How to Make Money While You Sleep Series - Part II (A) - Find A Product
Now that you have found your niche the next step in making money while you sleep is to find the product or service that matches your market and provide a solution to whatever issue they need an answer to.
Create a Product That Gives Your Market What it Wants
The growth of the information business has increased over the years and with new innovations like the Kindle information products are more accessible through recognised outlets. You can be the font of ideas, facts, figures and entertainment that businesses and people are searching for.
Here is what you can expect when you join the information business and create your own information product:
- A product that is easy to create
- A product that is fun to sell
- A fairly inexpensiveproduct to produce
- A large international market to target
- You can make a name for yourself or create a brand (what 9 to 5 offers that?)
- You can sell virtually any information online (erotic literature has become very popular of late!)
There is a plethora of information flying around in cyberspace and you have to find space for your information product to get through to prospective customers. To attract your market you don’t have to worry so much about producing new information but rather you should be concerned about how to package the information. It has to stand out in the crowded information product e-space and be user-friendly.
So, what is the best method to deliver your info product? Take a look at the next segment for the answer.
What Type of Information Product Should You Create?
There are many formats available on how you can present your information product to prospective customers. But first and foremost remember your aim is to provide good quality information that is also of comparable value. Therefore, when pricing your product you should consider your target audience and what they will expect from a product that costs $97 as compared to one that costs $27. To assist you I have listed below various types of information products you could create.
1. How-to guides and videos
These how-to guides and videos are very popular and there is always someone out there who wants to learn something new. This can be seen via expert sites such as iVillage, eHow, Food Network etc as well as the number of ‘how to’ searches that are made daily. This type of information product is one of my favorites as it allows me to produce my expertise in law and health and wellness in easy manageable guides.
You will find that people are willing to pay for access to more comprehensive information provided that it gives them the benefits they are looking for.
Example: Step-by-step how-to videos for cake baking
2. Beginner’s Guides
What may be common knowledge to you may be completely alien to someone else who is just getting started. In general you will find there are more beginners than experts in the market place, thereby producing a large target market for beginner’s guides. Regardless of what niche you choose you will always find beginners for whom you can write a step-by-step guide.
Example: Intro to cake decoration for beginners
Reviews are another good way to create an information product. Savvy shoppers are always looking for reviews of products or services before they buy, and this is where you put your writing skills to use and compose a review that fulfils their need.
Example: Reviews of anti-wrinkle creams
4. Expert interviews
If you do not have the expertise or authority to teach a topic the next best alternative is to find experts in your niche and carry out interviews with them. By using this method you will be able to provide good quality content to your customers who will benefit from the specialism of the experts. In essence you will become an expert in your niche by association.
Example: Interviews with top cosmetologist about the make-up of the best anti-wrinkle creams
5. Lists of resources
Compiling a list of resources for your niche market is a handy method of creating an information product and building a database of customers. You can then proceed to sell the list of best resources for your niche to people who are looking for the information.
Example: List of the best Spa Break guides
How to Create an Information Product
There are many ways in which you can create an information product and deliver it to your customers. You can choose from:
E-books & Reports
This is by far the easiest method of creating an information product. All you have to do is write your e-book or report and convert it into a PDF format and distribute. However, you must bear in mind that you must resent quality content. It is essential. If you writing or English is not up to par then your product will get slated and with negative reviews you will not sell.
The information format of membership sites are possibly the most flexible because it helps you to develop a community on your site and deliver your content in a variety of ways including text, power point slides, audio, video and interactive software. But the greatest benefit is the monthly membership fees received from subscribers
DVDs & CDs
You can create content through the multimedia facility of video and audio products which you can physically deliver DVDs and CDs as well as streaming files online. Physical products also give people the option to use them if they are away from their computer on a CD player or television.
Most people who are on the Internet have an email account, through which you could carry out email marketing, an effective method of gaining customers. You can use this outlet to offer your information product via email newsletters. The only negative about this that your email could get lost amongst the vast amount of emails sent and received every day. That is why you have to ensure that your title catches the attention of the recipient.