10 Reasons to Start an Information Product Business
Starting an information product business is simple. Someone has a problem that you have the knowledge to package it up into a nice neat e-book or e-course and POOF! Just like that their problem is solved. Sounds simple right?
Minus my sarcasm, it is actually quite simple. In fact, reason 10 tells exactly how you can launch your information product today! (Don’t miss that one!)
These are the 10 reasons I started an information product business and why I recommend you do it to!
Information Products are Unique
Information products by there very nature are unique. Think of it as your personal representation and instructions to get someone from A-B. There is no right or wrong, just different. If you do a good job, people will start to trust you more and pay for more information products to solve other problems they have in the niche your business is in.
Speed of Delivery
Information products are delivered as fast as your customer’s internet provider will download your products. If you have your broadband with Virgin apparently it’s as quick as Usain Bolt! As soon as your customer presses that BUY NOW button you can completely automate the delivery of your product. A great product to support with this is DPD (digital product delivery). It makes it so simple for your customers to purchase your products! If you sign up through here you get a 30 day free trial!
I specialise in fast and effective processes allowing you to automate more than 80% of your business which frees up time for you to actually BUILD your business. Speed of delivery for my business is all automated and it can be for your information product business too.
You determine the price of your information products but one thing is for sure, 99 times out of 100 your overheads will be lower in comparison to if you sold physical products. This is why products such as E-books sell for lower than hardback books or paperback books.
You also have no shipping or delivery costs for starters and you also don’t have any costs associated to building your products (only your time). So, you only create the product once!
How much effort does it take to click a button on a mouse? It is even simpler now to purchase anything online. Amazon with its “One Click” buy now service has increased impulse buying significantly. These methods of “One Click” buy now services can be incorporated into your products and services.
Building of relationships
With any information product business you are building relationships with your audience. The cost to acquire a customer in the information world is in many cases the price it takes for someone to provide an email address. They may have provided this in exchange for a free information product but by understanding their wants, needs and desires you may have an information product they can pay for to solve a different problem they have.
It’s all about building relationships!
Mass Audience to Market To
Is a worldwide market big enough for you? With an online information product business you are spoiled for choice. Never in this world has it been easier to reach such a mass population and really make a difference in this world since the creation of the internet, mobile devices, tablets etc. Just make sure you don’t use this as an excuse to try to sell your product to everyone. I created a post on How To Find Your Perfect Niche that you will find useful if you are having this problem.
Low cost to create
Information costs as long as your time is worth. I don’t know any other way to put it. If your time is worth a lot then you can even outsource this to a virtual assistant to create (providing your excellent at providing clarity in your instructions). If this is the road you would rather go down, make sure to read my post on “Why I Hired A Virtual Assistant (and doubled my income in 30 days)”
If you are thinking of creating an information product to transport to your customers via email then DPD (Digital Product Delivery) is a great tool to support you with this.
If you are thinking of creating an online course then I recommend Thinkific. It has great features and is an excellent customer journey for anyone learning your course material.
Cross Sale Opportunities
The more you get to know your customers in the digital world the better you become at solving their problems. The possibility of cross sale opportunities isn’t a sleezy salesman cross selling a pile of garbage but in fact asking your audience what problems they would like you to solve next. You can then create a sales funnel that flows in line with your audience’s problems. For example people may want a more in depth version of your products in which case you consider releasing a pro or advanced version of your information products. The key to doing this successfully is fully engaging with your audience and building a community!
You may be wondering what is evergreen. Evergreen is another word for customer retention. When your customer continues to pay for your information products or services then your product is evergreen. I would strongly recommend tracking the average customer evergreen cycle e.g. on average my customers remain a member of my programme for 6 months. This is because you can then establish the average return per customer. This then helps you establish how much you can spend to attain a customer. Great examples of evergreen information products are membership sites and courses. Your product is evergreen as long as your customer retains their love for the product!
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Buy In Before You Create the Products
You should market your product before you ever create it. The reason for this is, you could spend hundreds of hours creating the perfect information product and nobody even has the problem you are solving. Therefore, the first thing you NEED to do is research. Research and establish what problem you are solving with your information product. Establish if you have the knowledge already to solve that problem or if you need to do further research. Do this until you have 3/5 prospective ideas and go and test them out. Create the landing page, write the sales copy etc and market your products landing page prior to creating the product. Once you know you have an audience to promote to, then go out and create the information product!
You may be wondering what your customer thinks when you say the product is currently out of stock. Well, they won’t think anything as long as you have captured their email address and build up their anticipation for the product launch. Similar to a movie. You wouldn’t just turn up to a cinema and be presented with a choice of movies you have never heard of. They have been promoted and built up anticipation so there is a long list of people waiting to watch it. This is the same with your information product launches. You can even offer an early bird discount for expressing their interest e.g. 20% off.
Here’s another added BONUS…….To help you create your own online business, I have wrote a post you may find useful called How To Start A Blog In Less Than 60 Minutes. This will give you the platform to start your business!
Hope you found this post useful guys. Feel free to comment below, subscribe, share and like.