Why Your First Product Should Be a Micro Workshop
Nine reasons why a micro workshop rocks and why it should be one of the first products you create in your Impact Business.
Personal note:
This post is a two-parter.
In the first draft, I had included both the “why” for a micro workshop as well as the “how-to.” But it soon became obvious that each part needed to be a separate post.
So in this post, I make the case for why a micro workshop should be your first product offering. Next week, I’ll give you a process for creating one with a high ROI.
Introduction
Take a look at this graphic:
That is a picture of a global multimedia publishing and mentoring brand. It also represents your monetization options as a sovereign creator.
The graph above allows you to see the relationships between price, ease of production, and perceived value.
Products to the left are easier to produce, but have less perceived value and command a lower price. Products to the right are harder to produce, but have a higher perceived value and command a higher price.
But notice where the workshop fits into the graphic.
You can see it’s right in the middle, almost like a bridge between your low-ticket and high-ticket offers. After this post, you’ll understand the value and flexibility of a workshop for your online business, especially if you are just starting out.
What is a Micro Workshop?
Before I give you all of the reasons for why I love workshops, let me give you a brief description of what you would be creating.
I use the term micro workshop because I want to remove any notions of complexity from your mind.
You are creating something simple and very specific.
You are solving ONE small problem for your audience which forms part of your bigger signature solution.
It should be one hour in length not including Q & A (but no more than 1.5 hours total).
Here’s an example of how I would come up with a micro workshop topic using our signature solution roadmap. Step 8 is our email broadcast strategy to communicate with your subscribers in order to convert them into long-term customers.
A workshop to teach this entire step would be overly complex. There are too many concepts to cover in one hour. This includes:
Frequency and timing of emails
How to generate ideas for compelling e-mails
Types of emails you should send
Ensuring the highest deliverability
Anatomy of a high-converting e-mail
Scanning the list again, #5 seems like a promising topic for a micro workshop. It solves a specific problem for my audience, and it’s a valuable skill to learn. Most importantly, the topic is manageable enough to cover in one hour.
This is what you are shooting for with a micro workshop: a how-to, of one small problem that you solve, in the bigger framework of your signature solution.
The biggest mistake with micro workshops is trying to teach too much!
IMPORTANT: Everything in this post applies to longer workshops with higher price points as well (2-4 hours for example). I don’t want to give you a specific formula for price since much depends on the relationship you have with your audience and how valuable a skill set you are imparting.
Nine Reasons Why Micro Workshops Rock
With this backdrop, let me give you nine reasons why a micro workshop should be the first product you develop:
#1 - You can validate an offer BEFORE you create a single digital asset
This is biggest reason why I love micro workshops. Before building out elaborate funnels, trainings or courses, you can determine if your audience wants your solution.
In fact, it gets even better.
Using our strategy, you can float the idea for your workshop and validate the topic BEFORE you spend precious time creating it.
How cool is that? That should set off a few neurons in your entrepreneurial brain.
#2 - They have a high perceived value
There is something very special and dynamic about jumping onto a live training with an expert around a particular topic.
Folks love the experience!
The product matrix above measures the perceived value. The further right you go, the higher the value since your participants have more direct access to you.
#3 - Time to execution is fast
To create a one-hour workshop requires little time or up front preparation. You don’t have to create any long form copy. Also, most experts can speak for hours on their topic (with little prep time). There will be no shortage of material. Indeed, the challenge will be trimming down the presentation. Finally, you can do with a few basic slides.
By contrast, creating a video course or a high-ticket mentoring program requires a sizable investment of time, from the design of the training, to recording and publishing the finished product. Then you need to develop extensive marketing materials to explain what folks are buying, which is also time consuming.
#4 - High return on investment
Because time to execution is quick, the return on investment (ROI) relative to the time invested is high. Prices can range from $19 to $47 depending on the value of the topic. The price point is almost an impulse buy for many people which means a greater number of participants.
#5 - They are low-tech
There are no complicated sales pages, websites, funnels, videos, or courses to produce with a micro workshop. It can be as simple as a Google doc with a Paypal button.
Ultimately, the success of a micro workshop depends on:
Whether the problem you solve is compelling enough
Whether you have cultivated the right audience
The relationship and trust that you have with your audience
The tech is secondary.
#6 - They are low-cost
Because you are validating your offer BEFORE you create any digital assets, you don’t have to invest in fancy software or equipment (yet). This includes funnel builders, checkout software, training platform, screen capture software, microphone, or camera.
#7 - They build trust, goodwill, and authority
A micro workshop allows you to share your expertise and make an impact on your audience. This means you are solving a real problem that moves your peeps toward their ultimate goal. This creates instant authority around your topic. Finally, delivering on your expertise generates trust and goodwill which are major currencies of the Internet.
#8 - Excellent feedback loop
A live workshop gives you great insights in many areas.
You can test new ideas, or gauge reaction to the topic in real time. You can ask questions of your participants, and they can ask questions of you. Some of the questions may surprise you, giving you feedback to improve on your next workshop or an idea for a new product.
#9 - Pathway to other offers or your high-ticket products
Finally, because you establish trust and authority, a workshop is the best time to introduce THE NEXT problem that your audience needs to solve.
In the previous example, next steps could include a full training on Steps 7, 8 or 9 or an introduction to our entire IGen Business Builder’s roadmap.
After all, both you and your participants will have gotten a small taste of what it’s like working with each other. A micro workshop is often the place when some in your audience will decide they want to work with you long-term.
Conclusion
The benefits of a creating a micro workshop are many starting with the speed of execution, it’s low-tech and low-cost investment, and the high returns relative to the time it takes to produce one.
In the next newsletter, I’ll discuss the mechanics of a micro workshop.
How to choose and validate a compelling topic for your micro workshop
Your promotion schedule
Configuring your low-tech tools
Prepping for and delivering your workshop
Til next time.
Here’s to your success!
