4 questions to ask when expanding a product for deeper monetization - A case study
I had been performing my Cybersecurity awareness comedy magic keynote for nearly a decade in business attire before I started collaborating with the brilliant Velia Amarasingham. The first thing she said was, “You’re a hacker, we have to dress you up like Laura Croft in Tomb Raider.” So my corporate attire was switched out for leather pants, a tank top and a ‘vigilante utility belt’! The program has continued to grow, evolve and expand into new forms as we explore what our clients are needing at the time.
We’d like to share the 4 questions that you can ask yourself when looking to grow and expand your own products, whether they be tangible widgets or intellectual property programs.
The first question you can ask is, “Who can work with me to improve upon this product?”
Don’t hesitate to ask the top experts in your field, as they have insights and experience that could be priceless to you. Often you can get counsel with these people for free. In cases where you can’t, don’t assume you can’t reach them, if it’s worth it to you. I recall the words of a friend who brought in world famous jazzers to record on his CD, “All I had to do was wave a checkbook, and I got heavy people.”
In my case, the person who helped me improve the Cyber Hacker show was my Curated Entertainment business partner, Velia Amarasingham. The new Laura Croft attire makeover was just the beginning. She had the idea of adding constant sonic accompaniment in the form of non-stop sound effects to the narrative to make it all that more engaging.
She became a co-presenter in the program adding a whole new character, DJ Vee! “Because every slick hack needs a great soundtrack!” This expanded the value of the product immensely with two performers, bringing a contemporary edge to the program. Having an on-stage DJ ‘ripping sound effects’ throughout the show from beginning to end was something cybersecurity conference planners had never considered before.
The second question you can ask is: “What are my clients asking for?” Given that we are not deeply technical cybersecurity agents, OUR clients are coming to us for levity and a badly needed dose of fun to warm up the cut-and-dry (and sometimes disturbing) topic of cybersecurity. This is our cue to bring even more comedy, satire, surprise and parody into the script. While there are strategic learning points in the program, our clients bring us in for something no other presenters on the agenda bring, and that is a refreshing injection of joy.
Another thing that our clients are asking for across the board is deep customization. They want a program created especially for their people that matches their values, objectives and addresses their deepest pain points. This is why every program we do is crafted especially for them.
What are your clients asking for, from YOU and your company specifically? Do they see you as the experts in one particular facet of the industry? If so, how deeply can you dive into this niche to own it? If you find that they are not clear what they want, then this is your opportunity to educate them in elegant and agile ways how you can solve their problems.
The third question you may ask is, “What other forms could this product take?” At one point the program, “Cyber Secrets Revealed”, was marketed as edu-tainment, in the form of a comedy magic program from the perspective of North America’s most infamous cyber hacker. Apple employees loved it along with a host of other tech companies. When we pitched the program to an International Cybersecurity Association, we saw that we could turn the program into a trivia game show. We still brought comedy, choreography and surprising sound effects to the program, but the new script was framed around a set of trivia questions that engaged the audience participants at an even deeper level.
You can watch this video below to see the Cyber Hacker Trivia Game Show sizzle reel from that program.
Are there ways that you can reinvent and repackage your product to check off new boxes for your clients? Looking at market trends and leaning in to what futurists are saying may help you in adding new facets to your offerings.
The fourth question you can ask is, “What is our pie-in-the-sky vision for this product?” This is a time to let your imagination run wild. Think about people at the pinnacle of your industry and analyze their trajectory. This might yield some ideas. You can also explore the idea of bringing your (seemingly unconnected) interests together which could crossover into new markets or come together to create a whole new one.
In the case of our “Cyber Secrets Revealed”, we have visions of a multicast show that includes hip hop dancers, special guests, robotics, and a laser light show in a Broadway-style venue with DJ Vee on a raised platform behind the stage, coming down center to sing original songs she has written for the program. Looking even further the show could franchise and live long beyond us.
One thing is certain. This, like any product will always need to keep growing and expanding to meet the ever changing needs of buyers. Keep asking these questions, and through the years you will find that your answers will surprise you in new and exciting ways.
