Have you heard about people creating products online and curious to understand what it’s all about?
Are you selling your time and expert knowledge on a one-to-one basis, and can only service customers within the time you have available? If so, then selling information products maybe an extra source of income for your business that enables you to reach more customers.
In this two part post I’m going to outline the types of online products that people buy, the most common objections I hear, and how these false beliefs can hold many entrepreneurs back from starting (when they shouldn’t).
We’ll also cover the reasons as to why you should consider creating online information products for your business.
Types of Information Products Sold
There are a variety of information products, but here are the most common formats:
Over recent years ebooks have diminished in price, but generally these are sold as a low priced or given away for free, unless the information is highly specialised. They are often used as an entry level product, meaning that it’s easily accessible for people to get hold of who may not have heard of you. This gives you an opportunity to show them your expertise. It also makes it easier to upsell your higher priced products to customers in the future.
These are great for busy entrepreneurs who don’t enjoy writing and feel overwhelmed with the prospect of writing an ebook. They can recorded as a standalone product or you can have the audio transcribed to provide an ebook or study kit. A combination of content formats enables you to charge more as customers generally value a mix of media. Typically you’ll find that these can sell on average for around approx. £97 ($150).
Telecourses are not physical products, they are typically courses that are delivered over a series of live audio calls that all participants can dial into. The calls are structured into modules as part of program and recorded so that people can re-listen to the information after the course has finished. Usually the participants will have downloadable worksheets or handouts to accompany the program. This structure is easy to set up in comparison to other info products as the majority of your information is delivered over a handful of live calls.
These are typically delivered as an additional bonus to an ebook, audio or home study kit program. These usually contain questions, brainstorming activities and exercises that enables participants to write down their thoughts and ideas.
Home study Programs
Home study programs provide a full solution to a particular subject and typically have a range of content that is more detailed. Programs can include physical products such as multiple DVDs, workbooks.
A more common method these days is to deliver the content all online via downloadable videos, transcripts, recorded audio content, workbooks and a group forum such as a private Facebook group where other students can support each other with interaction with the leader of the course.
Depending on your industry these can be sold from anywhere between £197-£3000 (approx $300- $4700).
I would recommend that you research the price points that others in your industry are selling similar programs for.
Video based courses
Video is one of the best content formats for engaging and retaining customers as they can get to experience the real you. For many entrepreneurs video can present a number of barriers from technical challenges, lighting, equipment through to the fear of being on camera. I agree that video is more challenging but this also presents a numbers of advantages.
1/ You have an opportunity to stand apart from many others in your industry who are camera shy.
2/ You have the opportunity to show the real you, and to attract those people that resonate with you and to push away those that don’t (which is a good thing as we want to work with customers we like).
3/ Once your videos are recorded, you can use them again and again.
Your options for delivering video based programs include step by step video sessions delivered by e-mail, online or they could be presented in one package on a private website.
Many entrepreneurs start off with using screen video software (such as Screenflow) that records your actions from your desktop screen. This enables you to deliver presentations on video that also includes audio. This means that you can talk people through your presentation on the screen, and both screen and audio will be produced into a video format.
Once you feel confident using screen video software, the next step is to experiment filming yourself. Most mobile phones or desktop computers are perfectly fine to use when starting your journey with video.
Reasons Why You Should Consider Creating Information Products
1. You can reach and serve a larger audience than you’d otherwise serve on a one to one basis.
2. Once your products are produced they can be resold again and again, and can produce a passive income.
3. They can be used as part of your sales journey with customers, meaning that customers can try out your lower tier products and can moved up to higher priced products.
4. Having information products can leverage your time more effectively as you’re not solely reliant on one to one customers.
5. It removes the traditional ‘time for dollars’ model which relies on growing your business using time and staff. I’ve discovered that the top online marketers can earn seven figures with very little staff support.
1. Brainstorm 3 ways that your business could package up the expert information that you sell to your customers. What kinds of programs could you produce? What would be the easier one to start with?
2. Research your industry to discover other information programs that are available to your customers. Some niches are more popular than others therefore it’s crucial to undertake research to see if there is a demand for information products in your industry.
To read more check out Part 2 of ‘Why You Should Create Information Products’.