5 Reasons You Should be Excited About Information Products
Imagine a cozy, suburban town in July, somewhere in New Jersey. There are two lemonade stands. One stand is selling lemonade for 50 cents. Passersby see the cute kids, buy a cup, and smile as they let them keep the change.
The other stand is giving away lemonade for free. As you can imagine, more people are stopping. Once their customers get a cup, the kids at the free lemonade stand show off their stack of cute, summer drink recipe books, $10 each. Which lemonade stand sells more lemonade? Wrong question. Which lemonade stand makes more money? Easy answer.
Like July in this hypothetical town, information products are hot right now. What’s an information product, you ask? Any piece of media that instructs, informs, or educates (like an ebook, white paper, podcast, recipe collection, etc.) is known as an information product. And they aren’t limited to downloadable files or physical media.
Paid memberships to access premium content are another segment of the booming information product business. Just think of info products as content that you have to pay to access.
In this post we’ll look at five reasons why everyone should be excited about info products in 2018.
1) Create Something That Will Sell Itself
When you’re an employee, you get paid for what you produce, whether it’s an hourly wage or a commission. As soon as you stop working, you stop making money. None of us want to work for the rest of our lives and we’d all love to work less, right?
This brings us to the beauty of info products: as soon as you create one, you can sell it forever.
This isn’t some big secret. People are still buying Think & Grow Rich by Napoleon Hill, which was originally published in 1937. However, it’s just now that entrepreneurs are discovering the full potential of taking quality content that appeals to a specific group and pairing it with savvy marketing.
Once you’ve tapped into your networks, your product can sell itself. With information products, you can produce once and be done. Instead of squeezing lemons all day you can teach other people the best way to make lemonade.
2) Teach What You Love
I love to bake sourdough bread. Not just baking and not just bread. Sourdough bread. I’m also pretty good at it. I know a lot of tips and tricks that could help other people get better at baking sourdough. While this is a pretty niche passion that not a lot of other people share (later you’ll learn why this is actually a good thing), there’s enough interest that I could create an info product about sourdough. I could bake a lot more bread, help a community of people get better at doing it, and then make the other kind of bread.
For the vast majority of us, we have work and we have hobbies. There’s little crossover. Our job enables us to do the things we really love on our time off. The amazing thing about information products is that you can create a bridge between the two. All you have to do is identify your passions, what you know about them, and who would be interested in what you have to say.
3) Become A Respected Voice In Your Field
Whether you’re a self-employed entrepreneur or the CEO of a company, information products are the most effective way to show people that not only do you know how to achieve success, but that you want to help others do it too.
Let’s say you’re an expert on the art of interviewing for jobs at tech startups. Maybe you’ve gone through this process many times and know several people who have done the same. Every day, thousands of people are preparing for these interviews and I guarantee you that the majority of them search the internet for advice. I also guarantee you that these job hunters are fed up with the countless free blogs that just scratch the surface – they want an info product, a comprehensive guide that will go in depth and make them an expert like you.
With a little strategic marketing and some free lemonade (i.e. free content that promotes your info product), job hunters will find your info product, buy it, and ace their interviews. Then you can check in with your happily employed customers and ask them to share your information product with their network or write a good review in exchange for a free copy of your next info product, How To Double Your Salary In Two Years At A Tech Startup.
See where this is going? First you leveraged your expertise, then you leveraged those who benefited from it. Utilizing your info product, you’ve become a respected voice in your field.
4) Grow Your Business (And Profit From It)
All businesses sell a product or a service, whether it’s cars, stocks, carpet cleaning, or trips to space. In each of these instances, there is some sort of proprietary knowledge, trade secrets, giving that business a competitive edge.
The very language behind this knowledge (‘proprietary,’ ‘secret’) suggests that telling anyone about it would be like posting your bank information on Twitter. But let’s think back to the two lemonade stands again. The kids at the free lemonade stand understand that their ‘trade secrets’ can be even more valuable than the very thing they’re used to create.
Ready for the most beautiful part? Selling your product or service and selling information products that teach people your secrets aren’t mutually exclusive. In fact, the most successful information marketers combine the two, creating astounding synergistic effects.
By leveraging your reputation as a respected voice in your field, new customers will come because they’ve seen concrete evidence that you’re an expert at what you do, and they’ll be eager to hire you or buy your products.
Similarly, others will see evidence that you’re an expert and they’ll want to pay you to learn your secrets. By selling your secrets, you just doubled your business and then some.
5) Attract Amazing Talent
Once you’ve established your reputation as an authority and leveraged that to grow your business, there will be people who want to help you. Many of them may be your customers, the very ones you helped grow.
By hiring them as affiliate marketers to promote your info products for a commission, you can utilize these connections to help build your community. Now without doing any more work, you have a team growing your business for you. And to think it all started with you just doing what you loved.
These are just five reasons why everyone should be excited about information products, but there are so many more. If you’re ready to get started, here’s the Beginner’s Guide to Information Products with everything you need!
When life gives you lemons, will you make lemonade or teach others the best way to make it?