Posted by If you have a good product that can be repurposed or retargeted to different niches, then you can do this.
You want to have a ‘universal’ product that appeals to a broad spectrum of users. For example, it might be a plugin for business websites, a course on marketing, a product on how to make business-to-customer videos, a grant writing course and so forth.
In this case study, I have a friend who has a course on building web sites for people who don’t have a clue how to do it.
Now, I know your first thought is probably the same one I had: Why would anyone PAY for a course on how to build websites, when there is plenty of free information out there that teaches you how to do it?
Maybe people are lazy and don’t want to do the research themselves. Or they don’t know the information is available for free.
Or more likely, they don’t know WHICH information to follow. They can look at 5 different search results and get 5 different answers. Which one should they use? What’s the best one? How do they avoid mistakes? And so forth.
If you can simplify and clarify things for them, they’ll gladly pay you.
Plus, while most people have a good idea of how to go about building a website, they still feel better if an ‘expert’ shows them step by step how to do it.
The added lesson here is this: If you’re afraid to create or launch a product because the information is already available online for free, stop worrying. Most information products contain a ton of info that’s readily available for free. It’s just the nature of the business.
Back to the case study: My friend made a course on how to build a business-to-customer type of website. He used some PLR and added his own stuff into the mix as well, and it’s a good course that delivers on its promises.
But here’s the twist: He markets this course to all different niches.
For example, he’s sold this course to dog groomers, accountants, lawyers, plumbers, cleaning services, restaurants and more.
He markets the course online and offline, by advertising to each niche individually. Naturally, he targets small business owners who aren’t tech savvy and just want to develop their online presence themselves.
And here’s a really interesting tidbit – he charges whatever his market will bear. A dentist or lawyer can afford to pay more than a yard maintenance person (someone who cuts lawns.) His method to determine the correct price point for each niche is to continue to raise prices until his return on investment decreases.
Notice he’s tracking ROI and not conversion rates. A lower conversion rate at a higher price point can mean more profits than a higher conversion rate at a lower price point.
And while you might think he tailors the course to each niche, between you and me, he doesn’t bother. It’s the exact same course. The only thing he changes is the advertising that he uses.
For example, he might advertise, “Plumbers, create your own website using free online tools in just 24 hours.” And then he’ll simply replace the word, “Plumbers” with whatever profession he’s targeting.
His plan is to target a hundred different professions and businesses. And while each buyer will think the product is specifically tailored to their niche, it isn’t.
Is this ethical? Since he never promises that there is any information that is specifically for one profession or another, I think it’s fine. Of course, you could make alterations to your own course to make it look like it’s more customized.
And your course doesn’t have to be on building websites – it could be on anything that businesses need, like getting new customers or automating some aspect of their business, like list building.
One more thing – he makes a second stream of income by selling a done-for-you service, too. For those who buy his course and don’t want to put in the work of building their own website, he has his team of outsourcers build the site for them. He discounts the cost of the website by however much they paid for the course, so the course is then ‘free.’
He’s now closing in on $20,000 a month doing this, and I’d estimate he spends about 10 hours a week on the business. Not bad.