Building a Profitable Information Product Business
Just about every business starts with one product, except possibly a service business. For an information product business that product is usually an ebook.
It just makes sense to write an ebook an ebook first. The reason is because no matter what type of information product you create, it will be based on content. This makes an ebook the perfect first product.
So, how do you get from one ebook to a profitable business?
Well, to create an effective or successful product, you need to provide what customers will want. Expert ebook author and marketer Jim Edwards explains that people either have a problem that needs solving, a question that needs answering, or a roadblock that needs to be bypassed. It’s your job to find the solution, the answer, or the roadblock blaster.
Once you have that one information product in place, you can turn it into a number of different formats. These other products include:
1. Printed books
2. White Papers
9. Speaking engagements
Most of the above can be done for little or no cost and having a variety matters, since people like to take-in information through different means. Some like to read, others like to listen to audio or speakers, others like to watch webinars or video, and still others like one-on-one approach of coaching. This allows for one product’s content to be purchased in multiple formats.
The next step to a successful business is to continually address the problems, questions, and roadblocks that people have. Once you tackle one obstacle your target market is facing, find another. Create an ebook to address the next dilemma, then turn that information product into other product formats.
It’s a simple cycle of ongoing actions, like shampoo, rinse, and repeat. You simply repeat each step for each new obstacle you’re addressing for your target market.
Tip: When you create a product or service, it should be a quality product or service. It needs to address the potential customer’s problem, need, or want, and be of value.
In addition to the two steps above, you will need to promote your information products. This will take a marketing strategy.
The first order of business is to let the public know you have something to offer. This can be done through various marketing techniques, such as blog posting, article marketing, using social media, and paying for traffic.
To be successful you will need to attract visitors to your site, specifically to an opt-in landing page so you can build your subscriber list. It’s the regular emails to your list that will help you develop a relationship with your subscribers.
In order to get visitors to sign-up for your mailing list opt-in, you’ll need to offer a Freebie, or ethical bribe. Your freebie must be information that your target market wants. Again, it will need to solve a problem, answer a question, or blast through a roadblock. This will help establish you as an expert in your field and as trustworthy. Both are relationship building blocks.
TIP: The key to a freebie is to offer something the visitor will feel is well-worth his valuable email address.
Another strategy to building an information product business is to offer affiliate products and become involved with joint ventures. Both are avenues to additional income.
Keep this building cycle going and you are sure to have a profitable information product business.
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