Melissa Anzman (05:10): So for example, if you want to build a business that is a solopreneurship in that you want to be the one that delivers everything you want to own, all the outcomes. Maybe you have some contractors supporting you like a VA or something, but ultimately it's a business that you run and you're a hundred percent in control. That is a different type of business model. If you choose that your suite of delivery is going to be different and how you build your business is going to be different than if you want to create. Let's say a self-lead company where you're the one building it, and you have a really big team behind you to run the business so that eventually you can step away from it altogether. Now, those are just two models. There's obviously a bunch in there, a bunch of hybrids you can create.

Melissa Anzman (05:57): But the key here for you is to first understand the type of business that you want to build and really get clear on. This is the way I want my business to work, how I fit into my business and the transformations that we want to create at a high level. Once you do that, then you can start creating the look and feel of your storefront for your digital business or your online business by starting on those transformation. So then you can do the product suite for your digital products. Now digital products should be considered a part of your overall strategy. It's not like a thing that just happens in your business. It's part of your strategy of how you're going to grow your business. Scale. It bring in income in different ways, all those things. So for each product that you create or that you want to create, you want to make sure that it is aligned with your company's transformation.

Melissa Anzman (07:01): And this is how we create things that make sense together. And I'm going to share why that's so important in just a second. But the whole point here is that if you create something aligned with your transformation, you always have a well to come back to and things make sense together. So the first thing I want you to consider as you come across this digital product suite situation is what is your customer's journey. Now, this is different than the customer awareness journey. What I want you to think back to is when we talked about how the bridge, the gap strategy, when you're building your product, we really talk about all of the little steps along the way that your client needs to take to reach the other side. And when I ask you to think about your customer journey right now, it's that at a macro level, I want you to think about for your, your businesses, your company's transformation stage, man, each step along the way that they have to take to get to that end result.

Melissa Anzman (08:10): And all of those steps can be a digital product, but the customer journey here is really how can you help them every step of the way, along to the ultimate transformation, you want to teach them one thing and then understand what's the next one thing that they need to happen? I've read one of my podcast. Guests shared the opening, the door strategy, another visual, like the bridge, which is once you've opened the door, what do you need to do to have them step across it to the other side and at a macro level for your company. I want you to really consider your overall customer journey along the way. I'll give you some samples in a minute. The other I really want you to think about is it is easier to get a customer and have them be repeat buyers than to have to keep getting new customers.

Melissa Anzman (09:07): So you want you to really think about the customer for life mentality. I want you to really think about how to acquire them once and then they can grow with you and they keep buying from you because you're leading them through along the path to the ultimate success. And you do that with that one transformation in mind. So you bring them in and they will ascend with you. They will grow with you as you have. If you, as you see what they need next to get that next level of success, you have something to provide them along the way. Now, one thing in the marketplace that is a little crazy out there. If you sort of follow the gurus so to speak you know, I always say that with air quotes around it, but if you follow the gurus or if you see sort of what's out there and, you know, making sense or what's being taught, this is going to feel a little different.

Melissa Anzman (10:04): And this is something personally that I have changed my mind on. I used to kind of follow that same path that grew say, and now I believe this path is better, which is this, the more offers that you have in the marketplace, the harder it is to scale. Now, let me give you some context around that. I am not saying don't have 10 digital products. Not saying that at all. What I'm saying is an offer is a topic or idea or transformation. So if you're going to the marketplace, let me use my own example. Let's, let's use launch yourself. So for launch yourself, I could teach I whole bunch of different things on launch yourself. I could have a whole bunch of products. I could teach you how to build a digital product. I can teach you how to watch a certain way. I can teach you about funnels.

Melissa Anzman (10:55): I can teach you about Facebook ads, whatever that is. If I went to market with four different products like that, where I am talking to the market of I'm an expert in digital products Facebook ads, funnels and lot chain. It's a confused buyer. It's very, very hard to scale when you're competing against yourself for SMI subject matter expertise and the know like, and trust factor in the space. This is also why we talk a lot about niching down and getting very specific with that one transformation. Now, if I went to market and said, I am a launch expert, and my first product was something like, Hey, learn what a launch is. I can then bring them on the journey of now that you know what a launch is, I can sell you a here's a funnel product. So now you knew how to build funnels.

Melissa Anzman (11:53): And now that you have a funnel, now you need to know ads. So let me share with you how to use Facebook ads in accordance with your funnel. And then I can bring them onto here's, how to create and launch your digital product. So those are the four same products, but I'm not going to the market and it confused way. And so I would really like you to think about one transformation at the top. One big thing that your company is going for and bring to market everything aligned with that one transformation. You can have additional offers, but it has to funnel in to the same thing. The other thing is, when you do that, you have more focus. When you go to market, you can be known for one thing, you can test things out. You can make sure that it works. You can understand exactly what it is that you need to tweak in future launches.

Melissa Anzman (12:53): You can hone in on your right audience members. You can attract the right audience to you and find where to fish for them, all those things. If you keep going to market with the same offer. Now, again, this is not saying you don't build more than one digital product. It's where do people come into your business so that then you can build them along the journey, and it could be different based on the customer awareness journey, correct? But when we're talking about what we're trying to sell it, once we want to be clear that our transformation conversation pulls the same thread. Now, when you're thinking about building that Ascension model, so I'm going to talk a Ascension and descension w when we talk at the Ascension model, it's that customer journey. When they walk in, how do you bring them along to what's next? That's a Ascension.

Melissa Anzman (13:46): Now you may find after time that where you're bringing people in, there are people who want to work with you. They like you, they know you, they trust you, but they're not quite at that right level. And so if you find that you can create dissension digital products where bring, where you create the step back, the starting step before it happens. So you always have movement. You can always expand deeper into a topic or go back a step or bring them along. But you really want to consider what comes next naturally. So, and obviously so that you can create the right products to get to them to that ultimate goal. One quick note on that, you're probably thinking, well, that's okay, Melissa. Like, but if every digital product I have has a transformation statement, how do I give them that next step? And the answer is, this is why we're, you're thinking about your business transformation statement, which is going to be higher level and more macro and aligned with I serve X to do Y because Z is important.

Melissa Anzman (14:53): Okay. But when you think about it at that level, there's always more success to come. There's always more steps. And I will share with you how one person I know does it very, very well, has a seven figure eight figure business now doing that. But it's the obvious and next step along the company's transformation. Now, how do we do this? How do we invest in one customer for a lifetime? This is a different approach. A lot of people do a massive, like one to massive. I want to sell one thing, get as many people in it. And then that's it. I have nothing else for them. I can think of some people like that. So until this past year, or I guess it was like late last year, Amy Porterfield had a entry point with her list builders society. Then you can ascend into digital course Academy.

Melissa Anzman (15:45): And then last year she added a momentum membership membership site, which is only for people who've gone through DCA. So, but once you end with momentum, that's it. So you, you don't have another way to ascend with her. She doesn't do one-on-one work. She doesn't have a mastermind. So she is trying to get as many people as possible into list builders, society, or digital course Academy so that she can then convert them into monthly membership members in momentum. That was a lot of amps. So her approach works for her because she has a huge audience. But what I'd recommend for you is the approach of get a customer for a lifetime and build around that and to keep them your customers. It really relies upon customer service and delivery. How well do you deliver on your promise for that transformation? How do you support them?

Melissa Anzman (16:42): How do you bring them through to the next level? And you'll add in various levels of customer support or accountability or high touch things, depending on the offer. Not every offer needs that, but you keep a customer for life for giving them exactly what they needed. And that's why we're clear for each product, what your transformation is, what the before and after is. So you can tell them here's where you are now. Here's where you are at the end. And at the end you say, you're there, right? Isn't that awesome? Don't you want to work together again and you have to then say, okay, great. Let's up level. What's that next step for them to get them there? And you can create new products, new, digital products, new services, based on where your customers are and up level together. You can also talk about these a lot easier with your current clients.

Melissa Anzman (17:36): You can, it's easier to send an email to someone's on your list, or have a free webinar for somebody who's on your list or in a program talking about your new offers or the Ascension. If they're already there versus having to get them interested into you, and then know about that new thing you have to offer. So having steady progression with your clients on the transformation is always going to be the number one thing I want you to think about as you build in new digital products to your digital product suite. Now, I want to remind you, you can. Absolutely. And you should mix in digital products with one-on-one services offers high touch things at various points along the journey. It just really depends on the type of support that is needed. So I'm going to share a few examples. I shared the Amy Porterfield one who doesn't have a high touch thing.

Melissa Anzman (18:30): That's okay. She does fantastic. But that's her business model. She doesn't like doing high touch or one-on-one. So she has a, I'm going to focus on these two products only, and I am going to get as many people in now, she's added more to our mix, and she's now started doing things like workshops that are digital, smaller digital products to get even more people, but she does not have a one-on-one or high touch offer, but here's some that you may think about. So let's say they may sound familiar. Let's say you are a sales page designer. You may have a product suite that looks like this. You have a sales page and a day mini course that then can lead into a sales page design template bundle that you can buy, which can then lead into a sales page, a funnel to the sales page course, like how to build out your funnel or templates for that.

Melissa Anzman (19:22): And then maybe you can offer sales page, critiques and reviews. And then finally your high ticket offer is a done for you service to build your sales page. So that is a very narrow offering that this company provides. Their transformation is we do sales pages. We want you to have a great sales page and we'll make it easy for you. That's how they have a variety of digital products and a high touch service into that. Okay? However, this, the one I mentioned, that's a 10 figure business and that 10 figure, excuse me, eight figure business, 10 figure to be awesome. Right? Well, we'll all get there, but she's an eight figure business. If she's a business coach and with a business coach, she really is about transforming women in particular to become business leaders. It is not a very narrow transformation statement and that's on purpose.

Melissa Anzman (20:16): It used to be more narrow as she's grown, she's able to expand that, but you start, she starts with a business program. So she has a win, like when you're ready to start your business, she has a program for you to do that. So high touch it's a course. And then what she does is once you hit year two of that, you are then offered to ascend into a high ticket accelerator program. That's really great for people who are in business from years three to five. And her whole thing is I'm going to set you up for success. So you move in my Ascension model to be ready for the next digital product, which is then a how to grow your team. Now that you have this, you know, six figure business, how to get the team and systems around on you. And then she has at the end of her Ascension model, a one-on-one coaching so that you can get mastery for it.

Melissa Anzman (21:06): So you can add in one-on-one along the way, whether it's a console or coaching session or what have you, you can add high ticket along the way. Just remember you want to grow your offers as your clients, as your customers that have already bought from you needs more information to get to the ultimate result at the end of the day. So as you build your product suite, the first one that you should create, if you're not sure, or as you think about your next one, perhaps is the one that makes the most sense from a business perspective for your company's overall transformation. Now, there are some of you that have said, Hey, I want to do this product. And my first question was is that the work you want to do is that the type of business you want to grow, and that's why you want it to be completely matched up to the type of business you want to grow.

Melissa Anzman (22:01): Now, you do not have to start at the beginning of your customer's journey. However, you should definitely consider how your customer can grow with you from that product, with that one specific transformation in mind, what is their own growth and Ascension model with working with you? And if it's not super clear, if you're still not sure that first product can be something that you've gotten results from over and over again. So, you know, you are an expert and you know, you can rock out the results. It can be that number, one thing that people come to you for, or it can really be how you want to position your business, the transformation in mind. Now that example for the business coach that I shared with you, she didn't start at that. You want to start a business. She created a dissension item, a digital product that descended people because she found a lot of people buying into her year three to five accelerator and not ready for it.

Melissa Anzman (23:03): So she found a need in the market for the people who already wanted to work with her, who were already buying from her. She created something that fit their needs better and by doing so, she made them customers for life that she can now pull them along through their, her own Ascension model. So that is how digital products fit into your overall business. That's how you think about them. As you create new ones, as you grow your business, as you move forward, it is very intentional and strategic. We are not just creating things and throwing them out there. We're making sure that they match a transformation and that we have a way to grow with our customers and provide that next step as they grow in knowledge as well.

Melissa Anzman (23:48): To join the Launch Yourself workshop where you'll learn why your digital products aren't selling nearly as much as you planned for and how to diversify and scale your income by launching the right way, go to launchyourself.Co/join.