When I was a kid, I couldn’t wait for the Lillian Vernon catalogues to arrive in the mail. Each page was chock full of items that had no real purpose other than they were fun to look at and buy.
As I thumbed through the pages, I wasn't dreaming about what I wanted to purchase (at fourteen, I didn't have much use for monogrammed teacups and dishtowels). I was picturing how utterly cool it would be to have a mail order business where every day checks arrived, as if by magic, in my mailbox.
Fast forward thirty-plus years and I STILL think it's utterly cool to receive orders. This is why I created an information product in the first year of my success coaching business.
What I've learned business coaching is that practically any business can create an information product. All it takes is branding, creativity, and an eye for how to turn what you do into a marketable product.
The other thing I've learned is that if you don't have an information product yet, now is the time to focus on creating one.
Why?
Here are my top 5 strategies for how you can use your own information product to create a straight "as-the-crow-flies" line to putting more money in your pocket.
Strategy #1: You're now THE expert.
Nothing catapults you into expert status faster than an information product. The reason is simple. Now you're an author and an author is an authority.
Once prospective clients find out you're an author, they immediately believe you're worth more and will seek you out for speaking and interviews, as well as purchasing your services.
Here's a business coaching tip: you don't even have to wait until you have your product to say you're an author. You can start adding, "Author of the soon to be released XYZ Home Study Course" to your email signature and other marketing materials. This WILL get you more business and instant prestige!
Strategy #: 2 Give away your product.
I know, this sounds like a backwards way to make more, but it works. Giving away your product to the right people can get you media exposure, speaking gigs, requests for interviews and new clients.
The key to making this strategy work is: don’t be chintzy! Your product doesn't cost that much to produce, yet the lifetime value of a client is worth thousands of dollars. I've sent my book to magazines for reviews, given copies to key people I meet, sent it as a "thank you" to guests on my Ask the Expert Salon teleseminars , donated it to charity auctions, and given it to different businesses to have in their waiting rooms.
I recommend that my success coaching clients set a goal to give away 100 copies of their information product. It's tangible, valuable marketing that costs little and pays off big time.
Strategy #3: Bundle your product with other services.
Once you have an information product, you can use it as a bonus to another service, or you can make owning it a prerequisite for your high-priced workshop (see #4 below.) Either way, you're leveraging your product to help sell more expensive services.
Strategy #4: Create a signature workshop or training program around your information product.
Just because someone buys your product doesn't mean that's all they want. In fact, statistically, you'll have an easier time selling your more expensive workshops or programs to existing clients than to strangers.
For example: my book, Brilliance Unbridled, nearly paid for itself in the first three months of publication. Success coaching clients began signing up for both private and group HorseWise Brilliance Unbridled -- just from reading the book.
Strategy #5: Get others to include your product in THEIR training, product, or service.
A few years ago, my Marketing Makeover Kit was included in a training program for interior re-designers. The training organization purchased copies in bulk from me every couple of months.
I passed this business coaching tip to a colleague who immediately implemented this strategy. Now her eBook is included in the new-student package for a monthly training program. Not only is she making money on the sale of ten copies of her eBook each month, she's been asked to speak at an upcoming training event.
Did you notice that none of my top five strategies included selling your information product? Of course, selling your product is an excellent way of bringing in the bucks, but I wanted to prove how lucrative an information product is, even before you sell your first copy!
Article Source: http://www.isnare.com/?aid=201344&ca=Business
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