How to build a scalable model and leverage your intellectual capital with digital products with Theresa Ashby

Kathi: Hi everyone, this is Kathi and I am back with Theresa Ashby. She is the founder and creator of Kaleidoscope Media Services. We're going to talk about digital products, how you can make some money and have some fun creating digital products, and I'm so happy to have Theresa here. So, welcome to the show.

Theresa: Thank you so much. I have been looking forward to this and our conversation.

Kathi: Awesome. Okay, so digital products. I know I have several and I know you probably also have several, but let's talk about the backstory. How did you get into this world of digital online marketing?

Theresa: Well, I'll tell you what, I always tell people I'm a recovering corporate executive. I spent years in corporate and then I left because, for me, I wanted to do a lot more consulting. I wanted to help companies really be able to do what they want to do. It's all about how do we move them forward and how do we grow our business. A lot of times we use the word scale, but it's a variety of things. And so I was like, what is out there in today's world that really can help people, first of all, organize and become efficient? And then, quite frankly, I looked where the money was going and I said, okay, if the venture capitalists are investing so much money on these platforms that allow people to create digital products, there's something there. So I was fortunate enough to join forces with a business partner, and that's how we started. Oh gosh, five years ago. Way before all this stuff that's been going on in the last three years.

Kathi: Yeah, absolutely. Now it's exploded. So, good timing. What did you do in corporate before this, Theresa?

Theresa: I was in healthcare and I was the vice president of operations over two hospitals. So I spent a lot of time really looking at processes, systems: how do we create efficiencies with the end in mind? It was about the patient. How do we serve that patient? If you back everything else up from there, that's how you decide where to go and what to do and how to make it happen. And I think that's the same for your listeners and also our clients. Figure out what the end is first.

Kathi: Well, you got out of that at the right time, didn't you?

Theresa: Yeah.

Kathi: Good for you, girl.

Theresa: I've been gone for quite some time, but I've stayed with my hand on the pulse, just because healthcare is a tough industry and there are a lot of people that we have to thank for everything that's been going on. I have many friends still in the industry and wow, they've done a great job. They're troopers, and God bless their souls.

Kathi: I have several friends and family as well that are in that. Yeah, it's been a tough one. We're all just moving past it, hopefully sooner than later.

Theresa: Yes.

Kathi: So tell me a story about a client: where they were coming from, how you helped them, what they developed. Give me that story to give some background here to the conversation.

Theresa: Sure. Well, I'll tell you what. Often we get the call from a client in this mode of, I've got to create this course. I've got to build this community. It's going too fast. What's going to happen? And we always stop and we say, "Okay, let's back up. Why? Just because everybody else is doing it doesn't mean that you need to do it. But why?" And so we back them up and we look at their entire business model and say, where is your future going, and where can you add that digital product so that you can grow your business? We had a client call us and it was the same situation. They were a consultant and they were like, "I just know I need to get into this business." And so we're like, okay, let's figure that out. They were spending a lot of time originally in front of their clients. They were teaching, they were consulting. And so we're like, "Okay, you're spending 10 hours doing this stuff. Could we create a digital product that allowed them to see you before you go in, spend about an hour on this digital product, and then spend an hour with them?" And of course, when we went virtual, we would call that office hours. So what we were able to do was take that 10 hours of being there in person all the time, with the person not being prepared, to creating something where it was five hours of a digital product, with the didactics and the learning and the lessons and the tactics, and five hours of being in person. So it accelerated people's opportunity for growth and coaching and consulting. And our client was able to charge the same thing, but it saved them time, like five hours.

Kathi: I love it. What type of product was it, or what type of consulting were they doing?

Theresa: They were doing a lot of consulting around helping executives be better executives. It wasn't really about the leadership; I can't say it was a leadership thing. It was about really honing in on who you are as an executive, and then being able to communicate that work with people, and how do you really engage your employees so that you're the executive that people really appreciate and respect.

Kathi: I love that. And so the executives were actually taking the online courses in advance. They were doing homework.

Theresa: Yes, they were doing the first hour before. So they had all the notes that they wanted. They had downloads, so they knew exactly what they were going to talk about. In fact, it's funny, because story is always important. We always tell people, create a story, or have your clients write a story about something that happened, and then we can learn and understand and learn lessons through those stories. So then when they came to do the hour in person or the hour virtually, they were already ready with all this information, so they could really grow and expand their understanding of how they can implement the work.

Kathi: That's fantastic. And that's what we're doing on this podcast: we're telling all of you out there listening the story of how that might work for you in your consulting business. How you might be able to replace the hours that you're spending actually in front of people, because that's the big challenge right now. Clients are spoiled. They like to see us in person a lot. So how do we wean them off of that and give them the same quality, or actually even better quality, consulting services? So, good job. So you've been doing this five years. What's the lesson that you feel you've learned, having gone from directing hospitals into being a solopreneur? What's the main lesson that you've had as a takeaway for yourself, or your aha moment?

Theresa: I love this question, because I think for entrepreneurs, female entrepreneurs, sometimes we tend to get in this mode of, I can do it all. I've got it all. So what I would do is I would be like, "Oh, yeah. Okay. They told me to go get advice, so I know I can't do it all." So then I would go out and I would ask people for all this advice, and then I would take the advice. But I was taking the advice of the last person that said something to me. And what I found is that it was the person that was the most confident in saying it, and the person that said it the loudest. And what I really learned was, no, it's not about going and getting advice from everybody. It's not about reading everything. It's not about overstudying it. It's about finding the people that have actually done it, who have been uber successful, and then you go to them with three questions that you have on your mind. And you ask them very clear three questions, because they have time for three questions. They don't have time to sit there and just have a conversation with you. Ask them those three critical questions, and then weigh it against what you want to do and what your end results are, and then take that advice. I just feel it's helped me so much more, personally and in my business, to be very focused.

It's about finding the people that have actually done it, and then you go to them with three questions that you have on your mind.

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Kathi: That is spectacular advice. And I was on that track too, asking anybody and anything for anything, and then doing what they said without even really checking in or knowing the purpose. Half the time you just ask questions and you don't even know why you're asking questions. So why would you take the advice? But that's what we do, because we feel like we're a little island.

Theresa: Yes.

Kathi: And the idea of seeking out and finding the person who's been there, done that very successfully, and pinpointing who you want to ask advice from, I think is huge advice from you.

Theresa: Well, you know what? For me, I got really clear on the trajectory of my business and where I wanted it to go. That was where I got very centered and I knew exactly what I wanted to do. So when I did find that person I wanted advice from, it was very clear. I wasn't asking them, "What should I do with my business? I'm thinking I want to go here. I'm thinking I want to go here." No, it's, here's where I'm going. This is what I want to do. I want your advice on X, Y, and Z. And boom, boom, boom. And wow, what aha moments I would get, or I still get.

Kathi: That's fantastic. And so do you keep basically the same three questions, or did each one morph and you had a different question for a different person, depending on who it was?

Theresa: Absolutely different for who it was, and different times in my business. Because when you start out, there are just some basic questions you've got to understand. And then when you grow, especially at that tilting point for businesses, there's that next level when you go, do I hire or don't I hire? Do I hire or don't I hire? Okay, well, why do you want to hire? Get very clear on why you need someone and what they're going to do, and then seek advice around that particular trajectory. Obviously I have other people for when maybe I want to start a new product. We're launching several new products this year, and it's like, okay, we know the product we want, we know what we're thinking the outcome's going to be, but you know what? We're going to go ask people who have launched new products in today's market: how were you successful launching your product? What were your barriers? So it's very specific to where I'm going.

Kathi: And it changes all the time. The market changes so much that by the time you're ready to launch, it could have totally changed what people need, or how they're going to take in that information.

Theresa: That's right.

Kathi: If you had someone that was getting ready to start a digital product, I heard your first piece of advice is: why? That's a really good question. Why do they want that? What would a follow-up question be for someone who's out there thinking about it? Because I know we have listeners right now who are contemplating doing this.

Theresa: Definitely. So you're spot on with the why. Once you know the why, then it's, okay, where does it fit in your business model? And where does it fit in your sales cycle? So let's say you want to create this digital product, and you have your three packages, because it's always important to have three packages if you're selling them. If you're a service business, all service businesses need to have a product, too. And that's where the digital product comes in. But is this digital product to drive people to know, like, and trust you, as a free digital product? Or is it so you're creating an opportunity so they get to know, like, and trust you, and they're going to pay for it, because maybe they can't afford your bigger packages? But it's always going to drive them into something bigger with you. So that's the next question: getting very clear on what the trajectory is based off the digital product. Because that's the typical model.

All service businesses need to have a product, too. And that's where the digital product comes in.

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Kathi: You have your free treat, your free entry, and then you have the low-priced offer.

Theresa: That's right.

Kathi: And what do you recommend the first low price be?

Theresa: So here's the thing: we get three main questions. What price? What platform? And the third one is, what do I name it? It's easy to know that. Don't price it until you know what you're offering, because if it's only one module, one lesson, it's going to be less. If it's bigger than that, it's going to be more. And it also has to be based on your other level of packages. And the platform: don't decide the technology until you know everything you're going to offer in your e-learning course. Technology is great. We have our own technology now, because people were trying to get all of this stuff, but we put you in the best platform based off of all these questions. It's very important. And what to name it? Something that is very clear and not clever. How's that?

Kathi: I like that. It's just like naming your company. Does your company say what you do?

Theresa: That's right. Clear and not clever.

Kathi: Clear and not clever. Clever never sells anything.

Theresa: That's right. Exactly. And if I may, I want to create some clarity, because I think something really muddies the water around this whole digital product thing. We're very clear: we are not helping people build a digital business. We help people build their business by adding digital products. I think that's where your listeners are. And there's a huge differentiator. It's different in what you build and create. It's different in the pricing. It's different in the outcome. And if you want to be where you're building just courses, then that's a whole different business model. I want you to figure out what it's going to do to help grow your business.

We are not helping people build a digital business. We help people build their business by adding digital products.

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Kathi: Love it. Thank you. That's a really good clarification for those out there listening, for sure. So when you have a big win in your business, how do you celebrate your successes?

Theresa: You know what? I think about this a lot, and I realize that I don't go out and just go, oh my gosh, I had this big success. Here's what would happen: I would go out and I'd be like, yes, and have all this hype for myself, and then the next day I'd be all let down, like, okay, I feel like I'm starting anew. So what I decided is I am not going to do a single, sole success kind of celebration. What I'm going to do, and I'm very, very intentional about this: I make sure that I have time with my family and things that I love to do, and it's more constant, so I can stay constant and even in my business, versus that up and down. I was the person that put work first. I was just grinding it. I was out there, especially in corporate.

Kathi: Yeah.

Theresa: And I thought, wow, I couldn't take those ups and downs. So yes, we celebrate in the sense that we make sure our employees know, hey, thank you for your work, we appreciate it. And at different times of the year we do different things. But for me personally, it was really that constant of making sure I scheduled time to be thoughtful about what I needed.

Kathi: Okay. So, self-care on a regular basis.

Theresa: Yeah.

Kathi: If you had to look back at yourself when you were 18, and you were going to give her some advice and some words of wisdom, now that you're brilliantly wise, what would you tell yourself, Theresa?

Theresa: Oh, if I looked back at 18, boy, I'll tell you: obstacles are going to happen no matter what. Some of them are going to be big and some of them are going to be little. Just surround yourself with people that love you and that are going to support you, and people that are going to encourage you. And realize that every one of those obstacles… When I look back at some of the obstacles, some I made myself, some the world made. But wow, the lessons I learned and the stories I can tell and who I am now, it's really defined me in a really positive way. Sometimes I look back and I'm like, wow, now that I'm out of it, how grateful I am for that bump in the road that happened when I was 18 or 20. So just hang in there. It will get to the other side. And I think we just have to surround ourselves with people that love us.

Kathi: Yeah. Hang on over those bumps, because those bumps could just catapult you into a new place where you're like, "Wow, I can't believe I ended up here."

Theresa: Yes. Very good.

Kathi: And that leads me right into the next part of the podcast. Tell me about one of your most memorable successes, something where you think of this client and you just get a smile on your face every time.

Theresa: Oh, I think it's that phone call I get a year later, two years later, three years later, and I hear somebody on the other end. It's not about the particular accomplishment. It's the joy in their voice. It's the, "Hey, Dr. T, guess what?" Whether it's been a student of mine, whether it's been a client of mine, whether it's just been a friend of mine, they call me later and they're like, "You're not going to believe this." And they have this soulful voice. They have this energy in them. And it was maybe just one little thing that I said that, quite frankly, I might not even remember how I said it or exactly what I said. But I know when I say things, I mean them. I don't sugarcoat a lot. I don't tell you what you want to hear often. And when they can… I know you know this. I know you've had the same reaction. To me, that trumps everything.

Kathi: Yeah. When a client says, "And when you told me this," and I'm like, "Oh, I don't remember saying that." That's good. So happy.

Theresa: See, because you know why? I think if I remembered what I said when I get these calls, to me, what that's telling me is I'm very rote in what I'm doing. If I'm not remembering it and it affected them, I was in the moment. I was listening to them. I was deep in their thought, and I was asking the inquisitive questions, and I heard them and I listened to them, and I gave them that nugget that they needed at that time. To me, that's the most important part of all of this.

If I'm not remembering it and it affected them, I was in the moment.

Kathi: And it came as a direct download from you to them. That is the stuff that sticks, and some stuff is so simple. And it's like, oh wow. That's when you hit the mark. Just like what you said about the title of the digital product: it doesn't have to be snappy or zingy. It just has to be a direct hit to what you need to say. That's good. I like it. Okay. I know you have something to offer the listeners here. And for any of you that want to do digital, definitely listen to what Dr. T has to say for us right here. What are you going to offer them?

Theresa: Well, okay. First of all, I want everybody to know you can go to my website, kaleidoscopemediaservices.com. Go on there, you'll get a free download. But what I really want to offer everybody is, if they DM me, if they connect on either Facebook or LinkedIn and they say that they heard me on this show, and they have to say they heard me on this show, "Hi, Dr. T, I heard you," I will set up a 15-minute no-sales-zone chat, free. Let's just chat about your business, and I'll give you a couple of ideas during that chat where you could fit a digital product to help grow your business.

Kathi: That's huge.

Theresa: Yep. Facebook or LinkedIn. 15 minutes.

Kathi: You got it. On Organized and Energized! The Podcast, and you got a free 15 minutes. This is big. Wow. That's very generous. Thanks, Theresa. That's absolutely awesome. Okay, so we've talked about a lot. Is there anything that I should have asked you, that you'd like to talk about to the people here?

Theresa: Yes. One of the things that I think is so important, and this is not necessarily about digital products, but here's the thing, I think it's so pointed: stop doing the thing that you know you should stop doing but that you're holding on to. People start a project, people start selling a product or a service, and they started it and it's their baby. It's so important to them that we hold on to it because of our ego, or because we don't want other people to be disappointed in us. And I know I've done that. I know I've held on too long. But when you let it go, it's amazing. It's called just stop. Just stop doing it and move on. The doors will open to something that's bigger and better, more revenue for you. It's more fun for you to even consult or coach or lead. Just try it, and let the doors open for you.

Kathi: That's fantastic advice, for sure. More good advice from you, girl. And I call it the letting go muscle. Most of our letting go muscles are atrophied, and we just want to hold on tight because we have so much invested in whatever it is, whether it's an object or a project or a memory or a habit. Just let it go. If you get that niggly feeling, if it keeps happening over and over, it's like, oh, I don't know about this.

Theresa: Yeah. If the clients aren't loving it anymore, and you're not loving it, and it's like a pebble in your shoe that just keeps bugging you, and it's not generating revenue for you, and it feels old and stale: stop. Let it go.

Kathi: Fantastic. I love it. Okay. Well, I'm going to let you go. Not that you're bugging me at all. I think this is such a timely topic for right now. Everybody's shifting. Everybody's moving and zooming in different directions. And I know that if people call on you for your services, you're going to lead them down the right path. And make sure, folks, if you're out there thinking about it, that you do take advice from people who know what they're doing in the digital world. Because I know 15 years ago, I was creating all these digital projects just because I wanted to. I didn't have the why. I just had the "I love it." So make sure that you're on the right track with it. And I just really appreciate your time, Theresa.

Theresa: Absolutely.

Kathi: You've been a gem. All of you out there, check it out. Go ahead and say you listened to the podcast and get that free 15 minutes. That's worth a lot of money, so go ahead and do it. And thank you for your time, Theresa.

Theresa: Thank you so much. Take care. It's a pleasure.