The one where I share ideas for monetising existing content by creating digital products.
Hello and welcome to The Lightbulb Podcast. It's so good to be here.
I am back after a week's holiday. This is my first week off the podcast all year, and I had a lovely week. I spent it in Devon and did lots of relaxing, and it was fabulous, but it is, of course, great to be back.
Today, I'm going to answer a question that was asked a short while ago in my Facebook group, The Lightbulb Club, and the question is this:
How can I make money online with the bare minimum of effort by monetizing existing content?
What a fantastic question. I'm looking forward to answering that in a moment.
Before I do, though, I just wanted to give you a quick update on my membership site, The Lightbulb Academy.
I have set a date for launch. You will be seeing and hearing more about The Lightbulb Academy on the 1st of September 2017.
I'll be opening the virtual doors at that point, and I will be accepting a very small number of beta members or founder members at a lower rate than I'll normally charge, and they'll be grandfathered in at that rate.
The idea is that those select few will be my first members, and they will help me test the site, hence the lower fee, and shape what it's going to look like in the future, so it's a really exciting opportunity.
If you'd like to be informed when the doors open, just hop over to TheLightbulbAcademy.com and sign up there, and I'll send you an email, and you will be the first to know.
Okay. On to today's episode, how can you make money with minimal effort by monetizing existing content?
Well, this episode is one for the bloggers and content creators really, because, in order to monetize content, you need something out there already. This assumes you've got some content online, or if not online, hidden away somewhere.
The way to do this with minimal effort has to be through digital products. I love digital products, because you make them once, and then you have the opportunity to sell them over and over again, and that sales process can be completely automated.
The effort with the digital product is very much front loaded. Now there is effort involved. I can't pretend that you can make a digital product in your sleep, however, if you're basing your digital product on existing content, all you're really doing is tidying that content up and perhaps adding a little bit to it.
Because the sales process is automated, then there really isn't a huge amount of effort involved.
The only thing you will need to put effort into is letting people know that this product is available to them, so we're looking at marketing.
There's a bit of effort involved in making the product but not much, then you get to plough your efforts into sharing this great product with the world.
I have four digital product ideas for you:
This works particularly well if you have a series of blog posts or a number of blog posts on the same topic, and you can take that content and compile it easily into an e-book. That works really well.
All you really need to do is make sure that the various posts flow into one another and perhaps package them up with an introduction and a conclusion, and there's your e-book.
I ended up going with Teachable, but that was only to do with payment platforms and the fact that I live in Guernsey.
I actually was really impressed with Thinkific, and I think they've got a lot to offer.
When you're producing an online course, chances are you're going to want to use video, maybe a PowerPoint or a Keynote presentation, and you might record your voice over the top of those slides.
You don't actually need to show your face on a video for online courses. I think this is a bit of a misconception, and a lot of people, certainly based on the chat in The Lightbulb Club, are a bit nervous about putting their face on video, and I understand that. You don't need to for an online course, you can be slide based.
If you're going to take that approach, I highly recommend ScreenFlow for recording your videos. It is a Mac only product. I'm sure there will be equivalent PC products available.
If you're going to create an online course based on existing content, my top tip for you is to try to appeal to all different learning preferences.
You'll have video in the presentation for the visual learners, and also people how like to learn by listening can benefit from the videos, but also consider having an audio download available for those that want to consume your content as a podcast, maybe on their daily commute.
I would highly recommend getting anything you produce transcribed, so there's a text option, and for transcriptions, I use Rev.com. They're very reasonably priced and very quick with their turnaround as well.
People love printables, particularly if they look nice, and they're something you want to print out over and over again.
People love printables that help with organization.
Perhaps you've produced some printables as content upgrades on your blog. If you have, maybe there's a way to package up a variety of printables and sell them as a bundle.
Because you have given them away for free previously, you might want to chuck in a couple of additional printables just to really up the value of your product.
If you're looking for a bit of inspiration, hop on to Pinterest and search for printables, and you'll see the sort of thing that is really popular.
Swipe files are examples of scripts or templates or text for emails, for example, that you could essentially copy and paste and then tweak to make your own.
I'll give you an example. I have always struggled with writing sales pages, so a swipe file of the ideal text for a sales page would be something I would definitely purchase.
I've purchased product in the past that was a huge bundle of swipe files for emails you might send to clients, difficult emails, that sort of thing. There were hundreds of these email templates, and they were absolutely fab, and I've used them on various occasions.
Swipe files take minimal effort, because invariably what you are selling is something that you've created in the past, so you're just packaging them up, tidy them, and you've got a digital product.
I can recommend a few tools to help you with your digital product creation.
In terms of selling it, you can use the commerce part of your website if you are a Squarespace user.
I hope this advice has been helpful. If you've never created a digital product before, then go for it. What's the worst that can happen?
If you want more advice, or you want to get some feedback on your ideas, then join The Lightbulb Club, my Facebook group. We're a nice, chatty, friendly bunch and always up for giving some constructive feedback. You can find the Facebook group at thelightbulb.club, just type that into your browser, and you will find us.
Okay, that's all for me today. Thanks so much for tuning in, and I hope you will join me next week.