5 Tips for Entrepreneurs Creating an Information Product

One of the most popular ways for entrepreneurs to make money today is by creating an information product. If you have an interest in doing this yourself, then there is a tried and true method that will help you achieve success.

  • Identify a Need

One of the problems most new entrepreneurs face is creating a solution to a problem that doesn’t exist. You need to identify a need that people already have. Once you have found it, though, you still aren’t ready to create the product.

  • Perform Market Research

Now that you have identified a need, you want to take the time to research the market opportunities. You are specifically looking for publications, web forums, radio stations, and other media sources that tie these individuals together. For instance, if you have identified the need to create a product on raising Tiger Oscars, you would want to find web forums, Facebook groups, and pet conventions where you could advertise your product.

  • Review the Competition

Sometimes there won’t be any other products in the niche you have identified. If so, you might be creating an information product that doesn’t actually have a market. You may want to go back to step one and start over if you can’t find competitive products to review.

It’s a good idea to purchase these products and study them thoroughly. Find out just what the creator of that product did. Then, take a look at what other people are saying about it on the web. Did they find it helpful? Did they find it horrendous? List everything they liked about it and everything they didn’t.

Once you have this list, you are ready to start creating your product.

  • Create the Product

When you create a resource to sell you can do it a number of ways. The least expensive is a simple digital book. You can create this yourself for no cost or outsource the work (through sites like Elance, Freelancer, or oDesk) very inexpensively.

You should be sure to create a product that provides the information the market wants and nothing more. Going back to our example on Tiger Oscars, you want to provide information only on raising that fish. Avoid other species entirely.

Being focused like this doesn’t mean you should skip the basics of the topic. You would want to focus on setting up a tank, what equipment is necessary, and anything else a beginner would want to know. You should assume that the reader will have no experience with this subject at all, but that he or she is only interested in this one, specific thing.

  • Use the Sources Found in Step 2 to Sell Your Product and Create Your Own Media Outlets

Once you have created the product, you want to start contacting all of the media outlets you identified in the second step. Once your product starts selling, you should do everything you can to keep in touch with your prospects through an email newsletter, mailing list, web forum, or blog.

You want to do this so that you have multiple opportunities to expose them to your information product, as well as having a source to sell new products to in the future. This gets rather advanced, but there are some readymade solutions that can help you accomplish this.

How Can You Sell the Product?

The best way to sell your information product is through services like ClickBank. There are dozens of them out there, and you should do your research to find the one that works best for you. These companies charge a small fee to place your product in their catalog. They then serve as the payment processor for individuals looking to purchase your product.

When a client buys your product, the payment is made to the marketplace. The funds are then transferred to you. The marketplace provider also processes any refunds and helps with arbitration between the buyer and the seller. They charge a small fee for each sale.

The beauty of these systems is that others can then sell your product as affiliates, helping you make money from sales you never even expected. It is a quick way to creating an informational product that brings in big money in no time at all.