How to have great money making ideas? A lot of people in my team rely on me for ideas. I think that’s, because:
- They feel like, maybe, they’re not good at creating good ideas.
- They’re worried that they’re undermine me running the company.
- They’re reliant on me.
- They assume that I can bring the ideas to the table.
I don’t buy into the beliefs that people have around ideas. When people say “I’m just not a good idea person, I’m not a creative person”, I don’t buy into that. I believe everybody is great at ideas. I believe everybody is creative. I believe everybody can innovate and disrupt. It’s just that you have to believe that you can.
I’ve 10 ways here to help you come up with better ideas. This is based on me creating products, bonuses and special offers. I have done another episode on my podcast, The Disruptive Entrepreneur, How to be an Idea Machine (12 ways). And that’s create more general ideas. Like, in the right environment, where you’re in nature, or beauty, or you’re isolated from the distractions, or whatever.
But this is specifically around creating sexy products, sexy bonuses, and wowing people with overdelivering. So, here we go. 10 ways that you can create better products, better services and come up with great ideas.
1. What could you do, that’s new, or never been seen before for great ideas?
The first thing, is, could what you’re coming up with be new? How could it be new? How could it be something that’s never been seen before? A lot of people say “Well, it’s not new. So, it can’t be.”
But that’s not true. It might be the first time you’ve done it in 7 years. When we re-released the Property Super Conference, it wasn’t new. We did 3, but we haven’t done one for 7 years. So, first time in 7 years, gives it that new feel.
Could it be a new way that you have done it? Could it be to a new market? In marketing, when you’re creating great stories for products and services, first and last really help. If it’s brand new, then it’s first. Of course, if it’s the last ever, then it’s last. Sometimes, you’re not coming up with something new. So what you have to do, is, make what you have look new.
If you look at Apple, do you remember when they came out with the iPhone? That was new. That was wow. But even Apple can’t do that more than once every 10 years, create something amazingly new. The iWatch wasn’t new. It was sort of an electric watch, isn’t new. The iPad, the tablet wasn’t new. But they’ve created their new, their version of new.
2. What would people love, need or go crazy for?
What could you create or come up with, that people would love, people would need, and people would go crazy for? If you’re a mentor, maybe, some free time with you, some coaching with you, or something that you’ve sold before for good money that you could give away for free.
When I have something that people would love, or need, or would go crazy for, I don’t like to give them to everybody. I’m soft, and I kind of want to give everyone everything. But if I’ve something special, that people would love, and would go crazy for, but I give it away to everyone, it kind of devalues it slightly.
So, if I have this need and go-crazy element in my bonuses and products, I’ll only give it to a selected few people, maybe, the earliest adopters, or just I’ll have a limited number. And that creates even more desire and kind of craziness, if you like for it.
3. What’s the concept behind your product that makes it believable and compelling?
Can you get a concept or a story behind the message? I believe bad marketers make up stories. Great marketers find the true story within the product or service that they’re launching.
When I launched my 4X Marketing Mastermind, I basically said, I’m looking for 40 people. I’ll give you a 4X return, i.e., 4X ROI on your marketing, or I’ll give you your money back. It was on my 40th birthday. And I just watched Alexander McQueen’s very moving documentary, who committed suicide when he was 40. And it really moved me.
I had this concept of living your life, me being 40 wanting to have my best year ever. I’m looking for 40 people only in a 4X return Marketing Mastermind. And I had, I think 215, 200 plus applications for that programme. I could have sold 200, but then it wouldn’t be a 40-person one.
I felt that the story or the concept behind it was good. Is there an anniversary of something? Is it a birthday of something? Is there a way that you can create something that’s important in your life? Tell a good story, and link that to the concept of your product or your service you offer, or whatever it is you’re marketing or selling, that makes it so more believable. It makes it more real. It connects to people’s emotions, and it really works.
I’ll give you an example on this actually; the Paul Newman Daytona. The Paul Newman Daytona is a model of Daytona. It’s worth a lot of money. They’re hundreds of thousands of pounds now. They’ve gone up, and up, and up. But the Paul Newman Daytona that Paul Newman own, that Paul Newman wore, I think, went for about $15 million. There’s a story behind that. And that’s what increased the value.
4. What is the great demand for
What are your products, your services, your bonuses, your ideas, has the market told you regularly that there is demand for? People are talking about it in Facebook Groups. It seems to be the news, in the media.
There is a lot of demand now, isn’t it, for getting rid of plastics. There is a lot of demand now in the veganism movement. I think, it’s one of the biggest movements that there is, that exists in the world. What’s the great demand for that you can feed and satiate? Look at me with the big word, satiate, to your market, to your niche.
If you don’t know what that is, ask for it. Ask in Facebook Groups. Ask on live videos. Ask your customers what do they want. What problems do they have that needs solving, and then go fix it, and create bonuses, and products, and services with it.
5. What will get people going crazy?
What could you create that will get people talking and fighting for it? So, what kind of buzz? What viral marketing? What controversy and polarity could you create that would get people going wild for your product or service? Maybe, it’s disruptive. Maybe, it’s risky and innovative. But if you can create something that creates discussion and debate, even argument, you’re onto a winner with your great ideas.
6. What has high perceived value, but low actual cost to you?
If you’re creating products, services or bonuses, the better they are, the more they’re going to cost you. That’s a paradox, because the more you give away, the more you could go bust, giving away too many valuable products.
What you want, is, something that’s high perceived value to your audience, but low actual cost to you. So, it could be a time cost that you can afford. It could be like, something people can download, or an app, where there is zero cost, or there’s one setup cost. But then the more units that you offer out there, there is no increased cost in that.
If you give away physical stuff, there’s a hard cost to that. If the launch or creation of product goes too well, it could backfire. So, high perceive value, low actual cost to you.
7. How can you make it different?
How can you make it different, and especially different from last time? You have your products, your services, your businesses, maybe you’ve been running them for years, if you just keep doing the same offer, the same product, the same launch, the same sales in the same month, then of course, people are going to be bored.
How can you create something different, something unique? And again, link it back to what would they go crazy for, what would they talk about? How could it be polarising and create controversy, but different? Reinvent yourself continually. Innovate and disrupt yourself continually.
8. How can you make it a surprise, or even a shock?
Surprise or shock. If something has a wow factor, it’s a surprise, because it’s maybe a bit out of the left field. It’s even a bit shocking. Of course, don’t make it a gimmick, then that will get people talking. Anything that’s unexpected will get people running in droves to buy your products and services.
9. Be bold, bullsy, even be risky, without creating a massive overhead
Could you do something bold? Could you do bullsy? Could you do something risky? Could you do a 30-day challenge, which is quite risky? A TV Company at the moment are talking about getting me on a TV Show. And they want me to give away a house. A house is probably going to be costing. Where I live, it’s like £120,000. So, to do a TV Show, to give away a house for £120,000, that’s pretty bullsy. That’s why the TV Company wants me to do it. I’m thinking about doing that.
Of course, you have to be careful. Don’t go too big, because you could paint yourself into a corner. Do you remember when Richard Branson did the air balloon around the world? Did you remember when that Red Bull Endorse Sky went up, and did a jump from space? Of course, they’re probably not relevant to your products and services. But maybe, a marathon. Maybe, something. I did public speaking world records. I’ve got 3 world records for longest individual speech, and longest team speech, which we broke twice. So, something that it just steps up the game. Makes your competitors go wow!
10. Continually tweak, improve, get feedback on your launches
And then Number 10, is, continue taking feedback. Take feedback from your community. Take feedback from your customers, your peers, your competitors. What’s good, repeat. What’s not good, improve, tweak.
There you have, 10 ways to always come up with really good money making ideas. Anyway, thanks for tuning in. Remember, if you don’t risk anything, you risk everything.