[av_heading heading=’#114. How to Build a Million Dollar Ecosystem for your Creator Business’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” padding=’10’ color=” custom_font=” custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-2tiwxd’][/av_heading]

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Olly Richards knows how to build a million-dollar ecosystem. He’s done it himself, through StoryLearning, and he’s coached other creators through the process too. So, when Olly gave this presentation to our Creator Smarts Inner Circle recently, our members paid attention to every point. 

Creators often build their business “flypaper style,” randomly trying things out and seeing what sticks. While a certain amount of that is inevitable in the early days, you really need to shift to an intentional approach as soon as you can. 

Today, we’ll share with you Olly’s valuable insights on how — and why — to build a million-dollar ecosystem. 

 What you’ll learn in this interview:

• What a mature product ecosystem looks like
• The benefits of intentionally aligning your products 
• Danger awaits if you ignore your ecosystem. 

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In the beginning, there are often two problems

Creators often begin by making unrelated products, and because they’ve got a large audience, the offerings sell reasonably well. It’s tempting to think things are working, but there are hidden consequences to this approach. Customers have no incentive to keep buying from you without a clear path to follow.

A second problem lies in the size of your course. Creators tend to begin by making it far too complicated. Unfortunately, students tend to get bogged down with something that size. Many won’t finish it. And, once again, there’s no incentive to continue buying from you even if they do complete the whole thing.

The answer is obvious — or is it?

The obvious solution is to break your course into different levels. And yes, that does create a pathway, but it’s a lot of extra work to re-work one extensive package into several smaller ones. 

Eventually, you encounter the same problem; customers are sitting on your email list without buying anything else. You might try creating other products to give them something else to buy. Oops! Sticky flypaper alert! That approach isn’t cohesive, and you’re leaving money on the table if you use it.

Instead of this haphazard approach, you’ll benefit far more from intentionally building a pathway for your customers to follow right from the start.

Benefits of a product pathway 

A typical creator business may have several revenue streams.
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With an intentionally built pathway, courses fit neatly into this income ecosystem. Everything works together to create a cohesive picture for your audience and customers.

This structure allows you to:

• 5x or 10x your business
• Pay for a team
• Have an easier life
• Generate cash for reinvestment
• Create a valuable standalone business asset

How to build Olly’s ideal product ecosystem

Start with a core product.

Your core product doesn’t try to be all things to all people. Instead, it’s designed to attract and benefit your ideal customer. 

Break it up so that people can comfortably complete it and then purchase the next level.

This product is the foundation of your portfolio and is the only thing your business offers to new customers. 

Add continuity to your ecosystem.

The sky’s the limit with continuity, aka subscription products, so use your imagination. Typically, they’ll be cheaper than your foundation course, but they provide predictable monthly income. 

Olly’s ideas for continuity products include: 

• Mini stories with transcripts
• Group lessons
• Monthly workbooks
• Email subscription valuable newsletter 

NB: Only offer a continuity product to customers who’ve already bought your core product.

Add a Premium Product

Your third, most expensive layer is offered to customers who already know, like and trust you. It doesn’t have to be a course, though. Instead, get creative. Use your imagination and knowledge of what your customers need and want next.

Olly’s ideas to add value include:

• Grammar or pronunciation training
• A video soap opera series where you teach through an ongoing story 
• Retreats
• Guided tours

In your product ecosystem, everything is complementary. The continuity product enhances the core offering, and the premium product builds from the other two. Think the whole pathway through in advance, so they don’t compete with each other.
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An ecosystem creates an income pathway for your business

It works like this:

1. Foundation product provides your core income; this is what you live on. 
2. Continuity pays for your team and expenses. Because you have income certainty, you can confidently hire people to manage the business. That’s essential because it frees you up from the day-to-day grind, prevents burnout and leaves you free to work ON, not IN the company.
3. Premium provides profit.  This is the icing on your cake to enjoy or reinvest in the business (or both.)

Benefits of the core – continuity – premium structure

Offering one core product removes the choice problem. Paradoxically, the more choices new customers have, the less likely they are to buy. It’s called decision paralysis, and their easiest option is “do nothing.”

Once people are in your ecosystem, things change. Now, you do want to offer a choice to suit peoples’ differing needs and timelines. Some will enjoy your monthly offerings. Others will go straight to premium. Still more will sit on your email list for months before buying again. 

It doesn’t matter because your setup allows them to buy when they’re ready. 

Stats show that it’s far easier to sell to existing customers than to attract new ones, so give them every chance to purchase again once they’re in your ecosystem.  

Peaks along the mountain

Instead of expecting them to scale Mt Everest, give people points to aim for as they climb to success. 
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It’s easier for people to invest when they believe they can achieve. They can’t climb the whole mountain or achieve language mastery in one leap. But, they can take the first step to success — and you’re offering them the pathway. 

Yes, it’s a tremendous amount of work and takes an enormous amount of time, but it’s absolutely worth doing.

Dangers of not building an ecosystem

Savvy online entrepreneurs already know about the advantages of building a business ecosystem, and they’re forging ahead. 

You risk becoming tied to your business by not considering it for yourself, as well as leaving money on the table and burning out. Eventually, you also risk becoming a second-tier business because your customers aren’t sure what to do next. 

Some creators are content to roll along. Their business supports their lifestyle but has limited growth potential. 

Other creators want to grow a million-dollar enterprise, and for that, you need a cohesive ecosystem. 

There’s room for both sorts in the business world. Which one are you?
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