Creating your own information products is one of the most profitable ways to generate income on the web. But people often make mistakes that keep their earnings low or prevents them from making any money at all.
Here are 3 mistakes to avoid when creating information products that will not only help boost sales but will give you the confidence you need to get your product off the ground.
Dropping an Idea Because It’s Been Done
I hear this all the time. Someone has an idea for an ebook but because there are other products already on the market, they drop the idea. Big Mistake!
Your sales result from the buzz that goes on around YOU. Those other products have their own marketing connections. For every person that creates a product, whether there are 100 more just like it or not, there is enough business to go around for each of them if they can create their own buzz.
That’s really what internet marketing or any marketing is about, creating your own circle of followers, customers and buzz. That marketing circle around you is your business. It doesn’t matter about the similar products that some other person is selling, your customers and followers may never hear about them, but they do know about you. That should be your focus.
It’s also important to realize that people often buy the same information from different experts. Have you ever done that? I do it all the time. Sometimes it’s just to see the common thread that runs through each product, sometimes I just like getting different ideas and opinions.
Your product is uniquely you, and if people like what you have to say or what you stand for then their curiosity will peak and they’ll buy from you even if there are other similar products on the market.
So if your idea has already been done, don’t let that stop you. You can always take what’s out there and do it better, and that’s a sales strategy you should capitalize on.
Pricing Your Product Too Low
Price your products for what is fair and relevant to the value being offered. Never judge what others are willing to pay. You should be pricing your products in terms of great content and the value being offered.
Often times price can be a perception. The higher the price the better the value. But be darn sure that your information product delivers on what you say it will. A hyped up sales letter that doesn’t live up to its promises is sure to destroy your reputation as well as your sales.
A good rule of thumb is to take a close look at the knowledge contained in your product and think about what you would consider valuable if you were buying the product yourself.
Not Getting Others to Promote for You
One of the best ways to catapult sales and traffic is to develop an affiliate program for your information product.
One reason folks shy away from the affiliate concept is because they want to keep 100% of the profits for themselves, and you will for the sales that you make, but what happens when you have multiple people promoting for you? Of course you’ll have to pay them a commission of the sale but overall you’ll be making much more.
Here’s an example. Let’s say I make 1 sale a day with my $47 ebook. That’s $329 a week. But let’s say I have 5 affiliates, each also making one sale a day. If I pay my affiliates 50% of the sale, then for each sale they make I get roughly $23.50 a sale (minus fees if any). So what’s happens to my sales? I’ve now made about $822.50 a week, and that’s just from my affiliates. Big difference from $329 a week.
If your information product is making sales at all, you’ll want to think about introducing an affiliate program at some point. You’ll have so much more potential for boosting your income even with paying 50% commission to your affiliates.
Have you tried to sell an information product? Please let us know what has worked for you in the comments below.