It is said that product creation is one of the best ways to build a business if you are serious about creating a lasting business that generates recurring income.
Creating an information product is not as difficult as many people believe.
Moreover, you may even be able to create a quality information product faster than ever with the pace of change in technology today.
Information products can be something like an article that helps instruct people in the proper techniques of doing a task better, faster. These articles are then compiled into an eBook and sold online.
You can then turn this very same information into an audio or video information product.
Quite simply there is no shortage of possibilities for creating high-quality information products that you can sell, which makes this business quite profitable, provided it is done correctly.
Creating information products is usually done in a variety of formats, either individually or as a range of products to add value for the consumer.
The standard format for product creation is usually articles turned into PDF files. However today we have interactive videos, powerpoint presentations, podcasts, audio files, live internet seminars, teleseminars, etc.
Viral products which are products that encourage consumers to spread the good news about it or give it away to their friends for free have become more prevalent with the increase and popularity of social media.
Also extremely popular is PLR or private label rights.
This type of product allows users to brand themselves as the author of the products and sell them again and keep 100% of the profits.
A similar product is also products with resell rights, meaning the user can resell the product and keep 100% of the profits, but cannot change the contents of the products. These PLRs and resell right products come in various formats nowadays – eBooks, videos, audios etc.
This usually gives products a higher perceived value because users are getting something real instead of just downloading off a site. Increasingly membership sites are offering a monthly hard-copy magazine as a method of strengthening engagement with their audience as well.
As product creation evolves, producers are using more and more unique ways to sell their products.
One common example that has become more of a standard in recent times is with the structure of the sales funnel.
Creators might begin with charging a low price on their front end, and then charge a premium price for a one-time-offer (OTO) or back-end after the user has made a purchase. There might be one or two offers in the funnel called up-sells or down-sells.
Some even offer bonus gifts and incentives to entice customers to buy their products. Many internet marketers offer free trials or 1 dollar trials, and the user only has to pay the remainder after a week if they are satisfied.
One method that is extremely popular right now is also exclusive membership rights. Membership sites are a good way to retain customer loyalty and gives marketers more opportunities to sell their products.
As has been the case since the beginning of time, it is more cost effective and smarter business to be able to sell to an existing audience than to continuously be sourcing and enticing completely new customers.
If you are not confident with creating your own product or feel you lack enough authority to be teaching other people or offering your own information products there are a couple of ways you can get around this.
The first is to outsource the creation process and get others to do all the work for you. This can be beneficial if time is restrained.
The second option is to partner with someone else. This is often referred to as a joint venture. Ideally you want to create your product with someone who has greater knowledge than yourself. That said you MUST be able to contribute to the partnership as well!
What you could offer to do is package the solution, put up a sales page, write the sales copy, and drive traffic to the sales page.
A good example of this is you find an expert and interview them. Ask questions. Get the answers.
Then, all you have to do is package the solution, get it online, sell it, and split the money with your JV partner.
Simple as that.
This can be a great way to break into new niches.