At some point you'll want to create your very own Information Product that you'll sell online.
The good news is that Information Products are reasonably simple to create and unlike services, you build it once and sell it many times.
The bad news is that the perceived value of Information Products has declined recently due to an over abundance of them being given away for free to build lists.
So if you're looking at creating a simple Information Product now or in the near future there are a few things you'll want to consider before you start.
So far most Internet Marketers are only using e-book information products for their list building give aways, which means you still have plenty of other types of information products to choose from for your product format.
- Coaching programs
- Timely alerts & reminders
- Home-study kits
- Research reports
- Email magazines
- Information databases
- Subscription streams
When you look through this list of information product types you'll notice that there is an increased complexity required for the creation and delivery of these products. This is why they have managed to retain their high level of perceived value and are still being purchased when other things, particularly e-books, are in a slump.
When you think about it, it makes sense
When you've got a desperate person with a big problem they're not looking for a novel they can't even thumb through. They're looking for a solution.
That solution needs to be available in the most convenient way possible for that person. Which is why you really need to get into the nitty gritty of your target market's life.
Here's what I mean. If the people in your target market are the type of people who are always on-the-go and rely on their iPhone or Blackberry for practically everything, then whatever your solution to their problem is, it needs to be deliverable to that mobile device. Things are very different if your target market spends less than an hour a day on the Internet. For this market your solution to their problem needs to be given to them in some other way, because they aren't going to change their behaviour to suit your Information Product.
With that in mind your first step in creating an Information Product, once you know what your niche is, is to work out what is most convenient for your target market.
Investigating What Works for Your Target Market
You need to know how much time, on average per day, they spend connected to the Internet.
- How are they connecting to the Internet?
- What time of day is it when they're online?
- How are they already using their time online (are they socialising, being entertained, reading email, searching, shopping, learning, price checking...)?
You need to know how much time they can honestly allocate to paying attention to your solution.
- How often each day, week or month are they able to give you time?
- How much of their time do you need to be able to guarantee your results?
- What type of attention do you need them use (do they need to memorise, understand, listen, watch, experience or do)?
- How long will they need to make a time commitment for (several weeks, several months or longer)?
You need to know where they will be when they do have the time to focus on your solution.
- How will their environment impact on your solutions ability to get them results?
- What type of conditions do they need to be experiencing for your solution to work?
In knowing how your information product is going to fit into the everyday of your target market you'll be creating something that is easy for them to buy.
An example to illustrate the point
A stay at home mother who does the school run twice a day and takes her children to after-school activities and sports is more likely to be able to fit you into her time spent in the car in traffic than be able to create time in her long and busy days to sit in front of a computer (which chances are through lack of experience she finds confusing and therefore hates using).
When you recognise and acknowledge your customers circumstances it's easier to create the right information product for them.
For example, our mum is likely to appreciate -
- CD's for her car stereo;
- MP3's for her iPod in the car;
- SMS messages straight to her mobile;
- & possibly a one page checklist.
And depending upon how difficult their problem is to solve you can package it up in the most appropriate type of Information Product for getting a great result. It might be simple to solve and could be delivered by Alerts/Reminders via SMS, or a more complex problem may require a Coaching program.
In really getting to know your target market you're able to ensure that whatever Information Product you create it will have a high perceived value, that fits with your customer's lifestyle and makes it exactly what they want to buy.
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