Launching an online course or a simple digital download is the best way to make money online, right?
I mean, it’s passive income.
You create once and sell multiple times.
Who doesn’t want to spend a month or two creating something then watch the Stripe notifications ping as they’re sitting on a beach sipping on a cocktail?
It’s every entrepreneur’s dream.
But let’s be honest, there’s no such thing as passive income.
Even easily scalable, evergreen products need a continuous marketing effort to avoid fatigue.
It’s actually a lot of work to properly maintain a “passive income” stream.
But there’s one thing that makes it one hell of a lot easier.
Having a product people actually want to pay for.
Sound obvious, but it’s something 90% of creators get incredibly wrong. Here’s how...
The mistake most digital entrepreneurs make when launching new products
It’s easy to get wrapped up in your own idea.
To think you’ve stumbled across the next unicorn business or concept.
I’ve honestly lost count of the founders I’ve spoken to who thought they had the next Uber/Facebook/Tesla and then disappeared without a trace.
When someone stumbles on an idea they think could be huge, this is the general approach they take.
- Find your idea
- Research the best way to implement that idea
- Spend weeks or months creating a MVP of that idea for launch
- Create all of the relevant marketing materials to ensure the launch gets in front of as many people as possible
- Get feedback
This is an extremely poor way to launch a new product.
Because this entrepreneur has waited far too long to get feedback.
They’ve basically created the product and marketing before seeing what anyone in the real world thinks.
What happens if, after 3 months of building and launching, the feedback they get is “eh, it’s kinda OK I guess…”.
3 months wasted, right?
If you do that 3 or 4 times then you’ll have run through a whole year creating products and ideas that no one in the real world would pay for.
And that’s what it comes down to.
You need to put your own emotions on the sidelines and let the market tell you what it is they will pay for.
There is no truer metric than someone opening their wallet and paying you.
So, how can you figure out what people will pay for?
The product launch model that guarantees success
Over the years I’ve launched multiple products.
The majority of which failed to make any money. Mainly because I created what I *thought* people wanted without asking them if they’d actually pay for it.
All of those failures followed a product launch model similar to the above.
The handful of products that made (and in some cases continue to make) money for me follow a very different path.
Here’s the overall model for guaranteeing the success of your new product launch.