Using real life examples from myself and others I am going to talk to you about what the difference is between a money maker and a profit empire.
Armand Morin, who is famous for his company Generator Software is a great example to start with. Under the Generator Softward banner Armand has launched a variety of products.
E-book Generator was Armand Morin’s money maker. If he didn’t create anymore Generator products, and stopped after E-book Generator, that would have been his money maker.
Everday more people purchase the E-book Generator online, creating a continuous stream of income. That is what a money maker is.
But Armand did not stop there. He took that concept, that idea of a generator-type product, then started coming up with all kinds of new ideas to build an empire.
E-book Generator, E-cover Generator, Sales Letter Generator, Opt-In Generator, Audio Generator, Instant Video Generator, Directory Generator are just some of the Generator products that have been developed. He now has tons of products.
The key to Armand’s business is that he did not stop when he had a money maker. In fact, he ignited his imagination and created all kinds of products that all intertwine with each other.
During one of our recent conversations we were talking about just this. Armand was explaning to me that when he comes up with a product idea, until he has three or four complimentary products he won’t launch the first one.
Instead of using that one initial idea, by combing it with similar products they can get a higher price point. This is building a profit empire, rather than a money maker.
Instead of looking for one idea they are looking for three or four so that they can package them altogether at one.
When you are generating new products, services or ideas, I recommend generating more than one idea. Most information marketers will stop once they have a good idea, instead of turning it into a profit empire.
My time I spent working with John Childers is another good example of this. During John’s training he teachers speakers how to sell their products from the front of the room. By doing so, he also teaches how to create all kinds of products to be able to sell.
Normally, students will create one package, and then they’ll focus on only selling that one package. But the true, high-level marketer knows that every single effort you should be asking yourself, “How could I turn this into another product?”
Recently when I was a best man in a wedding I put this principle, that John Childers taught me, into practice.
When my friend asked me to be his best man, I really didn’t know what I was supposed to do, say or what it was really involved. All my friends are starting to get married and this concept was completely new to me.
I didn’t know a thing about what it meant to be a best man - so I looked it up online!
I had to piece together information from all kinds of various websites. It took me forever. I probably spent - I’m not kidding - five to six hours researching how to be a best man. I didn’t want to fail my good friend. I wanted to be the best, best man that I could be.
There were a lot of tips and strategies I found online during my research on being the best, best man.
Do you know what I did while I was researching? I wrote everything down and kept notes and soon I’ll be launching “Ideas For the Best Man” as a new product. By embedding the question, “How could I turn this into another product?” I thought of this product, because I had to put forth an effort to find out how to be the best, best man.
If you start asking yourself a few simple questions you will inevitably start building that profit empire instead of sticking to a money maker. “What else am I doing for my customers?” “How could I turn that in to another product?” Those are some questions you can ask yourself to turn your money maker into a profit empire.
So get out there right now and start figuring out how you can turn your money maker into a profit empire. Don’t have a money maker yet? That’s OK, knowing this concept puts you well ahead of 95% of the competition.