Compound Leverage

Issue #003

In a digital-first business world, digital products are necessary whether you are an established business, entrepreneur, or building a side hustle: Naval Ravikant, entrepreneur and investor, advocates for “seeking wealth, not money or status. Wealth is having assets that you earn while you sleep.”. Digital products are the easiest and cheapest way to build assets for yourself that have compounding potential. We can leverage our knowledge and experiences to deliver value through media or coded products.

I’ve worked with many entrepreneurs over the years to create digital products and services, and in each case, they fell into two categories: lead magnets and paid products and services. Getting to the point of offering something can be daunting, and that is where AI can assist you. Tools like ChatGPT and Google Bard can help you to create digital products faster and more efficiently. In my experience, there are four pillars to building a digital product.

• Digital product ideation

• Building prototypes

• Offer ladders

• Pricing

In this article, I will discuss how I’ve used ChatGPT and Google Bard to create digital products faster and more efficiently. I will also provide tips on leveraging these tools to do the thinking and experimentation that works for your expertise. My experience is primarily with B2B selling, so keep that in mind as I walk through the digital product creation process.

Pillar 1: Generate digital product ideas

One of the best ways to generate digital product ideas is to reverse engineer the process by asking the following questions:

• Why do my customers or clients hire me?

• What problem do I solve for them?

• What do they say when they hire me?

• What typical areas do I work on a repetitive basis?

• What questions do I get asked over and over again?

• Are there any themes to the questions?

• What desired outcome do they tell me they're looking for?

• Who are they looking to hire?

These questions can be converted into prompts for ChatGPT and Bard with context around your business profile, desired outcomes, and customers. You can also conduct customer profiling to learn more about your target customers and their needs. Once you understand your customers well, you can start brainstorming digital product ideas to solve their problems or achieve their desired outcomes.

Here are some specific ways to use ChatGPT and Google Bard to generate digital product ideas:

• Ask ChatGPT to generate a list of potential digital products that interest your target customers.

• Use Google Bard to identify customer needs and pain points that could be addressed with new digital products.

• Ask ChatGPT to analyze market data and identify trends that could be leveraged to create new digital products.

• Use Google Bard to brainstorm new digital product ideas based on your existing product offerings and customer needs.

Once you have a list of potential digital product ideas, you can evaluate them and select the ones you think have the most potential. Consider factors such as the target market size, the competition level, and the resources required to develop and launch the product.

Here is an example of how you could use reverse engineering to generate a digital product idea:

You are a marketing consultant who helps businesses to increase their online sales. Your customers often hire you to help them with SEO, social media marketing, and paid advertising.

When you asked your customers why they hired you, they said they wanted to increase their sales but didn't have the time or expertise to do it themselves. They also said they were frustrated with other marketing agencies because they didn't get the desired results.

Based on this information, you could brainstorm the following digital product ideas:

• An online course that teaches businesses how to do their own SEO and social media marketing.

• A software tool that helps businesses to manage their SEO and social media marketing campaigns.

• A done-for-you SEO and social media marketing service.

You could then use ChatGPT and Google Bard to help you develop these product ideas. For example, you could ask ChatGPT to generate a list of the most important topics to cover in your online course, or you could ask Google Bard to help you develop a prototype of your software tool.

By using reverse engineering and ChatGPT/Google Bard, you can generate digital product ideas aligned with your target customers' needs and have a higher chance of success.

Pillar 2: Build a prototype

Stitching together existing tools is one of the best ways to build digital products quickly and efficiently. This means connecting multiple software applications to create a new product.

There are a number of benefits to stitching together existing tools:

• It's faster and cheaper than building a new product from scratch. You don't have to spend time and money developing new features, and you can often find free or open-source tools to use.

• It's more flexible. You can choose the best tools and mix and match them as needed.

• It's more scalable. As your business grows, you can add new tools or features to your product without having to rewrite everything.

When stitching together existing tools, it's essential to consider the following:

• The core functionality and distribution of your digital product. What are the essential features that your product must have? Once you know the core functionality, you can look for existing tools that provide that functionality.

• The needs of your buyers. What kind of user experience do you want to create? What are the most important features for your users? Keep your users in mind when choosing tools and stitching them together.

ChatGPT and Google Bard can be used to help you stitch existing tools together. For example, you can use ChatGPT to recommend what tools to connect for your digital product or service. You can also use Google Bard to research different tools and find the best ones for your needs.

Here are a few specific examples of how ChatGPT and Google Bard can be used to stitch existing tools together:

• Use ChatGPT to generate and explain the process you are building and ask it to recommend a few tools to stitch together to create the solution. 

• Use Google Bard to research, ask about integrations, or compare your must-haves and like-to-haves. 

• Use ChatGPT to generate an email course for people to opt into.

By stitching together existing tools, you can create powerful digital products that meet the needs of your users and save time and money. ChatGPT and Google Bard can help you simplify the process of stitching existing tools together and save even more time and money.

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Pillar 3: Create offer ladders

To build an offer ladder for your digital product, you must consider the journey from awareness to customer use. ChatGPT and Google Bard can help you with this by providing prompts and insights.

Here are some steps you can follow:

1. Identify your target customers and their needs. What are their pain points? What are their goals?

2. Map out the customer journey. What steps do customers take from awareness to customer use of your product?

3. Brainstorm offers ideas for each stage of the customer journey. Consider what kind of value you can provide at each location.

4. Use ChatGPT and Google Bard to generate prompts and insights. For example, you could ask ChatGPT to list potential offers for each customer journey stage. Or, you could ask Google Bard to analyze customer feedback and identify common pain points and goals.

5. Evaluate your offer ideas and select the ones that you believe will be most effective. Consider factors such as the value you are offering, the price, and the customer demand.

6. Organize your offer ideas into an offer ladder. The offer ladder should start with a low-priced, low-risk offer and gradually move up to higher-priced, higher-value offers.

7. Create landing pages and sales copy for each offer in your offer ladder.

Here is an example of an offer ladder for a digital product that teaches people how to code:

Awareness stage:

• Free e-book: "The 10 Most Important Things to Know Before You Start Coding"

• Free webinar: "How to Learn to Code in 30 Days"

Consideration stage:

• Low-priced online course: "Coding for Beginners"

• High-priced online course: "Full Stack Web Development"

Purchase stage:

• One-on-one coding mentorship

ChatGPT and Google Bard can be used to help you create an offer ladder in several ways:

• ChatGPT can be used to generate prompts and insights. For example, you could ask ChatGPT to list potential offers for each customer journey stage. Or, you could tell ChatGPT to analyze customer feedback and identify common pain points and goals.

• Google Bard can be used to conduct research and gather data. For example, you could ask Google Bard to research the pricing of similar products in the market. Or, you could ask Google Bard to analyze customer reviews to identify the most popular features of your product.

• ChatGPT and Google Bard can generate sales copies for each offer in your offer ladder. You can give them a brief description of your request and your target audience, and they will generate persuasive sales copy tailored to their needs.

Using ChatGPT and Google Bard, you can create an effective and efficient offer ladder.

​Step 4: Create Pricing

Ask ChatGPT or Bard to assist you with what to make free and what to charge; you can follow these steps:

1. Gather your pricing intelligence data. This includes information about the pricing of similar products in the market and customer feedback on your product.

2. Enter your pricing intelligence data into ChatGPT or Bard. You can do this by providing them with a link to a spreadsheet or document that contains your data.

3. Ask ChatGPT or Bard to recommend what you should make free and what you should charge for. You can also ask them to recommend bonuses and terms for each offer.

Here are some examples of prompts you can use:

• "Based on the pricing intelligence data I have provided, what do you recommend I make free, and what should I charge for?"

• "Can you recommend a pricing strategy for my digital product, given the pricing of similar products in the market and the feedback I have received from customers?"

• "What kind of bonuses and terms should I offer for each tier of my offer ladder?"

ChatGPT and Bard will use their pricing knowledge and customer behavior to generate recommendations for you. You can then iterate on their recommendations, adjust your pricing, and offer strategy accordingly.

Here are some additional tips for using ChatGPT and Bard to help you with pricing and offer strategy:

• Be as specific as possible when you provide them with information. The more information they have, the better their recommendations will be.

• Ask them to explain their recommendations so that you can understand the rationale behind them.

• Don't be afraid to experiment with different pricing and offer strategies. ChatGPT and Bard can help you test other ideas and see what works best for your business.

Using ChatGPT and Bard, you can develop a profitable and attractive pricing and offer strategy to your customers.

Closing Thoughts

To create digital products faster and more efficiently, follow these steps:

1. Use ChatGPT and Bard to generate digital product ideas and build prototypes.

2. Stitch together existing tools to build digital products.

3. Use ChatGPT and Bard to build offer ladders.

4. Use ChatGPT and Bard to create your pricing for each digital product.

Here are a few tips:

• Be specific when providing information to ChatGPT and Bard.

• Ask them to explain their recommendations.

• Don't be afraid to experiment with different pricing and offer strategies.

Happy digital product creation!

Marvin Harris

Whenever you're ready, here are three ways I can assist you:

​ 1. ​You want tools or templates. Visit the Tools section of my website. Click here to send a request. (free)

​ 2. You want a one-on-one session. ($200 per hour)

 3. You want a productivity audit. (free)