How to Successfully Create Your Own Information Products
One of the main thing you can sell online is an information product. This is because people are always looking to be informed. The truth about information product is that while some is selling an information some people somewhere is giving the same information out for free. If you prospects finds the free information, that is good and if they choose to pay for the same information, that is better. Even the information you would be reading here is free while some people will package it into an information product and sell it.
What are information Products
Information products are products which include all books (digital), reports, white-papers etc. Using the internet context, the term ‘information products’ refers to electronically deliverable, knowledge-based products. Information products are also referred to as “digital goods” and “knowledge-based goods”. If it delivers knowledge and you can send it through e-mail to the customer or offer it as a downloadable file, then it qualifies as an information product. Information products are necessarily tutorials that helps people to learn how to do what they want to do. The different types of information products are
* E-zines & newsletters
* Reports & research data
* Tutorials, courses & help files.
Why Information Products
Over the course of the years, we have discovered that information products can be created with little or no money. What you need basically is a paid domain, web hosting and a software to make PDF files. That’s it. Most information products are packaged in a PDF (Portable Document Format).
- Information products can be reproduced in any quantity – it is as simple as copying a file. Even if you sell a million copies, production costs stay zero. With information products, inventory and the problems around keeping an inventory are completely eliminated.
- With information products, shipping costs and problems around shipping are completely eliminated.
- Because information products are delivered electronically, the time-lapse between purchase and delivery is negligible.
In summary, Information products are cheap, easy, convenient and fast. The kind of thing you can create and sell all by yourself. The advantages of information products are enormous – and they can give you the edge you need to make your business a success. Hard goods have to be manufactured from raw materials using machinery. You’ll probably have to hire someone to oversee the production. You’d have to have a system for keeping inventory – and again someone to run that. You’d have to ship the products – with someone to oversee that – or outsource the shipping function to someone else. These overheads make it difficult to be competitive.
What is the Perceived Value of Information Products?
By perceived value, I mean what the potential buyer thinks the information product is worth before s/he buys it. If it’s a real book, s/he knows that it probably wouldn’t get published if it were no good. S/he knows it has been spell-checked. With an e-book, these assurances are not there. Anyone can slap an e-book together and offer it for sale. S/he also ends up with some data on her hard drive – not a book in her hands. People simply like to hold things they buy. Many people shop to feel better.
There are a couple of effective ways to add to the perceived value of information products. You could re-assure your potential customer by showing testimonials from happy customers or offer a free download of part 1 while offering part 2 & 3 for sale or offer a full money-back guarantee etc. You can also add to the perceived value of information products by increasing the price. Every product has a level of price resistance. The ideal is to find yours by experimenting and then set is just below that mark. Don’t make the mistake of pricing low because production cost is zero. Price it according to the benefits it provides.
You will need to also read the Basic Requirements to Create Your Own Information Products so as to get the full picture of this post.