Ditching Client Work for Products?
36sThe creator openly discusses the struggle of client work sustainability and the desire to transition into products, a relatable pain point for many freelancers and consultants.
▶ Play ClipAI Summary
The video features a participant reflecting on their experience in a program led by the speakers, focusing on transitioning from client work to product-based income. They discuss key lessons about identifying profitable audiences, the power of teaching, and the importance of customer lifetime value.
[00:00]
Goal to Productize Services
The speaker wants to move into products, transition away from unsustainable client work, and has info products in Chinese training. They aim to run workshops on coding and software building, with a goal to earn more product income than consulting income by year-end.
[00:56]
Identifying Profitable Audiences
The most profound lesson was how to identify a profitable audience, not just any audience. The best way to reach an audience is to teach them.
[01:16]
Unified Audience Strategy
Initially planned two separate vlogs for separate audiences, but realized the audience is one bigger version of the previous one. Therefore, they will continue with the same newsletter and vlog, making it bigger to open more product opportunities.
[01:33]
Teaching as a Path to Expertise
You don't need to be an expert to start teaching; being open about starting the journey can help you become an expert in that field.
[01:46]
Self-Limiting Beliefs
The only thing stopping the speaker from building the desired business is themselves.
[02:03]
Customer Lifetime Value
The concept of a customer being alive and having lifetime value to the business was highlighted. The speaker would have paid more for the program, indicating great value.
The video emphasizes strategic shifts from client work to products, the importance of teaching to build an audience, and the value of understanding customer lifetime value. The speaker feels the program was highly valuable and transformative.
Study Flashcards (4)
What is the speaker's goal by the end of the year?
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What is the speaker's goal by the end of the year?
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To earn more product income than consulting income.
00:36
What is the best way to reach an audience according to the speaker?
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What is the best way to reach an audience according to the speaker?
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To teach them.
00:56
What did the speaker learn about their audience?
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What did the speaker learn about their audience?
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Their audience is not separate but a bigger version of their previous audience.
01:16
What is the concept of a customer being 'alive'?
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What is the concept of a customer being 'alive'?
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Having a lifetime value to your business.
02:03
💡 Key Takeaways
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Profitable Audience Identification
Shifts focus from just any audience to a profitable one, a key business principle.
00:56
⚖️
Teaching to Become an Expert
Challenges the notion that expertise is a prerequisite for teaching, offering a growth path.
01:33
📊
Customer Lifetime Value
Highlights a fundamental business metric that drives long-term revenue.
02:03Full Transcript
[00:00] I want to move into products. I'm here because I want to understand kind of how
[00:21] to get to an audience. I think long term I want to transition away from client work because it's not that sustainable. I have my own info products. They're mainly in Chinese training. It's done pretty well. I'm looking to productize my consulting
[00:36] services. The next thing I'm looking at is running workshops on teaching people how to code better and how to build software. I guess my overall goal which I did say I was going to achieve by the end of this year was to learn more product income than consulting income.
[00:56] What you and Brennan really taught us was how to identify a profitable audience rather than just an audience The most profound thing I learned is that the best way to reach an audience is to teach them When I came into this I was planning on actually running two separate vlogs for two kind of separate audiences
[01:16] But my takeaway is that actually my audience is not separate, it's just a bigger version of my previous audience. So therefore I'm going to continue to have the same newsletter and the same vlog and just make it bigger essentially
[01:33] and hopefully open up more opportunities for more products. You don't necessarily need to be an expert in a field to start teaching and that by teaching and being open about the fact that you are starting on that journey
[01:46] could be a way to become an expert in that field. The only thing stopping me from building the business that I want to build is me. It's the idea of a customer being alive, having a lifetime value to your business.
[02:03] I think I would have paid a lot more money, so it's great value. I love it.
