Let’s get the truth out: Unless you’re writing the next Harry Potter book, one product probably won’t make you rich.
Instead, you need to focus your efforts on creating multiple products (including some that you can sell at a premium price).
Here then are the three keys to making your fortune as an information publisher…
1. Create Backend Offers
Most of the world’s most successful information marketers all have one thing in common:
They set up sales funnels.
That means they draw people in with low-priced offers and then sell more products and more expensive products to their existing customers.
Simply put, it’s a lot easier to sell something else to an existing customer than it is to find and persuade a new customer to buy something. And that means you should create a myriad of related offers to sell to your customer base.
Example: Let’s suppose you sell marketing information with a focus on traffic generation. You might start with a simple $10 product that teaches people how to use Facebook to pull in traffic.
Then you might offer items like a series of other $10 or $20 products about other social media techniques; $47 product about search engine optimization; a $97 product that covers offline tactics; a $500 home study course that covers most of the major traffic-generation tactics in depth… and so on.
2. Vary the Format
In addition to offering related offers to your customers, you should also vary the format of these products.
You could offer products like:
- Ebooks
- Reports
- Multi-part ecourses
- Membership sites
- Teleclasses
- Online workshops
- Videos
- Audios
- Offline workshops
The reason for varying the format is twofold…
First, different formats tend to have different perceived values, meaning you can charge more. For example, you can generally sell a video for more money than an ebook, simply because the video has a higher perceived value.
The second reason for varying the format is because people learn in different ways. Some prefer to read, some prefer to listen, some prefer “hands on” learning and some prefer to watch a video. Also, some prefer to get all the information at once, while others prefer you to spoon it out to them. As such, varying the format helps you attract different types of customers.
3. Command Premium Prices
There are several ways to command premium prices for your products, including:
- Offering them in a format with a high perceived value, such as videos, workshops, personal training or physical products.
- Offering advanced courses.
- Creating a USP (unique selling proposition) that allows you to command premium prices.
Example: A doctor can likely charge more for a “how to cure migraines” product than a marketer who doesn’t hold that sort of qualification.
Now here’s another way to get a premium price: License your content to other marketers. That means you allow other marketers to resell your content and keep all the profits.
Why would you do this? Two reasons:
1. You can make cash fast. That’s because a product that sells for $100 to your customers could sell for $1,000 if you include resell rights and sell it to other marketers.
2. You make a residual income. If your product includes links to backend offers, then you make money on the backend. Indeed, you’ll make more money on the backend then you do selling the product yourself, because now you’ll have anywhere from 10 to 100 or more other marketers selling the product for you.
Summary
One product probably won’t make you rich. But a sales funnel full of related offers in different formats – some of them with premium prices – will put you on the path to wealth!
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