In this episode, I discuss monetizing Revenue Research. Then, rolling them out, what I need to do next, and why I like this idea.
Building an indie business in the center of venture capital. I am Alex Edmonds people on the internet, call me supremerumham. And this is the building indie business podcast. Okay. So today I want to talk about monetizing revenue research. I'm going to be talking about how I'm going to monetize revenue research on the things that I'm gonna be talking about monetizing, and then I'm going to talk about how I'm going to roll out the monetization. What I have to do next. To start monetizing. What I like about this monetization idea, and how it compares to how I've monetized other projects. Okay, so let's get into it. I plan to monetize open pod, or not open podcast revenue research through a paid detailed report. So, this would be. This would go into the industry that have that I've released the report that the blog posts for. Right. So I'd probably talk about companies in space, more numbers, innovations in the space. And this is because in the like free report, let's say, I don't talk about the companies in the space, because I feel like it's an advertisement for these companies, and I'm not getting paid for that yet. So, this would be a chance to mention those companies names and get paid. I'd mentioned like new companies in the space and see if there's any, you know, any new commerce that are popping up. Right. And then I'd like to mention like r&d like new developments in the space. I'd like to mention any filed patents that these companies have. And, you know, let people know about, like, things that may be popping up. Maybe acquisitions partnerships. Right. So that would be interesting. I'd like to talk about, like the execution of my revenue ideas how I think these companies should execute those ideas. Right. So like for Christmas trees I could talk about the e commerce space, and how I think they should, what's the word I'm looking for how they should set up an e commerce store right to best optimize their ecommerce store, or their subscription service, what services they should use for their email list, things like that. Sometimes I do a full, I do an interview for these for revenue research to get information from people to read about like I did that for the airplanes one. No airlines one. And I did that for tic toc right so I could release the full interview for some people. Because, like for airlines I didn't release the full interview for tic toc I did. Um, so yeah the full interview could be part of the report, the paid report. And then also, I could do like a case study of my experience in that space if I have any, and my review of my time in that space. I could do a how to guide on how to get started. Um, so like, what someone needs to do to get started in industry. So like for Christmas trees, you need to buy the seeds, you need the land. You need the equipment, things like that. Right, or for how to get started up with tech talk, you need photography equipment you need to learn how to you know make it eyecatching, things like that. So yeah, those are those are some of the ideas I have, I definitely need more ideas. And I'm going to talk about why, because for my rollout. I am going to take all of these ideas. And I'm going to read report. The first report. And I'm going to offer it for 99 cents. And the reason why I want to offer it for 99 cents, is I have them have these customers pay 99 cents. And then I asked them for their feedback. Right. And if they give me feedback. Then, I will give them coupon codes for the ability to get any secondary any other report for $5. And I do that for every report. So they're getting it for cheap. They're getting. They're helping me improve the report. And then they're getting it at a discount. Every, every report. And the reason why they get it for free. The $5 Report is because the more information I add the more, The price will increase. So let's say I have all this stuff. And then, I'm able to interview like industry leaders. After they read my report. Or no, they, they read my first report. They offer to be interviewed let's say I'm able to interview. Like the executives of Lenovo. So that would be part of the paid report. So yeah. And, yeah, that's about it. So, what do I have to do next to monetize revenue research. The next thing I need to do is I need to figure out how what I need to add. So there's all these ideas I have that I just mentioned, but there are more right so what else I need to start asking people and to go around and be like hey, what do you think I should add, and just Brendan and David ain't asked Ross. I need to ask people in the discord community. So, yeah, that's one thing I need to do. And then I need to take all that information, and then write a report for a previous blog post. And so that way. I already have all the information that I've already gathered. And I take all that research that I've done and I find the other information that I want. I need to find what are their filed patents in the industry, what are the partnerships that just happen and what do you do acquisitions, all those things. Right. And then I need to create a survey. I need to create a survey, so that I get information from the people right I need to figure out what questions to ask to get the right amount of information. Yes, that's what I need to do. And then I might need a new lead magnet. So right now, my current lead magnet is a total revenue calculator. I think that that might have that attracts a different audience compared to these reports right so i think i need to offer. I don't know some type of report. And, yeah, I need to offer a port. And then, see where that goes. I can always keep the lead magnet though, right, because it doesn't hurt, it's already there. It's SEO optimized. Yeah. So, that's another thing I need to do. And then, finally, the last thing I need to do is I need to figure out coupon codes for stripe. So I tried to figure out coupon codes for the podcasting book. Right. And that didn't work out so well. So I need to figure that out. I think I could look at stripe documentation, I could ask some stripe employees or follow me on Twitter, to help me out there and see what they can do, I can find someone who has figured out coupon codes. Look at their code on their website. And then just copy and paste it right. That's how I figured out stripe checkout just in general. Yes. Okay. So that's what I need to do next. What I like about this report idea, this detailed report idea in terms of monetization is. I like doing one time purchases. Because it's just, it's a little easier for me. I'm able to wrap my head around it a little more. I also, I don't like subscriptions, in terms of me buying it. So why would I charge people, a subscription. And then, it helps me monetize open podcasts, now. Revenue research, sorry. My brain is still an open podcast for some reason. So, when I talk about monetization. My brain illiterate, literally goes to. What kind of book, am I going to write, because I did that for open podcasts and that was kind of successful. Right. I was able to monetize open podcast. So in terms of that it was successful, but the amount of money that I made from the book wasn't what I consider to be successful, because my goal was 25 bucks and I did not sell 25 books. Right. So anyways, are these paid detailed reports are a way for me to monetize faster instead of writing 25 different blog posts and stitching those together like I did for the book. This is just one detailed report. I will start charging $5, so more people might be willing to buy these, the first detailed report at least, and that will. That'll, that'll mean more money down the road. So, I was charging $20 for the book. And that price point may have been too much, but the $5 ports might might not be the same like more people would be willing to buy it. So I'll say, like maybe 10 people will buy the $5 port and that means I'll be making $50, instead of having to make that with three people, and charging four times as much. Right. So that's one thing. And then, um, yeah. It's community based, so people will tell me exactly what they want, and because they're telling me exactly what they want. That might make them more willing to buy at least the second report. Right. And then, finally, this deep detailed reports are a way to get consistent income. Because if I write a report for every blog post, then I'm releasing a product for each one. And so instead of just having one book that's super long. It's just smaller reports that they're different each time so let's say someone might not be interested in free apps, but they might be interested in Christmas trees. And then, that same person might be interested in podcast players. So, they have the opportunity to purchase something new every time. And if they purchase five reports. That's $25 that's more than if I was charging $20 for the book. Right. So, it's a consistent income. I'm releasing products, so that's nice. Yeah. Yeah, it's very different and I think this is a good idea. And I can always expand on these reports and get more information more details and charge more. So, eventually, I might be charging $50 for a port. So, that, that gross. Right. Yeah. That's all I have for now. I'll talk about the. When I'll talk about more about this when I have more details and when I released my first report, and the feedback on it, and the first $5 report. Thank you for listening. Have a nice day. Bye.