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Why Does Information Make Such Ideal Products?
By Marty Foley
It's an established fact that many of the most successful
direct marketers sell information products in various formats.
Here are several advantages of information that make it such
an ideal product:
Uniqueness
Any direct marketer worth his salt knows that the best
products for direct marketing are unique, or at least not
easily available elsewhere. Copyrighted information products
that you've created fit into this category. When you have
exclusive rights to a product in this way, you have your own
little 'monopoly'.
Granted, an information product you create may be not be
fully unique in that the same subject may be addressed in
other information products, but copyright laws give you
exclusive control over products you've originated. To get
your unique delivery of the information, people must go
through you - directly or indirectly - to obtain it. Either
way, you profit.
You Get More Profit From Products You Control
While selling other people's products has it's advantages,
it's less profitable than products you create or otherwise
have exclusive rights to (such as by purchasing the rights
to a product someone else has created). You get only around
40-60% of the profit from other people's products, but 100%
of the profit from products you control.
Potential To Bring You Income For Years
If you create a sought after product that meets the wants/
needs of a growing market, update it periodically to keep up
with changes in the field, and continue marketing it, it's
possible to continue earning income from it for years after
creation. For example, I created my first major info-product,
an audio program entitled: 'HOW TO GET MORE DONE WITH
LESS TIME AND EFFORT: A Streamlined Time Management
Course' back in 1993, and it is still profitable today.
Similarly, information products you create and copyright
are yours to profit from for life, or until you decide to
sell the rights to someone else.
Inexpensive To Test
It's an unfortunate fact that of the countless information
products introduced into the marketplace each year, most
fail. While there are tricks of the trade for increasing
your chances of information marketing success, as I reveal
in Information Gold Mine, it's risky to invest much time,
money and effort in a product until it's a proven seller.
Fortunately, there are ways to test most types of
information products on a small scale before investing much
of your precious resources in them. Some types can even be
produced one at a time, as orders are received, eliminating
inventory. This means you can test the saleability of a
product with little risk. By minimizing your risk and
learning as you go, you'll be better able to absorb your
mistakes and endure until successful.
Easy To Store And Handle
Information products are compact in size, so they don't
require much storage space. They require no special care,
and hold up comparatively well under rough shipping and
handling.
Inexpensive To Ship
Information products are lightweight, and the Postal
Service even allows a special reduced shipping rate for
certain types of info-products.
If sold over the Internet, everything - from promotion, to
shopping, purchase and even delivery of the product - can
be done electronically, without any shipping expense. No
fuss, no mess.
Once You've Struck Gold With One Product, You Can
Continue Mining It For More Gold
No matter what goal a product is designed to help your
audience achieve, or what problem it's designed to help them
solve, there are additional related goals/problems within
their field that they want to achieve/solve. One of your
jobs should therefore be to find out what these are, and
then find or develop other products designed to help your
audience reach these related objectives.
The most profitable products to add to your line are, of
course, those you create. Fortunately, developing new
related products doesn't mean you always have to create
entirely new material starting from scratch. Once you've
struck gold with one product, you can continue mining it for
more gold by re-packaging and selling it in other formats.
In practice, this means:
*One book can be broken down into several Special Reports,
audio tapes, videos, etc;
*Several related smaller products (such as Special Reports)
can be grouped together to form the foundation of a new book
or other major information product;
*A chapter or section of one product may be expanded later
into yet another major information product, etc., etc.
Information Products Have Built In Promotional Capabilities
Here are two ways information products have built-in
promotional capabilities:
1) Excerpts of info-products you've created can be used as
articles to promote sales of the product itself, as well as
other related products or services.
2) A catalog included in a printed information product you
create (what I call an in-product catalog), is a smart way
of using each to promote everything else you offer. The cost
(which is very minimal anyway) is included in the production
cost and passed on to your customers.
What I especially like about an in-product catalog is that
it's kept for as long as the product is kept!
If a product doesn't lend itself to including an in-product
catalog, (such as an audio or video tape) you can at least
include a message within it inviting your audience to
contact you for details on other products/services they can
benefit from.
Both of these methods are effective ways to slash the cost
of acquiring new prospects and selling more to previous
buyers. Can you think of any other type of product with such
built in promotional capabilities?
As we've just considered, there are many reasons information
makes such ideal products. If you compare these advantages
to other types of products sold through direct marketing, you
will see that information makes one of the most ideal
products of all time.
Resource Box
Article by Marty Foley, author of Internet Marketing
Goldmine: http://profitinfo.com/catalog/v3.htm?rb.
His ProfitInfo Newsletter reveals proven, often overlooked
strategies to build your Internet profits now: Subscribe@Profitinfo.com
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