Knowing what types of information product you can create, will make it a lot easier to create an information product faster that can produce passive income for you sooner.
There are many different types of information products. Depending on who you talk to, people think some products are not information products, and some think the same products are info products.
Lets define what an information product is.
Here’s my definition of an Information Product:
[typography font=”Cantarell” size=”24″ size_format=”px”]Any digital/consumable product which teaches, facilitates, or helps people solve a problem.[/typography]
By consumable, I mean anything that can be a DVD, CD, physical books, physical product people can use to learn to solve a problem.
Digital just means online video, ebooks, audio, phone calls, tele seminars, webinars, and whatever on the internet.
And what do I mean by solve a problem? It’s a very broad saying.
Basically, anything that helps someone get to where they want to be. For example, I want to be a better golfer. If I read a golfing book, the book can help me become a better golfer. Bam, problem solved.
Now, lets dig a little deeper and talk about the two types of Information Products.
There is the passive Information Product, and there is the active Information Products.
The passive Information Product is something you create once, and put it in a sales funnel or sales page that people can buy whenever they want. This is what you want to create passive income.
The active Information Product is something which requires your active engagement to make money. This would be coaching, seminars, webinars (not automated), and other stuff which needs you there.
Now, one of the best techniques to make a passive Information Product is to create an active Information Product like a seminar, record it, edit it, and distribute it online.
You can do the same with webinars and other types of active Information Products to make passive Information Products.
Active Information Products are great for researching your niche and information product market. A niche is basically a segment of the market (the consumers of your product) that you are targeting.
Here is an extensive list of different type of information products for both categories:
Passive Information Product:
Podcast Series (finished)
VIP (Video Information Product)
Teleseminar Series (finished)
Email Auto Responder Series
Membership Websites (automated)
Active Information Product:
Live Internet Streaming Video
Email Broadcasts Series
Membership websites (updated)
These are just different types of Information Products.
For each type of Info Product, you can create different types of them and even combine them.
For example, in a Video Information Product, you can create a 12 week coaching program (like I’m doing), you can include over 200 videos, some audio recordings, and some ebooks.
You can also include webinars you already recorded in the VIP and other stuff. It’s not limited to just videos in your VIP.
There are honestly a ton of different types of Info Products you can create.
It can be overwhelming.
It might be best to start small, with a 30 page ebook for sale at $37, and then move onto other projects.
Or start big and create a 15 week Video Information Product and sell it for $497.
The best thing you can do before you start any information product, is market research.
I’ll cover market research over several different blog posts.
Once you develop the expertise in the skill of content creation, marketing, and information product development, making money and creating value after this becomes easy and systematic.
When you create value for someone, they will want to pay you for it. Value might be organizing information so they don’t have to search for it or teaching them skills no one else could teach them.
An argument against information products is this:
[quote]With the internet, I can find the answers to everything I want, free, why would I or someone else buy a product someone else makes when I can get it for free on the web?[/quote]
This statement is absolutely true, you will find most of the information you may look for on the internet, but do you remember the last time you used google to find something a bit complicated? Like how to solve a specific math equation? Or thorough instructions on building a house from scratch?
I just recently researched how to change hyperlink text color on a website, had to change my search a few times before I found out how to change a specific link instead of a whole page.
Here is something which is inherently true, people are lazy. If someone’s time is worth $25 dollars an hour, and they could pay you $97 to save them 30 hours of research, 80% of those folks will buy.
I have a good friend. He would never ever buy anything online that isn’t a physical product, and even when he buys physical products, he spend days, sometimes months researching the BEST deal. He values the $20-80 dollars he saves on a product over the 30-60 hours he spends researching it.
We call these folks who try to find the best deal with as much research as possible, optimizers. A lot of the time, even after they get what they researched and spent tons of time on, they are unhappy with the product when they find it somewhere else cheaper, or a new model comes out.
They will not buy your information product, and you really don’t want to sell them anyway, they are the annoying 20% with lots of demands.
Now the folks who spend a less time looking for the best computer speakers, the best computer, the best TV, they usually find what they like, buy it, and are happy with it until it breaks. They realize their 30-60 hours of time is more valuable than the $20-80 dollars they would save on a buy.
These are the folks who want to buy your product because you will teach them something they want to learn and they don’t want to spend dozens, hundreds, or thousands of hours researching whatever you are an expert at.
[typography font=”Cantarell” size=”24″ size_format=”px”]Becoming an Expert[/typography]
Right now you have a skill you are an expert with. You are better at this than everyone you know. You’ve spent more time doing this, and have become great at it for years.
This skill you have might be helping someone calm down, making someone smile, learning anything fast, knowing how to get someone to buy your product, typing really fast, reading fast, playing computer games, and loads of other stuff.
With these skills and a bit of work, you are on your way to creating your information product to help other people.
We didn’t become great with our best skill in one day. We spent months, years of our lives learning how to do what we do. We are going to spend more time learning how we can help other people in whatever way we can.
To become an expert at something valuable to your customers, it takes consistent:
Do you want to become an expert or genius at something?
Have you ever heard of The Beatles? If not, well, they are a band, from England, most likely the famous band in the world. The band is no longer together (for decades now) and their music still influences many bands in the world. They recently appeared on iTunes in 2010, you know that music store, and well, they are selling more CDs and songs than many of the most popular band’s today.
Personally, I think they will not beat Lady Gaga’s sales for a while, she is a genius at doing what she does which is entertaining people.
They appeared on the scene of music, out of nowhere to most people in the 1960’s. Bam, British invasion, they become really popular in the United States and the world. For 10 years they dominated the music scene.
You know all those girls that scream at those N’sync and Back Street Boys concerts? Well The Beatles had more than them.
Brother’s and sisters, they were genius’s at creating music people loved. It wasn’t an accident. Some folks say The Beatles were born with talent. That is pure CRAP.
Many folks say a person is talented as if they didn’t work hard to become talented. It’s very super rare for a person to pick up a guitar and just play awesome music everyone loves (though this DOES happen).
It’s been estimated it takes 10,000 hours of practice to become a genius at anything. Here is my take on being an expert, it should take 20% of the time to get 80% of a subject down. If you spend 100% of your time learning 80% of 5 subjects, you’d be an expert at 5 subjects.
The Beatles spent at least that many hours, or more playing in clubs, bars, and wherever they could for 10+ hours a day. For a few years straight they did this BEFORE they hit it big.
What did The Beatles learn in the 10,000+ hours of practicing music? They learned what type of music people liked, they learned how to play as a band together, they learned what sounded good, they learned how to pleasure the ears of the people in the crowd, they learned how to make women go crazy, and they learned how to be genius’ at music.
Now, 10,000+ hours seems overwhelming, and it is. It would take you 417 days without sleep and focusing on what you were doing straight, to do the 10,000 hours.
Let’s make it more manageable. We’ll work for 6 days a week at 8 hours a day. It’s bout 313 days of 8 hours a day for 2504 hours a year. To get to 10,000 hours it will take a little under 4 years to become a genius. It will take less than a year to be an expert.
Now 4 years might seem like a long time, and it is in the short-term. BUT, you already have an awesome skill you spent so much time on, so now you only need to practice consciously.
You may have already spent 5,000 to 8,000 hours doing your skill, so it will only take a little more time to be a genius. You are likely already past expert hood on your skill, so congratulations, you are already an expert.
To become an expert in information products, well, it’s a broad reach. Lets say you want to become an expert in creating weight loss programs, whether through video, ebooks, or audio, you want to become an expert at teaching weight loss.
Have you already spent the required 2000 hours to become an expert? Great, now it’s time to create content for people.
Here are steps you can take to become an expert in creating information products for weight loss in less than a year:
Create a blog on wordpress or blogger about weight loss
Write a post every 2-4 days
Start a newsletter using Aweber and start teaching people how to lose 20 lbs of fat in 30 days (this can be done by cutting out sugar and weight lifting)
Write a newsletter email every 3-4 days about the 30 days of losing 20 lbs of fat
Create videos, whether they be slide shows on Keynote or Powerpoint or live video teaching people about weight loss (these
can be 3-5 minute videos on 1 specific technique or subject)
Post said videos on YouTube and your blog
Keep repeating these steps, and adding new material to your newsletter.
You’ll become an expert in creating videos, writing newsletters, writing blog posts, and more so in weight loss.
You’ll have a ton of material you can use for your weight loss program, and a ton of folks interested in what you will do with your product.
Now if you don’t think you have a subject you are an expert in, it will be easy to start to become one.
Becoming an expert in any subject (weight loss is our example):
Read 1 book a week on fitness, exercise, weight lifting and dieting
Experiment weight loss techniques on yourself, such as no sugar, weight lifting techniques, cardio techniques, and other strange ways to lose weight
Help friends or family lose weight with your techniques you learned
Now after a some months, you’ll have experience and likely be in expert in coaching folks to lose weight, dieting, weight lifting, cardio work outs, and other ways to lose weight.
Now on to a personal example. I’ve spent years writing blog posts, writing newsletter articles, creating videos, coaching people, marketing online, and other stuff to prepare myself for my information products.
In the following posts, you’ll find some videos I’m practicing even more on to be better and better at creating a system to produce some great content.
I’m creating several membership websites, to become a better and better expert, so sign up for my email list below if you want to get first access and special offers.
If you put practice into skills, you will become better in them over time. If you learn how to organize and present information, 80% of your information product is done.
If you don’t start practicing, well, your skills just won’t develop and the thousands of people you could have helped, will not be helped by you. They might find someone else to help them, but honestly, I think you have what it takes to help them better.
Nothing happens overnight, the Google guys spent years building, optimizing, and tweaking their search code algorithm before they started investing more money into the company. They could have taken investment early and try to make it big, but they wanted to make sure their search engine was the best, and today, it is in many ways.
What steps are you going to take today to become an expert and start helping people? Let me know in the comments.