In a previous article we talked about why informational products are the best type of products to sell online. An informational product is a digital book (known as an e-book), a digital report or a white paper, a piece of software, audio or video files, a web site, an ezine (electronic magazine), or a Could be a newspaper.
Any product that is of an informational, instructional or educational nature may be considered an information product.
In case you missed last week's column, you might want to un-line your birdcage long enough to read first so that you have a complete understanding of what we'll be discussing this week, which That's how to build your own information product.
As explained in detail in the previous chapter, here are some reasons why information is the best product to sell online:
* It's fast to make, fast to market
* No inventory to stock
*Startup costs are low
* You can automate the sales and distribution process
* There is no shipping and handling fee
One of the best things about information products is that you don't need a product designer or manufacturing plant to crank out the goods. You don't have to spend months and months doing product development.
If you have a computer and a word processing program, you have everything you need to create a best-selling information product in very little time.
Great, you say, but I'm no writer. How can I enter the information business? The good news is that you don't have to be a great writer to create a great information product. If you don't have the ability to build the product yourself, there are several avenues you can take to find out about the success of the product.
co-authored with an author
In my opinion, it is much harder to acquire expert knowledge than great writing skills. If you are an expert in a subject that people will pay to know about, then you need a good writer to take your expert knowledge and put it in a marketable form.
I know many subject matter experts who can't write their names in the snow and many excellent writers who don't have the specialist knowledge needed to create an informational product that will sell. If a similar co-authoring arrangement can be made then co-writing could be a match made in heaven. Co-authoring means you both get credit for creating the product and a share of the revenue.
If you are an expert in a topic but are not an author, find a writer to co-author the project with you. Conversely, if you are a writer without specific knowledge, find a subject matter expert and partner with them to create the product.
hire a ghostwriter
A ghostwriter is someone who will write eBooks for you anonymously, with the writing credits going entirely to you. You provide expertise and guidance and the ghostwriter keeps it in a readable format. You can hire ghostwriters on an hourly basis or for a flat fee, depending on the scope of the project.
There's no shame in using a ghostwriter to put your thoughts on digital paper. You really don't think all those pro athletes and Hollywood actresses can write 300 page books now, do you?
publish a directory
Can't think of a topic you deserve to write about? Try compiling directory. A directory is nothing more than a list of specialized information that you target to a particular segment of people who buy the market. For example, my company publishes a dropship and wholesale industry directory which is a list of company names, addresses, phone numbers and website addresses. I just have someone who researches the industry and compiles their findings into a directory format, packages it neatly, and sells it online for $27.
Sign on with an affiliate program and sell their information products
There are thousands of companies that sell informational products and most have affiliate programs you can sign into. Becoming an affiliate basically means that you become a reseller of the company's products. You promote the product, you make a sale, the company delivers the product, and you earn a commission.
The key to building a successful information product is this: The value of the information should far exceed the cost of the eBook. If you're charging $27 for your product, he or she must pay the buyer several times that price in perceived value.
I asked information product expert Jim Edwards, co-author of "How to Write and Publish Your Own Ebook in a Little 7 Days," for his advice on how to create a killer information product.
Here are the top 5 gym tips:
* Niche It - Make sure you're targeting a highly defined niche audience... don't try to sell to everyone. You can get a lot more money by showing life insurance agents how you can find more customers to buy a $250,000 policy than trying to sell the product on general salesmanship improvement.
* Beat Their Pain - Make sure your information product tackles a painful problem that members of your target audience will do anything to solve. The more intense the pain, the more they are willing to pay to get rid of it.
* Give Them a Taste - Give people a taste of what you offer in your info-product by giving them a sample. Just as wholesale clubs tell you to buy tater-tots in 50-pound bags, you can get people to buy your information by either reading the first chapter or listening to the first few minutes of the audio. ,
* Entertain Them - People hate being bored. Increase the power of your product by adding humor, drama and other entertainment elements that make them want more and more. Not only will this help in future sales to satisfied customers, but it will also reduce your refunds and increase word-of-mouth advertising.
*Keep it Everlasting - Don't make the mistake of making a product that's a fad or a fleeting market hit. Create information-products that can be updated with very little effort. This allows you to build a product once and keep sales going for years (literally) to come!
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