After spending the past few issues talking about mistakes entrepreneurs make creating and selling information products, I thought maybe it was time to talk about why you want to bother with this whole mess to begin with. Well, let me give you 5 reasons why you want to add information products to your business:
1. An additional income stream. If you’re just making money selling your services, adding information products gives you a passive or leveraged income stream. It also can help stabilize your cash flow. If you’ve been in business for a few years, you notice there’s an ebb and flow to sales — offering a variety of packages, products, services, etc. helps minimize those cash flow “ebbs.”
2. Options for your prospects. If the only way your prospects can invest with you if through your services, you’re limiting yourself. Some people aren’t going to want to invest in your services — either it’s not right for them now or not right for them at all. But an information product may be exactly what they want. However, if you don’t have one to offer, you’ll lose the sale.
3. A way for your prospects to “try” your services. Sometimes your ideal clients need to “test you out” before they invest in your full services. An information product lets them do that — they can go through your product and if they decide they like what they see, they’ll take the next step with you.
4. Options for marketing. If you have information products, it opens up doors for you. You can sell your information products on teleclasses, you can sell them at the back of the room for live events, you may even find other opportunities falling into your lap. It’s amazing how much you can expand your marketing once you have an info product to sell.
5. A way to uplevel your entire marketing. If you have information products you can do things like have a product launch (or relaunch) or a sale. And every time you do a launch or a sale, not only do you have the opportunity to make money right then from that product, but you’ll also gain visibility, grow your list, and probably sell your other products and services as well. Best yet, the more launches you do, the more you’ll see your overall business grow.
Info products can be a great addition to the other programs and services your business offers. But, remember, none of the above 5 things just “happen” — you still need to take the time to properly market and create them. They’re not a magic bullet but over time, they CAN transform your business.