How to start an Information Product Business?
Let me share the 7 Tips On How To Create Your First Information Product Business That Sells.
Affiliate marketing is the first thing a newbie online marketer tries his hands on when starting online marketing, while this is an excellent way to start, you have less or no control at all. That’s when Information Product Business comes into play.
Owning and selling your digital products is even better. This is a legit online business you can start.
Anyone who’s trying to make money online for some time now would have heard about this.
“You need to create your own product!!!”
Most marketers know that there’s good money to be made by creating and selling their digital products. Which is also called Information Product Business. If you’re competent at traffic and lead generation, you’ll get to keep 100 percent of the profits from the sales you generate.
You can also recruit affiliates to promote your products and expand your market share while skyrocketing your income.
Once you’ve mastered product creation, the possibilities are endless when it comes to boosting your online income. As good as this sounds, there are a few fundamentals that must be in place for you to succeed in digital product creation.
And here are the seven tips on how to create your first information product that sells, and create a legit online business in the process.
Is there a market for your product?
This is, without a doubt, the essential factor of the lot. While creativity is an unusual trait to have, trying to invent a new digital product that sells like hotcakes are infinitely more complicated than improving upon existing ones.
The case of not reinventing the wheel holds here, and the key to succeeding with your digital product is to see what’s currently popular and selling well–and emulate these winning products.
In other words “Copy what is successful and make it 10x better”
You’ll create a similar product which addresses the same topic but from a different angle. This is where your creativity needs to shine. You MUST have a unique selling proposition (USP) that makes your product stand above the unwashed masses of products that litter the marketplace.
Both Nike and Puma sell athletic shoes. Still, the former tells you to “Just do it!” with a swoosh symbol, while the latter is the only significant sports manufacturing company on the planet with no slogan but lets the logo of the mighty leaping puma say all that’s needs to be said about the brand.
You see…Similar products… but very different USPs.
Spend time researching and making notes on what products are selling well and think of how you can improve upon them. Then go ahead and create a better product.
Spy on your competitors
Watching what your competitors do will help you navigate the marketplace and understand why some vendors excel and some fail.
Study their products, USPs, sales copy, sales stats (if available), and so on. Read through the customer reviews and see where their products are lacking.
Can you create a product that bridges the gap of customer dissatisfaction to satisfaction? If you can, you’ll have people flocking to buy your product.
Once you’ve done your market research, it’ll be time to niche down and create a product for a specific topic. So many newbies falter here and make the cardinal error of trying to develop a 5000-page magnum opus that aims to fix ALL ills in that niche.
Calm down. You’re not writing a dictionary. The best way to create a digital product that sells well is to target one specific problem and provide a particular solution.
Need to lose weight? Here’s a weight loss book with a 5-step plan.
Want to build a chicken farm? Here’s a manual with 50 chicken farm plans and instructions you can use today.
Specific problems and specific solutions. That’s your secret to creating a digital product that’s not only valuable but doesn’t overwhelm the reader either.
Create a customer avatar
Your digital product is not the bible. It’s not supposed to be for everyone. You must create a product that addresses a specific type of person.
You’ll need to construct a customer avatar before you start working on your product.
For example, if you’re writing a weight loss book, is it going to be for women? How old will the reader be?
Is she going to be a stay-at-home mom or a busy career woman? Will she have a lot of time to exercise, or will she need quick workouts that don’t last for more than 20 minutes?
So many questions and so few answers.
What do you do?
Simple. You hang out in forums where your target market congregates. Spend time reading their questions, issues, comments, etc. This will help you to understand their problems intimately, and you’ll have a finger on the pulse of your market.
Now you’re ready to create a product that speaks to them better than their best friend could.
Structuring your content
This is the part where you create your product. You should produce the best possible product that you can. Aim for excellence, NOT perfection.
Your content should be broken down into bite-sized chunks. Your entire book shouldn’t be one long, never-ending paragraph. It’s better to have shorter, ‘compartmentalized’ chapters dedicated to specific topics.
If you’re using video, it’s ideal to break down a 1-hour long video into six manageable 10-minute videos. In our noisy world, so many people have the attention span of a housefly. So, you want your content to be short enough to hold their attention, but long enough to give them the information they need.
Provide the content in different formats
Times have changed. PDFs alone are not enough. Some people prefer reading. Others prefer watching videos, and many like listening to audios. This explains why even when you purchase a book on Amazon Kindle, there’s usually an option to get the audiobook on Audible.
Provide your digital product in different formats (text, audio & videos) so that you capture as many customers as possible without inadvertently excluding any. Of course, you may choose to sell your audios and videos at a higher price.
Know your pricing