Information Product : How It Is Made
The first thing a friend and I created was an information product called the Metastock Programming Study Guide, which explains a particular charting package, a piece of software called Metastock. It was our first product, it was a physical product just like the SEO products we have now. It took us probably about six months to write.
We sold it. That was an early learning for me. Info based product are examples of the best products that you can sell. Regardless of what business you’re in, it’s often a good concept to see where can you create information based product in your business. How are you able to create DVDs that teach folks the correct way to do things? How can you create manuals because they are amazing supplements to the core business that you are already doing.
They’ve got superb margin. Often an information product might cost $10 to make but possibly you could sell it for $200. As an example, the Metastock Programming Study Guide, we sell that for $297 but it potentially costs us $30 to actually create and then fulfill and ship. There are good margins in it. It’s very scaleable too. It is not dependent on my time. A large amount of folks when they first starting small business, they are capped by how much work they can do. There’s only a little work that you can do when it’s contingent on you delivering that service. BTW, our small business small business internet marketing reviews might be useful to people who are just beginning.
So you start off delivering the service, getting the cash flow right, it’s really important to make sure you get your cash flow right. But then you need to start to think about how can I start to create these information based product or other streams, it doesn’t even have to be info product but basically create income that can be generated through selling of something that isn’t necessarily dependent on you.
So we made the Metastock Programming Study Guide. Then we ended up, it was potentially just before I was twenty, we toured around Australia and did conventions in every one of the different states. The final one we recorded and made DVDs, so that was our second information-based product.
So for me, this product was great, it sold really well in our immediate community. A lot of people picked it up and we were getting some great feedback from it. Then my next lesson came when I started to realize the sales started to slow down. Then I realized, it was a little bit of an aha moment when I realized the money really is in the marketing even before I before I became an internet entrepreneur.
You may have that amazing information product, you can have a great service, you may have people rabbiting about it but unless you get the word out far enough to new folks, then you’re not going to make any money. It must get in front of the right audience. That is when I realized the money was in the promoting.
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