Stop selling info and do this instead
Selling Information in the Digital Age
The speaker discusses the shift in selling information online and highlights the ineffectiveness of solely selling information to build an audience or generate revenue.
Selling Information vs. Service Approach
- Selling information is no longer a viable strategy for building an audience or generating revenue.
- Data shows a decline in online course purchases and low completion rates, indicating a need for a new approach.
- Industrywide completion rates for online courses are as low as 5 to 15%, questioning the effectiveness of selling information alone.
Value of Implementation Over Information
- The abundance of freely available information diminishes its value, emphasizing the importance of implementation.
- Time is now considered valuable; hence, focusing on implementation rather than just providing information is crucial.
Three Approaches to Adapt Business Models
1. Do It For Them (Service)
- Providing services directly to clients can be more effective than trying to sell automated online courses.
- Starting a service-based business allows for quick revenue generation by addressing specific client needs.
2. Do It With Them (Coaching/Consulting)
- Coaching or consulting involves guiding clients through processes, emphasizing accountability and personalized support.
- Accountability is key in coaching/consulting, offering a more effective learning experience compared to standalone online courses.
3. Doing It With Others (Community/Cohorts)
- Community-based learning enhances accountability and engagement among participants, leading to higher success rates.
Succeeding Through Community Building
In this section, the speaker discusses the importance of community in achieving goals and how creators can leverage this concept to support their audience effectively.
Importance of Community for Success
- Creating spaces for people to come together makes it easier for them to achieve goals.
- Accountability is crucial; focus on selling implementation rather than just information.
- Emphasize offering access to a community or individuals to help achieve goals, not just providing information.
The Power of Community in Entrepreneurship
This part highlights the significance of community in entrepreneurship and how it can drive success beyond mere information dissemination.
Leveraging Community for Entrepreneurs
- Successful entrepreneurs value connection and collaboration over additional content.
- Introduction of specialized communities like SPI Pro and All Access Pass cater to different entrepreneurial levels.
Community-Powered Courses and Results
The speaker delves into the effectiveness of community-powered courses and shares results from past accelerators.
Impact of Community-Powered Courses
- Accelerators with clear start and end dates show high engagement rates.
- Various courses offered cover topics like podcasting, email marketing, webinars, online course creation, and building communities.
Value Proposition: Convenience Over Information
This segment emphasizes the importance of convenience and value proposition over raw information delivery.
Emphasizing Value Proposition
- Customers pay for convenience and value-added services even if information is freely available elsewhere.
Establishing Differentiation and Providing Proof
The discussion centers on highlighting differentiation from free resources and showcasing proof of concept through real-life case studies.
Establishing Differentiation
- Clearly articulate what sets your offerings apart from freely available information.