The creation of your first info product is a huge first step toward implementing multiple streams of income in your business. It means that you have something to sell prospective customers to “size you up” as they consider purchasing your services, that you can sell something 24-7 from your website that demonstrates your expertise, and that you’re well on your way to creating a passive revenue stream for your business.
Your process doesn’t have to be as detailed as I’ve outlined here, but if you want to do a thorough job in the creation process, I suggest that you embark on all the steps.
1. Solution to a Problem. The best-selling information products provide a direct solution to a major problem of your target market. If you’re a professional organizer, the problem might be how to clean and store and organize holiday decorations so that they can be easily found and used from year to year. If you’re a weight loss coach, the problem might be how to stay motivated when you’ve hit a weight loss plateau. Jot down some of the primary problems of your target market and the process by which you help your clients resolve these issues.
2. Determine Your Offering. Info products come in all types of formats, from ebooks to ecourses to recorded teleseminars to podcasts to special reports to CD and DVD sets. Take stock of your target market and determine what format would best fit their lifestyle. Are they virtual business owners who work from home at their computers for most of the day? Then an ebook or ecourse would probably work well for this group. Are they busy executives who travel frequently? Then you might consider a portable audio format. You can also combine formats to appeal to a variety of learning styles or lifestyles.
And, of course, cost is a major consideration. Do you want to create a physical product that has to be shipped, or would an electronic download work? There are much greater costs on your end to produce a physical product than an electronic one, and you also have to deal with product fulfillment as well if you choose to sell a physical product. I tell my clients to start with an electronic version and test it out, and if it’s successful, move to a physical product, which has greater perceived value in the eyes of consumers.