089 – A masterclass in creating a multiple 7 figure information product business with a high conversion rate (w/ Alex Charfen)
Alex Charfen is as seasoned as they come, a diverse experience going all the way back to being trained in his fathers business at as a pre-teen, his challenges with standard education and overcoming that through his extensive reading about what it took to be successful in business and to eventually creating an international consulting brand that would peak at $250m in revenue. Alex had a false start at retirement after exiting his consulting business, he re-invested all his gains into real estate quickly which quickly grew into a $40m portfolio, but hurricane weather and the global financial crisis wiped out their portfolio and took him and his family into bankruptcy.
In this show Alex takes the time to walk us through three main phases of two plus decades of his entrepreneurial journey, drawing out some key distinctions that any aspiring or seasoned entrepreneur can use to kick start a multiple seven figure business.
With literally all odds against them, Alex shares how him and his wife, a real estate professional, designed a course for real estate agents and the financial services companies whose clients were facing foreclosures at the height of the GFC.
Armed with real life experience after being served multiple property foreclosure notices, Alex looked for a way to bring all affected parties to a common negotiating table that would help more families keep their home, and help more lenders preserve their investments.
This training course was developed while Alex was bankrupt and it was launched with zero money down, yet made a profit on day one and would sell over 48,000 courses averaging $500 per course, multiple millions of dollars from a standing start.
Alex breaks down a simple methodology of how anyone can create a valuable information product that has high conversion and a high completion rate.
Identify your target audience or gap in the market
Research through direct surveys and find out what their pains are. Alex interviewed over 100 real estate brokers and agents, they shared their pain points and frustrations when it came to foreclosures
Develop a product that will answer the needs of your audience. No need for perfection here just let the creative juices flow, if using a computer slows your creative process then write it on paper, draw up all your illustrations or image guides and create the blueprint
Beta testing – Alex called his target audience and walked them through the course details. With their feedback and additional input he further refined the course and got their committee to to buy once it launched
Launch, don’t over complicate or wait too long, get it launched with a few people, see the response and then move on there.
Alex went on to be recognised as a key contributor to turning around the home foreclosure industry through the course.
If you have any expertise or thought leadership, this methodology above that Alex uses is your guide to creating that service offering your clients want and desire so much they are willing to buy without you “over selling” it to them.
We covered other ground during the podcast including:
How you can transition from a corporate consulting role into your own business; and
A case study of how Alex is helping entrepreneurs grow from $1m to $20m plus in annual revenues: Alex breaks down some of the key strategies that are helping put multiple seven figures in top line revenue for his clients today that you can leverage today
Alex passionately shares about what he would like to leave as a legacy when all is said is done – this was a powerful moment during the show – – – make sure you check it out!
Entrepreneurial books Alex recommends for any entrepreneur – –