Planning Information Products
Information products are a great way for an author to supplement their income from the sales of their eBooks. As the uptake and popularity of eBooks increases so will the number of authors who will be able to make a full time living from writing eBooks.
But for now, many still have to take on an entrepreneurial role and create information products to generate income.
Even if you do make sufficient money from the sales of your eBooks I believe that is still in an author’s best interests to produce additional information products. These products just further help in building your brand, increasing your visibility and credibility with in your niche market.
Depending on where you sell your eBooks, the margins are still small. If you sell in a major eBook store at a low price, you may still only earn a few dollars from the sale of your eBook.
If you sell on independently owned niche eBook store then you will make more. And if you sell via Clickbank you can earn very generous profit from each sale due to the high price you can charge for your eBooks.
This series of articles looks at how to create these information products as well as market, distribute and sell them via various online platforms.
Creating information products takes on a very similar process to how you plan, write, publish and distribute your eBook for sale. After all, an eBook is an information product.
The Four Main Steps Are:
Step 1: Planning
Step 2: Creation / Writing
Step 3: Marketing
Step 4: Sales and Distribution
Review of What Types of Information Products You Can Create:
- Special reports (5 – 25 page reports)
- Membership sites
- Audio products
- A paid online newsletter
- Video tutorials
- Audio interviews with experts
Here Are Some Questions That Need to Be Answered Before Creating an Information Product:
1. Starting Date
When will you start working on this product? Set a specific date.
2. Date of Release
When will you release this product? Set a target date as it will help with your marketing campaign.
3. Product Type
Will you create an eBook, eCourse, Video tutorial or one of the above listed information products.
4. Title / Name
Using the same rules and principles for an article or eBook title, carefully select a title for your information product.
5. Cost to Produce
What will the COGS be? That is, how much will it cost to create each product, even in digital form?
- How many pages will there be?
- What length will the video be?
- What is the main message you are trying to get across to the viewer?
- What unique information are you going to provide?
7. Target Market
This will often be the same as for your eBook and niche topic of expertise.
8. Marketing of Product
How will you market your information product? Use the exact same marketing system as you would do for your eBook. Include a marketing plan, strategy and identify the best technique to use for marketing your product.
- How will you distribute your product?
- Will you get others to sell it for you?
- Will it be downloaded from your author website?
- Will it also be sold in other online stores?
10. Payment Processor
How will you collect payment from the customer? Will you use Paypal, Clickbank, eJunkie …
What autoresponder will you use to fully automate the process?
Will you sell your product from your author website, blog, single sales page or from another site?
13. Affiliate Product: Yes / No
Will you allow affiliate marketers to sell your product for a commission? If so, which affiliate marketing platform will you use?
14. Software requirements: Yes / No
Will you require software to create this product? Such as eBook software, video production software, audio …
15. Price of Product
- After completing the competitor analysis what is a fair price for your product?
- Will this provide you with a profit or just cover expenses?
- What are the margins?
- Will You Offer This Product as a Bonus or Incentive: Yes / No
Maybe you won’t directly generate income from this product but use it as an incentive for signing up for a paid newsletter or membership site? Maybe it will be a free giveaway product where you place affiliate links within the product and make money from the sale of those items.
16. Tracking / Analysis
How will you track sale, marketing campaigns, and effectiveness of advertising campaigns?
- What is your primary goal for the creation of this information product?
- Is to increase your online visibility and credibility?
The planning process is a vital component in the success of your information product. Once you have a plan then you will have a ‘framework’ to follow that will allow you to be more organized and structured.
For each information product I now produce, I follow the same template for all. This makes it so much easier and takes the guesswork out of how to successful create and sell a product.