How To Create a High Converting Core Product

Introduction

Creating a core product with high conversion rates is essential for businesses. It involves identifying market needs, evolving core products in information marketing, and understanding the importance of core products in business. Customer ascension, monetizing training and insights, and consistent use of core product secrets are also key elements for success.

Core Product Conversion Secrets

• A core product is the primary product that businesses sell based on the business they’re in. For example, the core product of a real estate agent would be a house, and for a car salesman, it would be a car.

• Creating a core information product or education product can benefit businesses, regardless of whether they sell insurance, cars, or real estate. It can help to inform and educate potential clients, making them better informed about the products or services offered.

• When creating a core product, it should be easy to create, have a high perceived value, and most importantly, solve a significant problem for a large group of people in the marketplace. The focus should be on addressing the needs of the target audience and providing a valuable solution.

• Market research plays a crucial role in identifying the problems and needs of the target audience. Observing discussions and questions in relevant online communities, such as social media and forums, can provide valuable insights into the pain points and unanswered queries of potential customers.

• The core product should not be based solely on personal interests or inventions but rather on what the marketplace demands. Understanding the market’s needs and delivering a solution to those needs is essential for the success of the core product.

Evolution of Core Products in Information Marketing

• The speaker was initially thrown into the deep end of information marketing and eventually found success after 14 years of hard work.

• The core products started with a $67 four cassette tape program called ‘Bigger Better Faster Network Marketing’ in 2005.

• The evolution of core products led to the creation of the ‘Boss Moves’ book, which sells about 500 copies per week, generating $15,000 in sales.

• Another core product is the ‘Trashman to Cashman’ book, selling around 150-200 copies per week at $20 each.

• The primary objective of core products is not just to make money, but to acquire customers by addressing a significant problem in the marketplace and targeting those with the willingness and ability to pay.

The Importance of Core Products in Business

• The core product price range can vary, but it generally falls within the range of $20 to $997, with some flexibility.

• The primary objective of creating a core product is not just to make money, but to acquire and wow customers.

• Apple’s strategy of acquiring, wowing, and assembling customers for events is a key example of successful business tactics.

• The first step in scaling a business is lead generation, which involves attracting potential customers through various means such as the Apple store.

Core Product Creation and Customer Ascension

• Apple started out by offering free products such as iTunes as a lead generation tactic, where users could get the music player for free and then buy music to use on it. This evolved into the creation of Apple Music, leading to customer conversion and sales of various Apple products like Mac, iPhone, and iPad.

• Customer ascension involves selling customers more expensive products over time, like MacBook Pro and MacBook Air, using persuasive language and the appeal of their existing products to convince customers to buy more.

• Customer retention is crucial for long-term success, and the core product creation involves identifying a problem, outlining a transformation process, and delivering it over a specific duration. This can be achieved through announcing a master class, offering it at an initial low price, and then raising it for future sales, ultimately leading to the creation of a core product.

Monetizing Training and Insights

• Myron created a program called MLM Skill Mastery for multi-level marketing training.

• By offering a six-week course for $97 on a conference call, he made $15,000 in one week before even recording the course.

• He emphasized the importance of selling a product before creating it, to avoid spending time on something that may not sell.

• Myron shared how he turned a roundtable discussion into a book, which has since earned him more than he would have made from coaching fees.

• He highlighted the strategy of monetizing existing content and insights, such as repurposing recorded discussions into books or other valuable assets.

• Myron also discussed the significance of leading customers from a core product to ascension and retention products, using Apple’s example as a reference.

• He concluded by encouraging the use of these core product secrets consistently to achieve a business that runs on autopilot for success.

Conclusion

Consistently applying the core product secrets discussed in this article can lead to the creation of a business that runs on autopilot for success. Understanding market needs and evolving core products are key to long-term business growth and customer acquisition. Start implementing these strategies today for lasting success.

undefined