A digital product is the simplest way to monetize your clinical expertise outside of your medical office.
If you have been in practice for more than a couple of years, you’ve witnessed the ever decreasing reimbursements, the added hurdles to getting paid, the absorption of private practices by corporations, and the commoditization of physicians. You also know it will get worse before it gets better.
Digital products are the perfect way to monetize the experience you’ve built over the years, and not have to deal with “the system”.
Unfortunately, venturing into the digital product field is often an overwhelming undertaking…
Deciding the type of product is where most first-time digital creators get stuck
When I consult with physicians looking to build a digital product, the first obstacle we must overcome is: “what should I create?”.
Commonly, the options in their mind are:
- An online course
- A membership site
- A cohort-based group program
- 1-on-1 coaching
But if you’re thinking about these options first, you’re already off on the wrong foot. You’re going backward.
Instead, follow these steps:
Step 1: Identify the one person you wish to help
“Amateurs fall in love with their product. Professionals fall in love with their customers.” — Dr E
Every successful digital business starts with one person in mind.
You can’t go out expecting to serve every person on the planet. You need to identify one person, and one person only, to whom you wish to serve. And don’t worry about niching down too much. If you do, you’re underestimating the size of the internet.
Step 2: Identify the one problem you wish to solve.
Once you’re crystal clear on the person you wish to serve, identifying the one problem you can help her solve, becomes easier.
For example, as a pediatrician, the problem you solve would be dramatically different if the person you wish to serve is a single mother of a child with special needs, or a parent of teenage girls. Once you know your audience, the problem to solve becomes fairly obvious.
Step 3: Figure out the best medium to build it in.
Lastly, it’s time to decide on the medium with which you’ll solve your one person’s, single problem.
Do you see how much easier it is choosing a medium now? You would not think of offering a live, cohort-based program to the single mom of a special needs child, would you?