There are only three kinds of information product:
There are all kinds of combinations for these three. We see them all the time. But these are the 3 profit generators of information marketing.
And those 3 profit generators take one of two forms:
Whether it’s the free-on-free offer for a newsletter with a report, the monthly payment of a membership site, or the hefty fee of a conference, all information products are either free or paid.
Looks pretty simple, doesn’t it? Can information marketing really be that easy?
Well, I’ve written 6 books in 20 months that have combined revenues of more than $100,000. During the same period, I’ve watched Dr. Jeanette Cates and Alex Mandossian generate large revenues with teleconference calls, and Rich Schefren has done well using video.
Yes, information marketing really is this easy.
Can we slow down the hype and excitement for just a minute?
Let’s look at an example before running out to create the next great information product. I like the hardware store owner example, so today I’m going to use Pete the Plumbing Master.
Pete knows everything there is to know about plumbing and every kind of fixture in his hardware store. And he’s not too shabby with electrical, home decorating and ceiling fans either.
Of course, Pete has also been reading my articles on Technorati so he knows your blog is the center of your social media marketing efforts. And he has taken the time to connect his blog with his YouTube channel.
(Quick Side Note: check out Technorati’s giveaway – an illustrated guide to creating social media profiles – http://www.mysocialmediadirectory.com/technorati.html.)
So the first information product Pete decides to make is a video of himself installing a ceiling fan for his neighbour this weekend.
He shoots the video, uses MotionBox to do the editing, and posts it to his YouTube channel. Then he makes a tasteful sign to put up near the ceiling fans in his store. Naturally, the sign tells customers they can watch a free installation video by going to Pete’s YouTube channel.
There are lots more videos he can make with his plumbing knowledge. But you can also bet Pete has a million Frequently Asked Questions – and the answers – stored away in his memory.
That knowledge can easily be turned into a book, and especially an e-book.
There’s a site out there called scribd.com. It’s a great place to put an e-book. Be sure to check it out.
The question Pete might have is how much to sell his e-book for. If you follow the advice of the info marketing “gurus,” they’ll tell you to price it at $29, $39 or even $69.
Tell me, why is it that we won’t pay more than $14.95 or $19.95 for the exact same book in paperback that we’ll pay $69 for as an e-book?
My recommendation is that Pete sell his e-book for $5 or $7 and talk it up in all his social media groups. You can bet your boots that people will start talking about his book when they see the incredible value.
Which would you rather have? A $39 e-book that a few hundred people buy, or a $5 e-book that a hundred thousand people buy?
I’m interested to know which one you’d choose. Write a comment and let me know.
While you’re at it, let me know if you’re interested in learning how I wrote 6 books in 20 months. Those books have generated more than $100,000 in revenue, and got Morgan James Publishing to publish my latest book.
I’m thinking about re-opening my coaching program in January and want to know if you’re interested.