An Information Product Works Wonders

An Information Product Works Wonders

info productI used to believe that to be an expert in a subject meant that I had to know all that there is to know about that subject.   Not any more.  Now I know that being an expert means that I know more than the average person does. Armed with that fact, I felt free to select a topic that was fun and interesting to me when I decided to create my first information product.  
Like many people, I did not have a clue on what I wanted to start an online business about. I only knew that I wanted to make money online and there are 100,000 ways to make $100,000 dollars there.  One of the fastest ways is by selling Information Products online.

Examples of information products

  • E-Books sold on your website or on sites such as Amazon
  • Online training/tutorials
  • Videos
  • Audio courses
  • Webinars
  • Telesemina
  • Podcasts
  • Private membership sites where members are able to access a continuous stream of information
  • Printed materials (books, DVDs) that are shipped to the customer
  • Software programs
  • Art
  • Combinations of printed and electronic material (DVD and a workbook)
  • Original music via MP3 format

Benefits of Information Products

Information Products can be the perfect product because you own the copyright; consequently, you set the price.   The price is based upon the value that the products delivers–not the cost to produce.  For example, a DVD of a blog setup tutorial can be sold for $19.95 with your cost only being $1.30 each–a 1500 percent markup.  You do the work once and you are paid again and again!
Information products can be reproduced in any quantity…it is as simple as copying a file. Even if you sell millions of copies, your production costs remain at zero.
Information Products can be tedious to set up; however, once completed you are paid repeatedly (I can’t say this enough 🙂 ).  You can make money while you sleep, while you are on vacation, dining with friends, etc.

Select a topic for the Information Product

This appears to be the most difficult part for many new entrepreneurs because there are so many life experiences, careers, interests, hobbies, etc to consider.  
The first step to creating your information product is to identify your area of expertise, keeping in mind that it should have a high profit potential.  If you are an expert in an area where there is not a demand for it, you will not really see profits there.   Be sure to ask yourself if there is a large group of people on the internet searching for this topic during your research.
Make sure to avoid broad topics such as ‘public speaking’.  Instead, find a niche within public speaking:  Public Speaking for Introverts, Public Speaking for Geeks, etc.  You do not want to address the entire world.   As my business coach told me, if you sell to ‘everyone‘, you sell to no one.  You want to direct your product to a very specific audience so that your message will go directly to their ears.
Think about what you have learned and achieved during your lifetime and see if it is something that you can teach others.
There are tons of online business owners who are teaching what they have learned  to help others.  Some really do have lots of expertise in their area; however, many of them just discovered a demand for something on the internet and created a product even though they were not an expert on the subject matter.  
Information is one of the best-selling products ever. People buy all types of information.   If you would like to create an information product, sit down and think about potential topics that you share with others.  Consider your talents, victories, hobbies, interests, the type of books/magazines you read, the websites that you frequently visit, passions, businesses, your careers, etc.
After you have brainstormed, ask your intuition and subconscious which would be the perfect topic for you to create an Information Product around.   Your subconscious is very powerful–be prepared to receive an answer if you ask the question.
Select your top preference.  You can always return to your list later and create additional information products about the other topics.

Who is your target market? 

Lastly, after you have selected a topic for your information product, decide who you will be targeting for your Information Product.  For example, my target market is women nearing retirement age who want to to develop multiple streams of income and women wanting to building an online business.  My target market is both online and willing to invest money in order to building online income streams.
Consider yourself  on your way to learning how to go from poor to profitable as an online entrepreneur.  It is just consistently taking baby steps.  That is how I learned.
signature
About Online Biz Boomer Babe

Rachel Lavern is a Certified Business Coach and founder of My Booming Online Business--a blog for middle-age, global, uptown women. She is on a mission to transform entrepreneurs' finances by teaching the action set, mindset and skill set needed to get launched + make money.

Comments

  1. My mistake was accidentally choosing a niche with a low income potential. Well, unless you count the fact that I write erotic short stories…but they are not really information products, are they?
    Morgan Eckstein recently posted…Rant–helping the poor is in your best interest (UBC–day 12)My Profile

    • As you have realized now Morgan, we have to know that our ideal client has to have the money to pay us for services or goods. Back to the drawing board, right?

  2. Toni Mattingly :

    Hi Rachel.

    I am so happy that I took your advice during the workshop you taught on information products. The ebook that you inspired me to create is selling. It surprised me how much of an appetite people have for information. I think that first ebook was a success because I took the time to think about my niche beforehand.

    Once I complete my second one, I will reduce the price on the first one (or even make it a freebie to subscribers).

    • What great news Toni. I, too, believe that a large part of its success is the research you did first.

  3. as of now i am not focussed on a market since i have lot of thoughts. but after reading this article i think i am going to narrow down my target market.
    Amar Naik recently posted…The Clever RabbitMy Profile

    • It is important that we define our niche Amar. Determine who you can help the most and who you love working with. It does not mean that you have to turn anyone away. You would just target your marketing to your perfect market.

  4. I have been considering an ebook for some time, but haven’t quite figured out how to approach it. I already have a podcast about building and living in a tiny house on a sustainable homestead at http://www.ranchonodinero.com. Great article with great suggestions! Thanks for sharing!

  5. Hey Rachel,

    People are always searching for information that can benefit them and this is definitely the way to go.

    I’m actually in the process of creating one myself right now, my second actually. Most people who didn’t know me when I first came on the scene didn’t realize I created one back then too. It didn’t sell very well but I did make a little money. I honestly didn’t have all the right information in hand at that time like you mention here. I’m so much better equipped now.

    Great share and I hope that those that would like to start making a name for themselves will think about creating an information product for themselves. It’s definitely a great experience.

    ~Adrienne
    Adrienne recently posted…Google Really Can Be CoolMy Profile

    • Hi Adrienne,

      I think that some bloggers forget that searching for information is one of the most frequent tasks performed online. Most of our site visitors arrive there because they are looking for information (unless you have a shopping site), especially if they arrived at the site through a search engine.

      Hope you are having fun creating your second product!

  6. Chery Schmidt
    Twitter:
    :

    Hi Rachel!
    What a great post! When I first got started online I did think I had to know everything and spent more months on training then I care to talk about. What I have learned from this is that NO you don’t need to know everything, just take these lessons and then implement as you go. Just as you have stated here. Once you learn it share it, just get it out there. Thanks for sharing.. Chery 🙂
    Chery Schmidt recently posted…The Honest Truth About Building An Online Business Of Your DreamsMy Profile

    • Hi Chery,

      Have you, like me, ran into the person who was advised to write a blog and then they would be be considered an expert in that field? Although I understand the logic behind that statement, it is not always true. I’ve run across numerous posts where the blogger did not their subject well enough…then I do not return to their blogs and I definitely do not share their posts.

  7. Rachel,

    I love the image of your Free Report – it is inviting and seems to supply a much needed answer. I have discovered that it is not only providing the information product with valuable information, it is also presenting it and packaging it in such a way that other people struggling with that issue will say “I need that now.”

    Marketing properly is key to success.

    Warmly,

    Dr. Erica
    Dr. Erica Goodstone recently posted…Other People Make Relationships Difficult – 3 Questions To Ask YourselfMy Profile

    • Thanks…it is probably time that I rotated that free report out.

      Thanks also for sharing your tip on presentation/packaging.

  8. Hi Rachel,
    Great post on information products.

    Adding to your great post I would like to mention that you’ll also find which information products you are BEST at getting out there. Which ones you sell well and which ones get the best responses according to what avenues you know when it comes to marketing.

    The best way to learn this is by completely understanding your target audience.

    You’re so right when you say you only need to know more than the average person. The most important part is immersing yourself in understanding your target audience and the sales will flow in.

    Thanks again
    Power Coach Alishia
    http://Www.Livemylifefree.Com

    • Yes, I always emphasize heavily with my clients the need to know their target market very well. It just would not make a lot of sense to be spinning my wheels targeting the wrong people when knowing it allows for a laser-beam approach with my marketing efforts.

  9. An expert is something that other people decide to delegate that title to according to their perspective.

    This method can be applied to bloggers, because the blog itself is a product. I love to mentor new bloggers on working with their site focus and how to properly target their audience.
    Nile recently posted…Niche Recommended WordPress Plugin Series: e-CommerceMy Profile

  10. Hi Rachel.

    Excellent Advice! I have my product almost finished. According to my production schedule, it would have been launched in September, but in the process of moving, I lost 4 months. But that’s OK! I have my target market, sales funnel and all in place. Just need to tie in some loose ends.

    -Donna
    Donna Merrill recently posted…10 Ways To Get Out Of Your Box On Social MediaMy Profile

    • How exciting for you Donna! I cannot wait to see what you have been creating. I vaguely recall your mentioning a few months ago that you were creating a couple of videos (on a schedule) for your new product.

  11. Hi Rachel,

    This is a great post because I’ve been wanting to do this for a long time. Find a product that I can support and make good use of it in monetizing my blog. You’ve given me some insight as I had no clue how to go about this.
    I’m going to look it over and hopefully you can answer some questions for me as to how I can get started.

    Thanks so much. Great idea for a post. I’ll be in touch definitely.
    Barbara
    Barbara Charles recently posted…10 Ways To Make Your Blog More PersonalMy Profile

    • Thank you Barbara.  Feel free to ask me questions.  When I first wrote this post, I was planning to make it a ‘series’ of posts here on my blog.  I still may; however, my business coach happened across it, we discussed it, and I am now thinking of developing this into a new info product for my company.

  12. Information content is what the Internet is all about Rachel!

    There’s simply no getting around that fact! And i’m glad you better
    defined being classified as an expert.

    Because far too many newbies probably still define themselves using your old approach.

    Meaning: they probably mistakenly believe they have to know every little thing about a subject
    before they can produce helpful content in any form! Nice post, thanks for sharing it!
    Mark recently posted…Sales And Promotion: How To Keep Your Best Customers Completely Satisfied And Wanting More!My Profile