Information products…what's that?

What is an information product?

If you’ve heard of information products, but weren’t sure of what exactly an information product was, read this article. Otherwise, go create and sell your infoproducts as you already know how profitable they are

An information product is any type of product that is used to convey information. A non-fiction book is essentially an information product. But in this publication, we are going to focus on digital information products, as these are the easiest type of products to create, not to mention the least expensive.

A digital information product may be an ebook, a video, an audio, a teleseminar, a report, or even a website. Today, when one hears the term ‘information product,’ they tend to immediately think of ebooks. However, this is a very limited way of thinking.

While ebooks are still wildly popular, there are other forms of information products that should be considered, as listed above. There are three main things to consider when you want to create an information product. These are the topic of the product, the platform of the product, and the content in the product.

Digital information products are very easy to create – and very inexpensive, as mentioned above. For example, if you wanted to create an ebook, in PDF format, and you were going to do all of the writing yourself, it costs virtually nothing to create that ebook, in terms of money. All that is required is time and effort on your part.

At the same time, if you wanted to create a video information product, there are expenses involved, as you need a video camera and editing software, as well as content, which may or may not be provided by you.

Internet Marketers who are new to product creation typically start with ebooks, and then work their way up the information product ladder to create more advanced products. This doesn’t mean that you can’t start with a more advanced information product, however.

Because the Internet has opened up so many opportunities, and leveled the playing field when it comes to online business, you are really only limited by either your own skills, or by the funds that you have to pay others for their skills.

While this article will not teach you a great deal of technology, it will show you what the options are, how to get through the process, and where to seek additional information for your information product. 

Choosing Topic for your Information Product

Whether you realize it or not, you probably have a great deal of information that other people are willing to pay for. Many things that we take for granted are things that others simply do not know how to do.

Take a look at your hobbies. Maybe you enjoy cooking, and you are really good at it. Maybe gardening is your thing, and you excel with all things that can be grown – or even with a particular type of plant. Maybe you know how to perform background checks online. Maybe you know how to play the guitar or piano. All of these things – and millions more – are things that other people are willing to pay to learn. You have knowledge that others want!

Of course, there is more to choosing a topic than determining what you are good at. You also have to determine exactly what people in your market want to learn, for the best results.

Make no mistake about it – successful creators of information products never create a product blindly. They do quite a bit of research and market testing before they actually create a product. Here is a formula that is used by many successful product creators:

1. Determine what interests you, and what you are good at? What knowledge do you have to impart to others?

2. Visit forums that relate to that topic. What questions are being asked? What problems are being encountered?

3. Find a couple of affiliate products that relate to those questions or problems.

4. Set up a pre-sales page for those affiliate products, and also an opt-in page.

5. Set up a Google AdWords campaign that leads to your opt-in page. This way, you can build a list while you test your market. The customer should go from the Google Ad to your opt-in page, from your opt-in page to your pre-sales letter, and from the pre-sales letter to the sales letter for the affiliate product (the merchant’s site).

6. Measure the results to determine whether there is enough interest in this topic to merit creating your own information product.

That is the formula, although many marketers will even go further and survey the list that they are building to further narrow down a topic for their information product.

For example, the affiliate product is an information product that teaches readers the notes and chords on the piano. The marketer may survey the list that he has built while promoting this affiliate product to find out whether the majority of his list members prefer to learn how to play country music or rock and roll.

With that information, he could create an information product, such as videos, that will teach people how to play the piano using either country music or rock and roll songs. It is true that by learning to read music, and to play chords and notes, the person could play any style of music that they wanted to play – but they are more interested in a particular style of music, which is what will aid in selling the product.

When you think you have a topic in mind, ask your list if this is the product that they want. In most cases, they will respond. You could even offer a discount or a free bonus product for list members who are willing to take a longer survey.

The worst mistake that you can make is in assuming that your market wants a particular information product – without testing the market or essentially asking them what it is that they want. In most cases, you will find that what you thought they wanted isn’t what they want at all.

Other marketers use search engine information to select their topic. They go by the number of searches performed during the previous month for specific keywords or keyword phrases. Sometimes this works out, and sometimes it does not. Again, it is wise to test your market.

One of the disadvantages of using the formula above is that you will spend money on your Google Ad campaign. However, if you have really paid attention to what the questions and problems are in the forums, and selected a product that addresses those questions and problems, you will usually find that the sales from the affiliate product cover at least some – if not all – of the expense of the ad campaign. You may even be surprised and make a small profit!

How long you run your ad campaign is up to you. Some marketers will only run the campaign for a few days, while others will run the campaign for several weeks, using various sales letters, various opt-in pages, or changing the survey questions, as the need to do so is indicated by the responses that they are getting.

Once you’ve chosen your topic, you are ready to choose the platform that you will use to deliver your information to your customers. 

Choosing format for your information product

Information products come in many different forms. Before you create an information product you must consider which format you will use for that information product. The format you choose depends on various factors.

One factor is how the information will be best delivered. Will videos be able to get your point across better than text? Will audio be better than text? Will information need to be added as time goes on, creating the need for a website, as opposed to any other type of information product format?

After you determine how the information will best be delivered, you must of course also consider the cost of creating that product as well.

Let’s look at the various formats, and what is required to create each one:

1. Ebook – an ebook is the simplest form of information product to create, and the least expensive. All that is required is a word processor, and a way to convert the document to a PDF file. This conversion can even be done online – for free.

You could also opt to create an HTML ebook, which requires the use of an HTML compiler, and delivers the ebook to customers in .exe format. A good HTML compiler costs about $50 or more, but some can be purchased for as little as $20.

Ebooks work well for information that can be imparted with text and still pictures.

2. Audio – Audio is best delivered as an MP3 file. There are numerous software titles on the market that can be used to record and edit MP3 files, and you may already have this software on your machine.

You will need a very good microphone. Try to purchase one that has noise canceling features. You can buy a decent noise canceling microphone for about $20. The cost of editing and recording software varies from one title to the next.

Audio is good for information that can be imparted through the spoken word, but does not work well if any visuals are required.

3. Video – Video is very popular right now, and a great way to share information. There are essentially two types of video – video that is shot away from your computer, and video that is actually screen capture video.

Screen capture video can be done with software such as Camtasia. It essentially records everything that is happening on your computer screen, and you have the ability to add audio to this as well. This makes a great information product that teaches people how to use software or how to do things on their computer or online.

Other types of video may include interviews or monologues that teach information in some way. For this, you will need a good digital camcorder and video editing software as well.

4. Website – Membership websites are still very popular. This is essentially a website that requires people to pay for access. These make great information products because they typically require the members to pay ongoing monthly fees for access, which means that they make more money than other types of information products.

While they make more money, they also require more work. You have to keep the information up-to-date, and continually add new information for your members, or you won’t be able to retain your members. Be prepared to put in lots of time on a membership website.

Tools needed to create membership websites are varied, depending on what you hope to accomplish. You will definitely need a way to create and edit web pages. You will also need some membership management application. These vary in price, features, and ease of use.

5. Report – A report works the same way that an ebook works. It is essentially a very short ebook, and includes text and possibly still pictures. Reports are often used as entry level products that are used to promote bigger products – even ebooks.

6. Teleseminar – A teleseminar also makes a great information product. These are very easy to do, but there are costs involved. You will need first to advertise your teleseminar, and provide an opt-in page for people to register for the call. You will also need to have a conference line or bridge line, and have the call recorded. When you record a teleseminar, you are essentially creating a second product. You may opt to offer the teleseminar for free, and then charge for recordings and transcripts, or use the recordings and transcripts to create workbooks that will be sold after the teleseminar.

Before you make your decision about the format for your information product, make sure that you view information products created by others, in those formats. This will help you to choose the best one for your product, and it will also give you some ideas.