From Entrepreneur to Infopreneur: Make Money Selling Info Products
The term "Infopreneur" is a relatively new industry buzzword that is causing a sensation because it opens doors for entrepreneurs to generate new revenue streams. In short, an infopreneur sells information.
Information products are offered in a variety of formats including books, e-books, special reports, audio formats, videos, workbooks, tip booklets and virtually any method in which you can deliver information. Many successful entrepreneurs have been doing this for years. Here are some examples:
* Joan Stewart is an advertising and operations expert http://www.PublicityHound.com . With more than 100 special reports and audio recordings of the teleconferences she organizes, Joan is an infopiréur teacher.
* Dottie Walters is the author of "Speak and Grow Rich" and several other books, and founder of http: //www.SpeakandGrowRich.com. In addition to his published books, Dottie sells audio programs, subscriptions to "Sharing Ideas", his magazine for speakers and weekend seminars.
* Dan Poynter is the author of "The Self-Publishing Manual" and other books. This expert infopreneur has built his company based on his experience in several areas: publication, skydiving, as an expert witness and cats. Dan sells dozens of special reports and mailing lists through his website: http://www.parapublishing.com .
Benefits of information products
In addition to the additional income Transmission information products generate, there are numerous hidden benefits. For example, many authors treat their books as a business card, using them to open doors to new business opportunities. A book gives you more credibility and makes you more interesting for the media. With the right turn in your topic, exposure to the media could bring you an unexpected gain in new business. Just look at any author who has reached the Today Show or Oprah. Even an article in a local newspaper can prompt hundreds of readers to buy your book.
As you add more information products to your line, create a network of opportunities. Each product can attract each customer differently. Some may buy a product, others may buy another, and ideally, most customers will buy multiple products again.
Each product offers the opportunity to reach new markets with your advertising efforts. Automatically create a new reason to send a press release when announcing a new product. You can also promote the new product among the subscribers of your newsletter and other companies that complement yours. These target marketing opportunities could change with each new product presented, as each could attract a different audience.
Gifts are another fantastic use for information products. For example, you could reward new subscribers to your e-zine by giving away a free e-book. Or you can send your e-book to other business owners and allow them to distribute it for free, as long as all their contact information remains intact. This strategy will finally give you new clients and all the important exposure to your audience.
You can also negotiate rights to resell your content. Paulette Ensign creates brochures with bound tips and has sold them by the thousands to companies that use them as gifts for their own customers and employees. Not only do you make money selling the reprint rights of the brochures, but you reach thousands of new potential customers.
About what to write
Everyone is an expert on something. If you run a successful business, that makes you an expert in your industry. Or maybe you are an expert in a hobby, sport or other special ability. Here are some tips for generating product ideas:
* Conduct a survey with your customers and ask them what information they need or would like to know.
* Teach people how to do something.
* Create a directory. Do you have a list of 50 or more resources that people in your industry need? Sell it!
* Read books from your field of interest. Is there a book that covers important information in a chapter that deserves to be expanded? Could you write a complete book or a special report on that subject?
* Make a list of potential guests to whom you can interview and host teleseminars. You can charge for seminars or offer them for free and sell the recordings.
* Describe some topics and consider teaching at your local adult learning center or become a professional public speaker. You can also sell recordings of your live performances.
* Produce a video recording of a demonstration, speech or technique.
* Take an inventory of the people you know. Can you incorporate them into your projects? People like real-world examples and expert advice. Interview your colleagues and include excerpts in your printed publications or audio products.
Keys to the success of the information product
To convince customers to obtain the credit card and buy from you, your products must meet the requirements. The following criteria:
* Credibility: Demonstrate any credentials you have in your field. This is not the time to be shy. Advertise your education, experience, awards or achievements in the area in which you specialize. Strangers will not buy from you unless you can demonstrate your ability to fulfill your promises.
* Quality: There are many information products and some are downright awful. Make sure that what you produce is of the highest quality. Written documents must be professionally edited. Audio or video programs must also be edited.
* Value: There is a fine balance when determining the price of the products. Too many infopreneurs give a price to their products outside the stadium. Verify how your competitors are pricing your products. Some prices go up the products to show the extreme value of the information they are selling. If you use this strategy, be sure to provide information that is worthwhile when paying.
* Delivery: With electronic products such as e-books and reports, customers who buy want instant gratification. Although you can email electronic products once a sale is completed, it is better to set up a system to automate the delivery process. An additional advantage of automation is that you will not have to constantly check your email to see sales notifications and, in fact, you can earn money and deliver products while you sleep.
If you are sending products by mail, be sure to set up a simplified process to send. Compare the shipping options with the United States Postal Office (www.usps.gov), United Parcel Service (www.ups.com) and Federal Express (www.FedEx.com).
* Marketing: No business can survive without marketing. You must inform the people that you are there so that you can attract them and buy from you. A solid marketing plan is essential to success with information products.
* Development: All information products must be updated. At the same time, new products must be in development and must complement other products that are available. Think about how McDonald's structure their businesses. The fast food chain is based on a basic product (Big Macs, French fries, Quarter Pounders) and presents new products throughout the year. Some products are only available for a limited time, an opportunity to test the viability of the market. The best selling products are added to the permanent menu.
If you are going to sell information products, you need a way to promote them. The first place to start is with a website. A website can reach a potential customer base that spans the globe. Your own website allows you to establish your credibility, create a database of site visitors and promote and sell your products directly.
Strategies to promote information products
* Host a website that specializes in topics related to its information products. Provide free information as a sample of what you have to offer. If you offer free information that is useful, over time you can convert many of those free users into real buyers.
* Make public speaking engagements (including workshops, seminars and classes). The experience of speaking at a seminar helps you gain credibility while acquiring valuable experience and exposure.
* Hold teleconferences to share information. Ask your colleagues to announce their events on their e-zines or on your website. Even if you are not selling your product in advance, you are exposing people to your products.
* Distribute a newsletter or electronic publication. This is a cheap but valuable way to market to your customers.
* Sell and promote additional products when someone makes a purchase. Include a brochure about your other products when you submit an item or offer the buyer a special discount on a related product at the time of purchase.
* Establish yourself as an expert in your field by being seen and heard everywhere. Participate in interviews, publish printed and online articles, and take advantage of every possible opportunity to make your name known.
* Take advantage of the media exposure. Radio is an economical way to reach many people in a short period of time. Many talk radio programs accept experts through the incoming call format. If your subject is interesting enough to reach a wide range of listeners, you can take a tour of the radio from the comfort of your home. Print advertising is also beneficial. Find news angles for your topic and contact the newspaper, magazine and television reporters.
* Create an affiliate program. Offer other companies the opportunity to sell their products and pay a percentage of each sale.
* Exchange advertisements with websites and electronic publications that reach your target market.
As you develop a plan to generate and sell your own information products, keep in mind how others are doing it. You can even buy some information products from the business owners you admire so you can evaluate the content. Learn from those who are already successful so you can emulate their success. Soon he could be generating income while he sleeps.
For additional resources on how to develop an infopreneur business, visit http://www.BusinessInfoGuide.com/infopreneur.htm .