The marketer sets the price… but its the buyer that determines the true value.
This holds true whether its an ebook, software, a service or even an event you attend. So let me say that again: The marketer sets the price… but the buyer determines the value. By that I mean what you get out of any purchase is directly related to what you put into it.
Lets take a random product for example – Rosalind Gardner’s Super Affiliate Handbook. This is an ebook that I bought several years ago – 4 years I believe – and one I paid $47 for.
I was already an Affiliate Marketer so much of the information was not necessarily new to me. However, I did find one gem in that ebook that I ended up using to earn thousands of dollars – not just once, but on a regular basis. Looking back, $47 was a very small investment compared to the return on just one of the tips I plucked out of that ebook.
We all invest in products to help us make more money, to help us accomplish things in less time, to automate our business model, to learn new things, etc...
But there’s a bit of a problem with Internet Marketing and specifically these digital how-to products. Maybe its that the copywriting has just gotten too good. Or maybe the expectations have risen. But here’s some truth for you:
John Reese is not going to make you a successful internet marketer. Joel Comm is not going to instantly move you to the Top 1%, or triple your Adsense earnings for you. Michel Fortin is not going to magically turn you into an excellent copywriter. Even my own Fast Cash Strategy is not going to make Fast Cash FOR you.
For every dollar you invest in your business, you have to match it with an investment of your time and energy. When you buy a $97 ebook for example, you also have take the time to read that ebook and then to implement what you learn from it.
I’m stating the obvious, I know – but the point is that the true value of any product is entirely up to you.
The interesting thing is, the more we pay for a product, the higher value we tend to place on it. Let me just throw out an example that I mentioned on my blog earlier this week.
Lets say that you talk to your best friend once a week for about an hour and together the two of you discuss current issues and possible solutions. You walk away with some objective advice and some good ideas to work with.
Now lets say that instead you talk to a mentor or a coach for one hour each week, and that you are paying them $100/hour for that time. Together the two of you discuss current issues and possible solutions. You walk away with some objective advice and some good ideas to work with.
Out of those 2 scenarios – which one do you think would be most likely to induce action on your part? The second one, of course – because you are paying $100 an hour… you are more likely to implement those ideas and take action.
You would be less likely to waste $100 than you would an hour of your time.
This is where it gets interesting to me. You can literally start an online business for under $10 – the cost of a domain name and your first month of hosting if you use my HostGator coupon code.
The real investment comes in terms of time, energy and creativity. The key is placing a value on those elements, and using them as wisely as people tend to use their money.
So from this point forward, consider the value to yourself personally. An ebook may cost fifty bucks, but be worth thousands to you – because it directly relates to what you’re working on or what you need to know to increase you gross income by $50,000 a year. That same book could hold absolutely no value to another person.
Another good example is Stompernet. The membership costs almost $800/month. The people that invest that amount of money on a monthly basis, and match it with the amount of time it takes to consume the material and implement the lessons… are in the mindset to earn upwards of 10 grand a month.
And again, if you’re investing that kind of money, you place an incredibly high value on the information and you’re more likely to succeed based on that one motivating factor alone.
Sure you can learn a lot of stuff for free online, we all can. But what do you do with that information? A small percentage are diligent enough to take that information and turn it into profit. But the majority never get richer – they just get a little smarter.
Again, people place a low to zero value on their time - and on free information vs information that they’ve invested in. It’s a psychological thing. One you can undo of course, once you’re consciously aware of it.
When it comes to buying info products, it pays to be self-disciplined and know what you need, when you need it, and why. Thats where having a clear goal and a laser-sharp focus come in super handy. It doesn’t hurt to have a forum or community where you can ask for reviews or next steps too...
If you’re really ready to start making serious money online, realize that you probably have the key to that already sitting on your hard drive. Take the time to read some of the newsletters you subscribe to. If they’re crap – unsubscribe. Sit down and read the reports and ebooks that you paid for… and then match that money with some time to actually implement what you learn from it.
You are in complete control of your success – and of the value of the products that you buy online. Just because you bought 10 ebooks in a row and haven’t made any money from any of them… doesn’t make them junk, and doesn’t make Internet Marketing a scam. Its time to take that knowledge, match it with action, and find out what those products are really worth.
Best,
p.s. This was actually meant to be my "video of the week"... but you see how that turned out 😛
About Lynn Terry
Great video Lynn... almost makes me feel ok to give up my perfectionist complex... almost 😉
Nice blooper reel, Lynn. It sounds like whoever was in the background was making you crack up. lol
LOL yeah - that was my 11yo daughter 😉
Funny video, Lynn! Glad to see you're having fun. If you didn't laugh and have fun life would be so boring.
Great post too.
Thank you lol - summer break at my house is like that non-stop. Its nice to hang out with the kids and laugh a little 😀
This goes a long way toward "real person credibility"...for those that don't already know you that is 😉
When was the last time (ever?) we saw something like that from a "big gun" blah blah blah
Great job!
I meant to ask, are you teaching her this world? That seems to be a growing trend as well and I think it's awesome...when done correctly.
Good stuff...
D
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
LOL - that's awesome Lynn!
At first I thought you were doing a spoof of Bill O'Reilly's flip out.
Yours was MUCH nicer! :o)
LOL Jenn - aww c'mon 😆
The truth is out. I'm only serious in plain text... 😛
Lynn, that was great. I really think you should have just kept going with the video, not starting over just keep laughing and talking about perceived value.
The thoughts you expressed in the article are right on. I know that I don't place a high enough value on my time and tend to "waste" a lot of time looking.
Good luck with the next video, although from the sounds of it you might have to get a different camera person ;).
That was my 11yo daughter, she's a real character lol.
I think I'll keep her 😉
Lynn:
That was toooo funny. It is nice to see that ever the experienced marketers don't always get it in the first take.
- Rick
or the 2nd, or the 3rd, or the 4th... lol
Well, that is the same world, just different segments of it. I think it's awesome. Dedicated voice servers is a pretty neat trick for a 16yo, thats impressive.....perhaps freelance programming is up the road a piece (serious coin).
"but at the moment her interest lies on the other end of the credit card"
Then I'd start training ASAP lol.
HAHA! Thanks for the laugh - love that you can show your daughter how to NOT take yourself seriously - such an important POV that kids often don't see from their parents.
Meanwhile, I've been digging through Rosalind's eBook since yesterday afternoon looking for that #%&(* gem. 🙂
Good post Lynn. Points we need to keep in mind. The video was a great intro.
All joking aside (if we can all calm down after the giggles go away), the writing part of this post is excellent.
"For every dollar you invest in your business, you have to match it with an investment of your time and energy. When you buy a $97 ebook for example, you also have take the time to read that ebook and then to implement what you learn from it.
I’m stating the obvious, I know – but the point is that the true value of any product is entirely up to you. "
I'm not sure you ARE stating the obvious. Otherwise the point wouldn't need to be brought home so strongly and so well by you.
We need to be reminded, and some of us -- including yours truly -- who never saw the correlation between price and personal effort, needed this 2X4 right between the eyes to get our attention. (You know, the old joke about the farmer and the horse..."that's one..." If it doesn't ring a bell, ask me about it.)
I've been saying all year (and reading it on my stickies surrounding my workspace) that 2008 is the year of taking action for me. Lynn, this post has just added a new dimension to "taking action." Since there is all kinds of action to be taken, it's about time I started DOING something with all the stuff I've downloaded over the past however many years.
As always, Thank YOU for another important and enlightening (not to mention entertaining) article.
Deb Gallardo
#getting back in serious mode#
Dont feel alone on that point, Deb. I speak from a seat of personal experience with almost every blog post - this one being no exception. Given the option to buy a great new product, I try to consider the REAL investment - not just the price tag. This after years of tax deductible expenses for files I'm not sure I ever even opened.
This topic is of course directed at Self-Starters, and is part of my ongoing thread about self-discipline, self-motivation and self-accountability. All necessary for success.
During yesterday's webinar I was 'accused' of being "in bed with the gurus" - a mistaken perception of my overall point. Which is not that you should love the gurus and buy all their products - but that "guru bashing" is an excuse for the lack of personal responsibility.
I'd like to see things turn around in the IM community, and move in a more positive direction.
LOL Annie - that was terrible of me, wasnt it?
Here's the tip - and I'm completely paraphrasing - but this is it: Merchants are willing to pay their affiliates more than they advertise publicly. Not *all* affiliates, of course - but there is room to negotiate there.
And that's all I'll say 😉
Hi Dennis,
I have a 16yo son that is into programming. He has his own domains, dedicated voice servers, communities, etc - and his first game is in beta. He is self-taught for the most part, having taken pieces and parts of college courses online. He had to learn Trigonometry for example in order to calculate the lighting & shadows for his 3D graphics.
He is not involved in my business, but I support & encourage him in his passion for gaming & programming.
My daughter is only 11 and her primary interest is shopping online. I have a shopping type website (affiliate-based) that I'll be turning over to her soon - but at the moment her interest lies on the other end of the credit card - lol 😉
Thanks for that; I needed a laugh! 🙂
LOL!!
But, well said. I yell at myself all the time for buying/reading yet ANOTHER ebook, report, deal-of-the-day before I have implemented one single thing from the last ebook, report, deal-of-the-day... I often do a lot of reading but very little DOING
Great video Lynn... I love the relationship you have with your children. I have two daughters and they are my two best friends. They are 23 and 21 now, and I was a single parent for a while when they were younger. We still talk every day and I love the people they have grown to be. I know you will be the same with your son and daughter...
Hi, my name is Cindy, and I'm an "Info Product Junkie"... (and they all said) "Hi Cindy!".
This is the second year I've really done any affiliate marketing and in my quest to learn I've spent a lot of money in what I feel now is an irresponsible way, on info products and PPC. I've read the majority of things I bought, but I'm still struggling. This year I'm keeping it down to the bare essentials, just what I need to do business. I'm taking inventory and reading everything that I bought and never finished reading.
I have always been the frugal one in our family. My husband thinks I've lost it! LOL
Lynn,
I agree that you have to take the time investment in to consideration whenever evaluating an educational program.
I do believe that there are other factors that come into play when looking at how much you spend on something versus what you'll get out of it.
Using the friend example, why would you expect your friend to know about your business? You value them as a listener or whatever but you didn't select them as an advisor.
Likewise, if you take the time to check out a coach's track record, interview them and choose to work with them it will be that qualifying which makes their advice valuable. Not simply the amount you pay for it.
We all know there are people who won't act on anything no matter how much it costs and those that act on free advice(from a trusted advisor)all the time.
One other thing I know-anybody who downloaded and read Scott Boulch's "Internet Marketing Cure and likes the advice given should consider blogging about it.
Oh, and did I mention that besides the 50 cents per referral you can earn $500.00 from the membership site setup product he sells on the back end? LOL
Jeff
Ooh, Lynn, that one is definitely worth the price of admission, isn't it? Good one!
Deb
Thanks Lynn. That made my day !
Ron
Hey Lynn,
That was great! Reminds me of my day to day life. Seems like one big blooper reel after another.
Great article! I have been that one that has let all of these programs and e books take up space on the hard drive and plan, plan, plan to eventually make piles of cash, only to purchase the next best thing and start the entire cycle over again!
However since health issues have forced us to shut down the Paving business and now I am limited to the extent of physical labor that I can perform it's time to wipe off the virtual dust bunnies and use some of this stuff to support my family. Especially since we have little 7 month old Sarah now I want both her momma and myself to be around at home.
Great to see that you and the young ones are doing well.
I've really enjoyed your newsletter and site, the videos really help those of us who learn better from other medias than the written word. Keep them coming!(Including The Bloopers ) That's what keeps life FUN!
Thanks For the Inspiration!
Make today a Wonderful Day!
Tish says Hello also!
If I looked that cute in a little white top - and could giggle up a YouTube video then say - "oh well, read the blog..." I'd do it!
LOL
Very clever - made me smile - and read.
There's a lot of price out there - and precious little value. Does that make me disillusioned or informed?
Rick Butts
Great to see you LYAO like that. Most people either just make silly vids or are so stuffy they make CNN look like a madhouse, but keeping it genuine is always the coolest way to go, IMO.
Thank you Paul!
Jeff - I agree with your point. Of course, it depends on who that friend is 😉 There are a lot of factors involved in determining value. The one factor that shouldnt be considered is whether that product jumps up, takes a life of its own, and begins performing hands-off. But you're right - there *are* a lot of factors.
Perhaps both, Rick 😀
There comes a point where you outgrow the majority of how-to information in your industry, and its at that point that you are either DOing, or teaching. In our market its generally both. When you cant find a product worth reading (or promoting)... its time to create one.
Lynn, I don't give this kind of praise very often - and I sure don't blow smoke for pandering reasons - but I want you to know that this quote from you (below) is one of the most profoundly wise thoughts I've heard in the last 2 years in marketing... Thanks, you made my day. Rick
"There comes a point where you outgrow the majority of how-to information in your industry, and its at that point that you are either DOing, or teaching. In our market its generally both. When you cant find a product worth reading (or promoting)… its time to create one.
Thank you! Now that you know how I think... I'd like to take advantage of your "power hour". I'll be in touch on that 😉
I have just buzzed your post/site on Technorati, Mixx, Tumbler, it's on my Facebook profile, and I Stumbled you and finally - sent you to my Twitter followers...
Who's yer buddy?
Just call me anytime,
Rick
Great Post , Great Video, Great Comments 🙂 and if whoever stumbles on that video over at youtube doesn't smile real big and head on over to read this post I will be very surprised. I really respect both the way you explain things (You are both Smart & Thoughtful) and the way you DO things ~megan
You rock, Rick 😉 I'll be in touch.
Thank you Megan - very much appreciated. And who knew you guys would get such a kick out of my goofy side! lol
Haha! I love it! Thanks for making me smile after a long hard day.
Video says it better. You look great on it. The article you wrote really makes you think about how not just buying books, going to seminars,webinars, is not enough. You have to then spend many more hours, (self motivated by the way), implementing what you have learned and applying them to your business to find out which work for you.
What it lacked in information it made up for in entertainment value. Don't stop doing video blogs, Lynn.
Whenever I think of price vs. value in business, I always analogize to the old adage about buying a tool. A cheap tool costs more than regular one because you usually end up having to buy a good tool to replace the cheap one.
I spent many years in a big corporate environment where your first thought was meeting your superior's expectations and price came second. In self-employment I try to see my personal standards as at least as important theirs were.
Good point, Wade. I would like to say though, that I started my own business on free, cheap & easy. Again, the price (ie cheap) has no real bearing on the actual value. The value is determined by the person using it, and what they get out of it.
Just to note that I am not necessarily advocating that you should invest more money, but that you should consider your investments carefully - and realize that the true value is in the return on that investment.
Lol, your video made me laugh. But, the article hits the nail on its head. True value is hard to find these days. High priced products not.. 😉
I thought the video was great. After working all night at my full time job it was just what I needed.
The written post is quality information. Though your posts always are.
Keep having fun and working with the videos. I work as a tech at a TV station so I'm well aware of how difficult it is to get serious once the laughter starts.
Enjoyed the post, but really liked the video.
Thanks, Ted 😉 lol...
Lynn, that video was hysterical and so nice to see a gal who knows her stuff and can show her lighter and funny side as well and mix it up a bit !
I think we need more of this approach to IM in general. Definitely effective, funny and interesting combined with the article ! I LMAO !
Totally not what I expected. Excellent point of view though will have a few more things to ponder this afternoon.