One of the best ways to make money from what you know is to turn that knowledge into an Information Product. Because you know a lot about your work, hobby, and even general personal interests. They can all be made into an information product that other people will happily purchase.
Over the next few posts you will find out what is needed to research, assemble, and create an information product that can generate a passive income for years to come.
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Important Parts of an Information Product
There are three parts to creating an info product that are needed to get it to sell and they are:
1. Know what you need to do – beyond theory.
2. Know why you are doing it
3. Know the step-by-step procedures required to complete your product.
The last one on the list is very important and many folks fall down there because the information available online is abundant and confusing.
Simple Info-Product Implementation Systems
Once you understand how to take an idea and actually implement it into the creation of a product then each step can be made into a “system”. Some of the steps include the creation of the product, the marketing, filling orders, and customer service needs.
The production of an information product means having sales pages, lead capture, websites, knowledge of advertising platforms and more. You could just write a book and hope for the bestseller list, OR, create something BIG using what you are putting is into that book.
Why have Systems
The best reason to develop systems for what you do is so you don’t have to waste time and effort repeating tasks that don’t need to be done.
Another good reason is having systems help to maximize profits. They can be copied and tweaked for new products that can be added over time. The first product is the hardest but taking the time to produce it right, follow the steps provided here, and then make your own tailor made system as you go.
Your system can have checklists, resource lists, and the steps and descriptions of “how it was done”. Acquire the knowledge of how to take an idea, turn it into a creation, and implement a marketing plan to have a successful information product.
Creating a Quality Info-Product
There is a lot of bad products in the market. What you create will reflect on you. It doesn’t take long to get a bad reputation for a bad product. On top of that the returns will be high and high refunds negatively affect your merchant account.
Another issue, and what you may not know yet, repeat customers bring in more money than new ones. If the customer is happy with what you provide they are more likely to buy from you again. AND they are primed to send you referrals ( these are people you didn’t have to pay to buy from you.)
It is important to ensure what you produce is top quality.
Who Are You Creating Your Information Product For? – Before you even dive into creating your product you need to have a good idea about
Your customer is a specific person who will benefit from your product. They have interests and passions that you can appeal to in your marketing. It is an extremely important part of the process to define who your buyer is. These people have a need that you can satisfy with your product.
Focusing your marketing efforts on people who have the money to buy is also very important. Trying to sell to people who can’t or won’t buy (some people have the money but can’t see the “value”) is a waste of your time, effort, and money.
Another error in marketing comes when the prospect isn’t in the authoritative position needed to buy your product. This is the case when you sell to a business. The employee may love what you have but their boss holds the wallet. Even if it’s a great product and the employee would really want to own it. The negative feeling that their boss should be paying may outweigh their desire to have it. Employer / employee dynamics are funny that way. In essence you may be creating an info-product but you will become an info-marketer.
Testing Your Product Idea
Going through all the effort and steps to create a product can be unnerving. Doubt can creep in and fear of the amount of time and money needed to product a quality product. What if they don’t buy? How will you know if your idea will be a success?
Marketing effectively means testing. Testing means you start with a small sampling of prospects. Sometimes who you think will buy is wrong. Or, maybe not entirely wrong, but not as big of a return as you wanted or needed. Testing samplings of prospects will give you the information you need to market effectively and profitably.