In part 1 of this post I shared the different types of information products that are commonly sold. I also list a handful of reasons why you should consider creating information products to complement your existing business. To read more and to access part 1 click here.
Part 2 of this post addresses the common myths and objections I hear when talking to entrepreneurs about creating and selling information products.
Before we look at the objections, I want you to know that I can completely relate to all of these beliefs because at one stage or another over the last six years I’ve personally encountered all of them.
As a consequence I’ve not acted as quick as could have done, I have spotted opportunities that others took action on before me, which resulted in missed potential income for my business. This is because I got in my ‘own way’ with my own limiting beliefs about the world of online information products.
With this in mind, let’s look at the most common objections or myths I hear around information products:
1/ There are too many other people doing it and it’s a crowded market
If other people are already producing information products in your industry then this is great. It shows that there is a demand for those products. If no one is doing it then there’s a reason why. Commonly it is because others have tried and found that they isn’t enough demand or money in the market to make it worthwhile for the products to be produced.
2/ Too many people give away free information, how can I justify charging for mine?
In the online world there will always people who will give copious amounts of free information away, as there is an audience to consume it. However there are also people that don’t want to search their way around the web trying to find information. People want convenience and they want information packaged that is of high quality that solves their problems. People are willing to pay for that convenience. There is also a perception that ‘free’ doesn’t equal high quality. In my experience you get what you pay for online and offline.
3/ It’s a get rich quick scheme
The reality of producing information products is that they are not a get-rich quick method or a ‘4 hour work week’ ideology where you can put your feet up, and never work again. Information products take hard work to produce and market, some will produce great results, others products will flop.
What I have discovered is that people will buy information products online and that they will pay anywhere from ££ to £££s, if the product provides a solution to their pain. They also need to know, like and trust you if they are buying higher price products.
4/ People may steal or share my material
Regardless of the security passwords and measures that you put in place, you have to accept that sharing happens online, as much as it happens in the real world (when was the last time you lent someone a book or DVD). You have to approach this subject with a mindset of abundance. In reality you can reach and help an audience of millions online, there are plenty of buyers out there and only a minority will share or copy your material. If you discover that someone blatantly rips off your material then you should attempt to contact them. From experience I’ve found that this tends to only effect the top online marketers that have huge audiences. Don’t let this one reason stop you from putting out your value to the world, as there are people out there who need what you have to offer.
5/ I don’t have the right equipment/technology
The equipment and technology is cheaper, easier and more accessible than ever before. You can produce broadcast quality video and audio straight from a mobile phone. For the first time in history software is available and affordable to entrepreneurs to produce online products cheaply. This can all be achieved from a laptop with a broadband connection.
6/ Who wants to listen to me?
I believe that you’re here on this planet for a good reason and that you have knowledge to share with others who need it. You need to think beyond yourself, and see yourself as a delivering a message and/or value for the greater good. When you think like this, you take away the focus from yourself and can focus on serving and helping others.
If you’re curious to find out more about selling information products but you have a list of objections, think about whether your objections are real or fear based.
Ask yourself if the objection or statement you’re making is ‘really true’ or is it a belief?
Take time to research online, but I want you to research with an open mind. If you want to prove an objection exists and you focus on justifying your argument then you’ll no doubt find the justification you need.
However if you approach your research with an open mind you may be surprised with what you find.
If you’ve enjoyed this article then please share!