Money on demand

Money on Demand

Erik Book Review, Thoughts of a Mastermind, Wealth Creation 8 Comments

Money on demandEveryone these days is trying to get rich. People want money, and want it now. Many people turn to blogs, a brick and mortar business, or trading their time for money by selling their services. One under-utilized medium of getting information and products to your customers is webinars. Surprisingly, webinars are both more effective and have all the benefits of a blog or traditional business. What would you do if you could have money on demand through webinars?

Money on Demand, by Steven and Corinna Essa, shares with us 16 ways to build wealth online through webinars. I was drawn to Money on Demand because I’m looking to build wealth through the internet. Utilizing webinars follows the law of effection: to make millions, you must serve millions in scale or magnitude.

Below is my summary of Money on Demand, my takeaways and action steps, and my recommendation for you.

Summary of Money on Demand

Money on Demand shares 16 ways to build wealth through webinars. The 16 ways include but are not limited to:

  • Using your knowledge and expertise to provide high value content for your viewers
  • Partnering with other experts and facilitating the webinar for their viewers
  • Selling and promoting other people’s products – making money through affiliate marketing or licensing
  • Interviewing experts and using their fame to get exposure for you and your brand
  • Producing webinars for businesses and securing contracts to produce recurring income for your services
  • Securing advertising on your webinars

Notice in the list above, some of the ways don’t require you to get in front of the camera or be the main speaker! You can make money through promoting other’s work, facilitating webinars, or providing your email list and doing marketing campaigns for other experts. If you want to get in front of the camera, you have the potential for wild success.

Why Webinars?

People attend a 60-minute webinar because they have a hunger to learn about the topic covered. A webinar allows you to present to hundreds, or even thousands – of people at a time from anywhere in the world. In addition, the typical conversion rate of a webinar is 10% (compared to blogs and sales pages which typically convert at 1%).

People like webinars because they are interactive, are personal, and packed with information. With a webinar, you are engaging in a one on one chat with your viewers – you are the expert, teacher, and leader of the presentation. This is one advantage over blogs or text-only web pages: by allowing your viewers to see your face, your brand and product is more personal. People want to buy from people!

“Everyone has an invisible sign hanging from their neck saying ‘Make me feel important’. Never forget that message when working with people.” – Mary Kay Ash

Finally, with all web business, webinars are cheap to produce, satisfy the law of effection, and are completely scaleable. Securing a domain can be as cheap as $4 a month, and once set up, thousands of people can view your video and enter your sales funnel. For a few hours of your time, you can produce a series of videos and content and let it sit on your website. In exchange for an email address, you will deliver high quality content and generate leads for your business and product.

How to Produce a Successful Webinar

Below is a high level summary for producing a successful webinar:

  • Come up with a great introduction
    • The first ten or fifteen minutes of a show-and-tell webinar are very important Make sure the introduction covers the following topics:
      • Identify the webinar’s intended audience
      • Describe who you are and why you’re sharing this information
        • Answer the question “Why should I listen to you?” Include as much evidence as you can that you have experience in the field. Show how you’ve achieved significant results yourself as a result of implementing the strategy that is about to be revealed in the webinar.
        • This will establish that much-needed trust. Trust is a vital component for closing sales. As I always say, “nothing sells more than proof.”
      • Explain why the audience will benefit from this webinar.
        • To ensure the audience stays engaged throughout the whole presentation, make sure you whet their appetite with what’s about to come.
  • Structure the content in 3, 5, or 7 steps
    • It’s important that the content flows well, so the viewer feels you’re taking them from point A (not knowing anything or knowing very little about the topic) to point B (having a clear understanding of how they can achieve the results promised in the title)
  • Illustrate the steps with stories and case studies
    • Try to include in each step a story or case study to illustrate each point made. For example, talk about how your client, Lucy, identified that her bad habits were the cause of her lack of results. Once she started applying your strategies, she found success.
    • The more you include stories and case studies, the easier it will be for your audience to digest the information and remain engaged. Too often, presenters treat webinars as tutorials or lectures, which is the fastest way to lose your audience’s interest.
  • Introduce your product or service
    • To transition smoothly from the content to the selling, it’s important to announce you’re about to offer an opportunity for people to go further faster.
    • Say: “I’ve delivered priceless information to you, right? But if you haven’t followed this system before it could be a little overwhelming, right? Is it okay if I share with you how you can achieve your weight loss goals the fast and easy way?”

By following this structure, you will connect with your intended audience, establish yourself as the expert, and promote your product effectively.

Don’t Have a Product? That’s fine (and recommended!)

If you are an expert in a subject, sharing your knowledge and expertise can be the product. Once you produce one webinar, you can continue to produce other informative webinars and establish yourself as an expert in the field. This is similar to blogging and the same strategies for building a following through a blog applies here.

One-on-One coaching is a very easy way to monetize free content. You are the expert and can help people with your expertise. Coaching can be structured in 30 minute one-on-one sessions, premium group classes, or email coaching.

My Takeaways

With all books I read, I look to have a few takeaways and action steps to apply in my life. As Stephen R. Covey said, “Unapplied knowledge is no knowledge at all.” For Money on Demand, there are two main takeaways: 1. video and webinar sales pitches convert on average 10% vs. 1% for blogs and traditional pages. 2. webinars aren’t that difficult to produce and are personal, interactive, and just as informative as an e-book, blog, or e-course.

With these takeaways, the next step is to produce a webinar on personal finance, or some other topic I’m an expert in. Essentially, once I have a topic, then I would figure out my target audience, draft an intro and outline of the content covered in the webinar, and promote the event!

As stated in Money on Demand, I don’t need to have a product to sell – I could come up with the product afterwards, offer coaching, or produce more webinars. In the coming weeks, I’m going to look into various webinar software and look to come up with a plan and act on it. The first topic that comes to mind is personal finance, but the challenge is acting on the knowledge.

“Having the world’s best idea will do you no good unless you act on it. People who want milk shouldn’t sit on a stool in the middle of the field in hopes that a cow will back up to them.” – Curtis Grant

My Recommendation

Most get rich online books are full of fluff and contain few actionable steps. Money on Demand is far from a book full of fluff. As mentioned above, Money on Demand is packed with actionable steps on how to make money online while utilizing the power of the internet and webinars. Webinars aren’t new – but with an abundance of blogs and written content on the internet, webinars will continue to become a bigger part of sales and marketing in the future.

I’d recommend Money on Demand if you are interested in making money online. Getting in front of a camera isn’t for everyone, but there are numerous other ways you can utilize webinars to build wealth. Promoting, marketing, and setting up webinars are alternative routes. Of course, if you are an expert, you can produce and promote your own product or coaching. Like I mentioned above, webinars convert higher than traditional web pages and will give your sales pitch a personal touch. Best of luck! 🙂

Money on demand

Buy this Book!

Would you be interested in doing webinars to build wealth online? What topic are you an expert in? Would you be willing to get on camera and share your knowledge and help others?

Erik

Comments 8

  1. I have my doubts with affiliate marketing though. It seems as though everyone is jumping on the bandwagon nowadays. Based on theory, the excess profits from this should be wittled away away as more and more people get into affiliate marketing.

    1. Post
      Author

      I agree with you. The money is NOT in affiliate marketing, but in creating the products yourself and then letting others bring leads to you 🙂

      It was just one of the points made in the book – creating and promoting your own product isn’t for everyone I guess.

    1. Post
      Author

      Thanks Amy for the comment. I’m looking for new ideas and ways to build wealth. This was an interesting book because I’ve never realized Webinars were a way to promote and market a product!

  2. I have only had a couple of experiences with webinars and was not impressed. Perhaps my choices were bad, perhaps they were just not very good, but I’m yet to be convinced by them.

    1. Post
      Author

      There is a script and formula that people should follow according to the book. It will be interesting to try these scripts out for myself!

      Thanks for stopping by.

  3. I used to webinars for my last job, and they can be a really cool medium. Though I’ve never thought to use them for blogging, I can see how experts could really leverage them for some awesome results. Just don’t go too salesman-like; people will see through that B.S. real quickly!

    1. Post
      Author

      Thanks for the comment MMD. Yes, the book says to be smooth in the sales pitch. Really, it should be very HIGH quality content and then you can transition it into, “hey, I’ve provided you great information, right? Do you want to get more information and help on this subject? I can help you with my coaching, do it for you service, etc.”

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