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Using Repackaging to 'Go Big' with your Online Biz
It's actually quite common for online business owners to find themselves stuck. So let's start with a bang and talk about one of the best ways I know to give your online business a real-world boost.
Come to understand the concept of 'Repackaging' or 'Repurposing'
When I go to the grocery store in the month of November, I always shake my head in admiration. The reason is it's
pretty obvious what the Big Chocolate companies have done, isn't it? They've taken the same chocolate product and
changed the packaging (switched the giant plastic bags for high-end boxes.) It doesn't matter if it's Cadbury, Hershey or Lindt...you're looking at the very same chocolate only
put to a new purpose...helping us celebrate Christmas instead of Halloween. Brilliant. And a critically important lesson for online biz owners.
So here's the question to ask yourself:
"What intellectual property do I have that I can (quickly
and with relatively little effort) repackage and sell to a
new set of customers?"
Answer:
Step 1: Start by listing your current inventory of intellectual property.
Dig deep and don't overlook the obvious. If you've created a
one-page website, terrific, put it on your list. Other things to list include lesson plans, graphical banners,
audio clips, TeleClass titles you've led, even the list of
ideas in your notebook is part of your IP inventory...you
don't have to have a website. Other more traditional items
are CD sets, workbooks, assessments, your ezine, eBooks,
etc.
Step 2: Now brainstorm how to make your material new again.
Make a list of how your current inventory can be repurposed.
Can your eZine issues be compiled into an eBooklet? Maybe
your eBook can be chunked into 52 issues of a weekly tip
eZine...perfect to attract visitors to your website. Do this
for as many items in your inventory as you can, and by all
means list as many new purposes for each that occur to you.
Filled in, this worksheet will become your list of "gold
nugget" projects, to return to when time or budget permit.
Step 3: Choose one
item and act.
I get asked every day "why do some eBusinesses succeed where
others never get off the ground?" The answer is they take
full advantage of the leverage they can get out of their
intellectual property. By choosing one item on your list to
repurpose, and following through on it, you don't just
create new products for your online shelves (a great thing
in and of itself.) Simply by applying the concept of
repurposing, you increase the value of the time you spent
creating your original offering.
Your time and energy are now "worth" more than before you
read this lesson.
Fabulous, isn't it?
For all those who are dabbling in the online world, but want
to go big...good for you for starting a few things. You're
right on track! Now your job is to repackage what you've got
and serve your customers in as many ways as possible. Not
everyone who goes out for breakfast wants their eggs
scrambled. As an online business owner, your customers are
waiting for you to offer them the choice that suits them
best, all the way from sunny side up to eggs benedict and
back again.
Repackaging existing intellectual property for long term
online success has such a strong track record, I'm hard
pressed to think of a truly successful online business that
doesn't do it. So once you get the hang of it, try going one
step further and make sure new projects are developed with a
good "repackageability quotient" from the start. Every new
product you create can and should have three or more uses.
When that starts happening naturally, you'll know you've
fully integrated this strategy into your online biz.
About the Author
Andrea J. Lee coaches entrepreneurs and online business owners. As Thomas J.
Leonard's General Manager, she helped build and manage the largest network and trainer of personal and business coaches in the world. Now the CEO of Andrea J. Lee Group of Companies, she writes, speaks and consults on Marketing, Internet and Business systems. For more helpful tips, visit http://www.multiplestreamsofcoachingincome.com
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