Passive Revenue: Repurposing for Profit (Part 2)
In my last article I posed the question whether you had ever wished that you could take that extended "staycation" (where you can take precious time off in your own city) and actually enjoy the summer while still earning income? Or, if you've dreamed of living somewhere else for several months of the year, but can't yet afford to retire?
If you enthusiastically squealed "yes!" and you own a laptop, you have everything you need to run an info-product empire!
But – and here's the caveat – you must know how to create a product that people actually want and will buy. Not knowing what you don't know can cost you hundreds of dollars and hours of frustration; something I don't want you to experience!
First, let's define exactly what an information product is. I'm happy to tell you that it can be just about anything that you can imagine and create, as long as it's from your knowledge and expertise and can be delivered to 5,000 as easily as to 50. It could be a home study system, a tool-box, an e-course, a series of teleseminars, an e-book and/or manual, a series of article or interviews, cds, videos…the list is endless.
As promised, here is my short-list of do's and don'ts to keep in mind when creating leveraged packages and programs that can provide you with a six-figure income:
1. Do choose your information product niche carefully.
Don't create a home study or packaged program (or teleseminar, or anything else) that is already being addressed en masse. Do look to create an information product that has high demand and low supply. For example, there are a lot of programs available on how to market your business and attract new clients. So there is high demand and high supply (not good). However, upon doing my research I discovered that there's very little, if anything, directed toward the Fifty-Plus and Fabulous woman who in starting a business in the second chapter of her life. As a result, my company now speaks to that market.
2. Don't over think it!
In my experience working with entrepreneurs, they tend to over complicate the process of creating an information product, thereby holding them back. If you can speak into a recorder or write about your passion and expertise, it's very quick and easy to produce a simple binder and CD-type product.
3. Do have a professional graphic designer design the packaging of your product.
Nothing says "amateur" like having the front cover of your info product look like you did it yourself – even if it's a simple e-book. Just like when you meet someone for the first time, your creation never gets a second chance to make a first impression. Do produce something that is attractively designed (ideally branded) that makes people want to buy.
4. Do rebrand and re-launch your info product every year or two.
You do this by including new information that you didn't have in version one, therefore making it more valuable. This also allows you to put your price up if you want to. You want to make sure that the customers who bought your previous version get a PDF of the updates, free of charge. They don't usually expect that and it surprises and delights them! Remember, it's from your "wowed" customers that your referrals come from.
5. Do consider including a component of your product that has to be purchased each year.
For example, an info kit for writers would typically include a directory that you publish and update each year. This would be different than making that update available for free as in #4. Your info product might typically sell for $297 or $397 and they'd purchase a new directory each year for $99.
6. Don't over or under price your info product.
Here are some examples of what would be typical (but by no means exclusive):
· $297 – 5 cds and 1 binder
· $497 – 5 cds, 1 binder, and a workbook
· $997 and up – 10 cds, 2 binders, and a workbook
7. Don't just create your information product and then put it out for sale!
To be successful, it's important that you follow a proven step-by-step pre-launch cycle.
First, announce it and tease in your ezine, on your website and in blogs. Then, be sure to direct them to your sales page and start taking pre-orders. Next, you want to conduct interviews and do teleseminars to share free content but that also previews your upcoming product. That in turn, leads to you "sneak previewing" the product, which if you have affiliates, will encourage them to promote for you. Finally, you want to announce your product launch to your own list and then, and only then, would you go into flat-out launch mode.
8. Do consider hiring a mentor…
…to teach you the finer points of creating and launching a successful product launch. As long as you know you have something worthwhile to offer, the money spent on coaching as it relates to the profits you'll receive from a good info product (not to mention sharing your gifts and talents) represents a very high return on investment.
I hope this has been helpful and that you'll be inspired to create your own info product that allows you to get your message out in a big way, as well as provides a limitless source of passive and leveraged income to compliment what you're doing day to day.
Until next time, remember to market authentically and attract new clients by design!
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