By Stephanie
Chandler
When considering the
profit potential of books, e-books, reports, teleseminars and other
information products, it is important to consider the big picture.
There are many online marketers, speakers, authors and business
owners who are generating six- and seven-figure incomes with their
information products. But the reality is that it is unlikely you can
reach this level with a single $20 book or ebook.
To generate big
money with information products, it’s best to build a plan with
multiple layers of profit opportunity.
Layer #1: Low-Dollar
Information Products
E-books, special
reports, workbooks, audio recordings and other products that sell
for less than $50 are your low-dollar products. Each of these
products can attract a new audience to your business and can
generate respectable revenues. The more of these products you have,
the more income you can potentially earn. But if you want to
increase earnings dramatically, consider adding additional layers.
Layer #2:
High-Dollar Information Products
Selling a complete
program or system is one of the most common ways to generate a
high-dollar information product offering. For example, you might
bundle several audio recordings along with an e-book or offer a
comprehensive video seminar series. Whatever you do, this type of
product can be priced from $100 to $10,000, depending on your niche
and market demand.
Layer #3:
Consulting/Coaching
If you aren’t
already offering one-on-one consulting or coaching to your clients,
consider the possibilities. Whether providing coaching services to
clients or teaching people on how to run a business like yours,
there will always be a demand for consulting by experts. Hourly
rates can range from $50 to $500 per hour and more.
Layer #4: Training
and Seminars
Training classes,
seminars and workshops can be conducted in person or online. From
one-hour tele-classes and webinars to in-person events that last one
or more days, if you can find the audience, the revenues can be
fantastic.
For example, if 50
people attend your full-day seminar for $300 each, you would earn
$15,000. If you offer those same 50 people a special deal on your
product bundle for $400 and only 30% of them buy, you will still
make another $6000.
Group coaching also
falls in this category. Instead of charging $100 per hour to consult
with one client, you could charge several clients $50 or $75 per
group coaching session.
Layer #5: Recurring
Revenue
One of the most
lucrative ways to generate repeat revenue is to set up a membership
program. There are dozens of ways to structure these programs.
Consider the memberships that you have in trade associations. You
pay a monthly, quarterly or yearly fee to take advantage of the
member benefits. If you can create a program with benefits that
appeal to your target audience, the income potential can be
significant.
For example, you
could host a monthly online training session, provide regular group
coaching services or create a website that offers members valuable
tools and resources. Membership fees can range from $10 to $1000 per
month, depending on how many benefits you offer and what your market
demands.
Recurring revenue
can also come from subscriptions to newsletters, magazines, industry
reports, software programs, training programs, database access and
more.
Building a Plan that
Works
There are many
factors that go in to building an effective information product
strategy. You must define and locate a target audience, be able to
fill a need in the marketplace, set yourself apart from the
competition and implement an effective marketing strategy. But with
proper planning and a carefully laid plan, the rewards can be well
worth the effort.
Checklist for
Information Product Success
__Publish
a book to gain instant credibility in your field and to expand your
reach to a broad audience.
__Product and
service offerings meet a need in the marketplace.
__Defined target
audience who can afford your offerings.
__Sales copy details
benefits for buyers and inspires readers to take action.
__Website provides
an easy online ordering process.
__A multi-pronged
strategy for generating website traffic (pay-per-click, strategic
partnerships, search engine optimization, article submissions,
advertisements, etc.).
__High-quality
products and services. If the quality is missing, you will never be
able to leverage valuable repeat business.
__Big picture
strategy with both short-term and long-term goals.
__Ongoing marketing
strategy to continue building sales.
__Optional and
effective: Speaking engagements either in-person or online
(podcasts, Internet radio, presentations at trade associations or
conferences, etc.).
About the Author:
Stephanie Chandler is an author of several business and marketing
books including “The Author’s Guide to Building an Online Platform”
and “From Entrepreneur to Infopreneur.” She is also founder and CEO
of
AuthorityPublishing.com, which provides custom book publishing
and author marketing services for business, self-help and other
non-fiction books. A frequent speaker at business events and on the
radio, she has been featured in Entrepreneur Magazine, BusinessWeek,
Inc.com and many other media outlets. For hundreds of resources for
entrepreneurs, authors and speakers visit
http://BusinessInfoGuide.com. For author and speaker details,
visit
http://StephanieChandler.com.
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