An information product is simply a product that teaches your customers something.
If you have how-to books on your bookshelf, you already have a good example of an information product.
The great thing about creating your own passive information ideas into a product is you can create it once and sell it for years to come. This is especially true if the basic information changes very little over time.
So, how do you get started with your own product line? It all starts with creating (and selling) your first information product…
Start with Market Research
When you have a product idea, it can be tempting to dive in and begin working on it immediately. But as a smart online business owner, you need to do in-depth market research before you begin the creation phase of the project.
Use your research time to discover what problems and issues your target market has, as well as what they’ve tried that didn’t work. These research results can give you the information and facts you need to create products and services that your target audience wants and is willing to pay for.
You can start your research by using a website like Amazon. Go to their books section and type in your niche. This will help you see what’s already available on the market today and what products you’ll be competing against.
As you search the books, take a few minutes to read the table of contents for some of the popular titles in your niche. You don’t want to take another author’s ideas, but you can use the table of contents and other material as inspiration for your product
For example, if you’re writing a book on the topic of puppy training, you might find that one author includes the topic of puppies barking. You can cover this topic in your own book; however, you want to use your content, voice, style, and your own examples.
Another way to do market research is to browse online marketplaces like JVZoo.com. You can use this website to see what digital products already exist and how popular they are with consumers.
To do this, create an account or log in to an existing account. then go to the marketplace. You can find the marketplace by clicking on Products > Marketplace.
You’ll see thousands of different products but what makes JVZoo so helpful is that you can see how well various products have sold, as well as their price points and refund rate.
Find products in your niche by using the search function. Start by entering a keyword that people in your niche commonly search for like ‘puppy training’ or ‘puppy care’.
Pay attention to products that customers didn’t like or had high refund rates. This can show you what mistakes to avoid in your own product. You should also note what the most popular products are and what they have in common.
Passive Income Ideas
Now that you’ve researched the product market, and know what customers expect, you can create a product that delivers exactly what they want. For some bloggers, this is the scary part of the process because you need to begin creating a product.
However, don’t let the creation phase intimidate you! Creating a product can be fun and simple if you follow these tips…
Begin with an outline
Create a list of what you want your product to contain. For example, your list might look something like this:
- eBook with a cover
- 5 videos
- short workbook
- 3 templates
- 6 checklists
Once you have a clear vision for your product, it’s easier to create.
At this stage, you may feel a little overwhelmed. But keep in mind that you don’t have to put together this product in one day. It’s OK to take your time.
Make it manageable
Since you know what you want to include in your product, break down the individual parts so you can work on it in smaller chunks. For example, don’t tell yourself you have to write the entire eBook today. Instead, focus on writing just one chapter at a time.
If that still feels too overwhelming, you can concentrate on writing just one page at a time.
It doesn’t matter if you write slowly. What’s important is that you make progress every day and get it done.
Own your weaknesses
The next step is to look at the elements of your project that you don’t want to handle or that aren’t among your skill set.
You may be a fantastic graphic designer but writing is your weakness. If you struggle to put words on the page, you may want to consider outsourcing the task to a freelance writer.
Outsourcing allows you to work on the parts of your product where you shine. If you can’t outsource quite yet, consider bartering with someone who could use your skills and abilities. This creates a win-win situation for both you and the online business owner you partner with.
Keep your idea focused
Sometimes, it can be tempting to create a product on a general topic without seriously considering your niche. Usually, this leaves the product creator trying to cram as much information into their product as possible.
However, you’ll find it’s a lot more enjoyable to create a product when you’ve narrowed the focus. For example, a general eBook might be on the topic of dogs.
You could concentrate on making the book about cocker spaniels.
You may also want to narrow it even more by making the book about cocker spaniels and their common health problems.
It’s easy to promise yourself that you’ll get your product created. Then, one day, you realize it’s been months since you’ve made any progress. You spent all of your time learning about the latest Facebook algorithm or chasing the next shiny object.
A simple way to stay on track and actually get your product launched is to implement an accountability plan. This can be as simple as telling your mastermind friends that you’re creating a new product. Tell them when they can expect to see it by attaching a realistic date.
This creates a public deadline and works well to keep you on track. If you hate to let your friends down and you hate to admit defeat, then you’ll hold yourself accountable for making a certain amount of progress in a specific amount of time. It can be a great motivational tool.
Add Value to Your Product
When it comes to creating a digital product, you want to make sure that it is valuable and helpful to your customers.
If it doesn’t meet their needs or provide benefits that make their situation easier, they’re more likely to ask for a refund or complain about your product to their friends.
The good news is that adding value to your product isn’t that hard. It’s just a matter of including the information you promised, plus few bonus items. These extra items should enable them to gain a greater understanding of the topic or help to make implementing the solution easier.
- One way to add value to a product is to take the main point from an eBook and turn it into slides. Bundle the slides together and offer your customers a simple presentation in a handy PowerPoint file.
- If you want to go a step further, you could take some of the content from your eBook and lightly edit it to turn it into a script. Read the script and record the presentation as you read. Now, you have a bonus webinar or video that your customers can use.
- You can also create MP3 audios to go with your digital product. This MP3s, for example, could feature affirmations, excerpts from your eBook, or expanded discussion topics that dive deeper into your content.
- Another way would be to take how-to content from a chapter in your eBook or short report and turn this information into a checklist that shows customers how to complete a task, step-by-step. This can help customers implement what you’re teaching, making them feel like they got even more value.
- You can also design beautiful printables. Printables are usually PDF documents that customers can print-at-home and use for various tasks. For example, if you sell an eBook on healthy recipes for single moms, you could include a printable grocery-shopping list.
- If you’re creating a self-improvement product, consider creating a workbook or journal to go with your content. For example, if your product is on overcoming procrastination, the workbook may ask questions about when they procrastinate, what your readers do to procrastinate, why they procrastinate, etc.
- Journals and workbooks are useful for helping your customers get to the root of a problem or issue they’re struggling with. You can create one with Google Slides or PowerPoint.
- Another way to add value for your customers is to create templates. This is especially helpful if your product is meant to teach your customer something. For example, if your content shows customers how to write sales copy, include 2-3 templates they can work with.
- Create a short video that shows customers how to use these templates. Invite them to watch the video then fill out the templates using your tips.
Adding value to a product isn’t hard. It just takes a bit of planning and a desire to help your customers implement what they’re learning from you.
Creating and selling your passive income ideas can be fun and easy.
And you don’t have to wait until you feel ready or until you have decades of experience. You can start one right now!