parlay (noun): a cumulative series of bets in which winnings accruing from each transaction are used as a stake for a further bet.
So let’s say you have at least one digital product out there (let’s say an online course but could be anything) and you are making a steady amount of money each month from that.
Let’s say, for sake of example, that you’re making $1000 per month from selling one course on Udemy. What’s the one thing you can do to increase that to $1,500 or $2,000 per month?
a) create more free content (blog posts and YouTube videos) to drive to the paid product
b) work to improve that product, answering student questions, redoing videos, and in general make it better
c) create a new course on a related topic
d) try to get someone famous to tweet out a link to your course
I could go on, but I’ll stop. If you said (c), you win a lollipop.
One reliable way to turn one success into the next is to create something ELSE for that same audience and give them the opportunity to purchase it from you.
Beyond the “initial launch”, those few days after you email the link to your list for the first time, the ongoing effect on organic sales is also immediate and long lasting:
- Gives future students more than one thing to buy from you at once. You won’t believe how many students buy 2, 3, 4 or more courses from me at a time. Happens every day.
- Increases your authority on the topic. (You instruct one course on X? Cute. You instruct 5 courses on X? Now I’m listening to you.)
- Gives a student who finds you and doesn’t like your first product another option to buy from you. So let’s say they don’t like “beginners guide to X”, but you offer “intermediate guide to X”… that might catch their attention. So you get a sale you would not otherwise get.
- Increases the chances of being found. One more thing for Google to index. One more entry in the Udemy search results. One more thing for someone to blog about with a backlink. Also you dominate the marketplace. You’re everywhere. There are categories like music and bread making (and TOGAF) where students have virtually no choice on who to buy from. When you dominate in a category, you tend to take the air out of the room for your competitors.
Some of those might seem like minor things, but if you’re successful on a topic, you’re just on the first rung of the ladder. The way to get to the top is to move up to the second rung. And then the third.