How to Make Money from Information Products
by Stacey Morris
Published on this site: July 23th, 2005 - See
more articles from this month
What is an information product?
The simplest definition is an info-product is any product
that teaches something, or provides information.
That could include a book, audiotape, class, seminar, computer
program, or report. Before the internet, information products
were expensive to develop and extraordinarily difficult to
distribute. Publishers, agents, engineers, classrooms, advertising
all had to be taken into consideration.
The internet streamlines the process of distribution. Books
and courses can now be downloaded immediately, without the
costs of middlemen, production, and mailing. The upside is
greater access to information to everybody. But because virtually
anyone can create a product, the quality of all this information
is less controlled. Caveat emptor. Thankfully, our discussion
today is not about ethics or quality.
The goal here is to get you thinking about what you could
create.
Online types of information you could develop and sell
include:
- Electronic books or e-books
- An e-course-which consists of a series of email lessons
people receive over a period of time
- Teleclasses or teleseminars-which are group seminars
held over a telephone bridge line.
- Audio CDs, data CDs, or multi-CD programs of seminars
or interviews you've given
- Special reports available for download from your website
- Combinations of the above
Why would a service professional want to create an information
product?
First, to increase their credibility. A personal injury attorney
fights an uphill battle to appear ethical. A complimentary
report to all inquiries on how to identify if a case has merit
would begin to establish the attorney as credible and competent.
It might also shorten the lead and intake time, while providing
a valuable service to the client.
I took a class years ago in basic auto mechanics, just to
avoid getting scammed. The man who taught it had his own shop
in auto maintenance. Who do you remains my mechanic 18 years
later? By giving away "trade secrets," Mike proved
his trustworthiness to me.
And of course we know a published book immediately establishes
its writer as an expert. The online equivalent, or e-book,
is generally self-published, but still goes a long way toward
enhancing expert status.
Second, an info-product can help you create multiple income
streams. Because most of these can be downloaded any time
of the day or night, without any input from you, you could
literally make money while you sleep. It takes time to
advertise and promote your products, so you may not want to
quit your day job just yet. But the idea is that once you've
got the product out there, 90% of your work is done. There
are 3 questions you want to ask if you're thinking
about creating something?
One, who is your target market?
For example, although women in transition includes about 50%
of the planet, women who like to develop gardens on their
fire escape is a bit more targeted and therefore far easier
to market. Make sure your information is relevant and interesting
to your market. In 1995, this article would not have been
perceived as worthwhile to most people. But had someone implemented
the information, they would have become very wealthy.
Two, what does this audience want and need? If they don't
want it, it doesn't matter how much they need it-there's no
sale. You should not only know a lot about what your audience
wants, but you should love it. It's truly no fun to write
about something you're dispassionate about. I did it for years,
and I'll never choose or need to do it again.
Three, what are the specific benefits you want to provide
your reader? I'm going to be so bold as to suggest there are
only ten benefits anyone actually wants, if that, so you don't
need to rack your brains here.
What are the benefits?
Jim Daniels listed them in his great e-book entitled "E-book
Secrets":
- Make money
- Save money
- Save time
- Avoid effort
- Increase comfort
- Increase cleanliness
- Increase health
- Escape pain
- Increase praise
- Increase popularity
Once you've figured out your target market, the benefits
you want them to receive, and the appropriate delivery format,
you need to think about presenting your information in an
original way.
How can you present what you know in a way that is unique?
You're not expected to create ground breaking information,
but try to present what you know in a different way from others.
Sometimes we need to read the same information a dozen times
before we get it. What causes something to resonate with someone
could be a variety of things: the voice, the style, the format
in which it's presented. Experiment with what works for you.
Stacey Morris, Self-Employed Professionals: For more information
on building your business using the internet, see www.ServiceBusinessCoaching.com
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