Informational products have been making millions for years now. Think about it – create something once and live off of it forever. Provide some updates and you’re golden!
I don’t mean for it to sound like it’s easy. It’s not. You have to pick a niche, be an expert, package it, promote it and support it. It does take time. But seriously…. a 9 to 5 desk job or build a product that helps people out with a problem and answer to no one about your status reports again!!
How To Pick The Niche For Your Informational Product
I hate to be the bearer of bad news but if you don’t have a niche, you don’t have a target market. If you don’t have a target market you’re not going to be selling much of anything.
Before we get to that, I want you to answer one question:
What are you good at? What do you like to do? What are you passionate about?
Alright, that was three.
But seriously, what do you do for a living? Are you a consultant? An investor? A marketer? A graphic designer? What do people ask you to help them with? What problems have you helped overcome in the last 3 months at work?
I guarantee if one person has a problem that you helped solve, thousands around the world have the same problem.
Think about it…
Finding A Great Product In Everyday Problems
A client of mine once came to me and asked what they should do in terms of venturing off on there own. She was a college professor teaching Strategic Planning to kids between the ages of 18 and 23. She did a fair amount of client type work in our local area. She had a great following and was extremely professional. She couldn’t sit down long enough to type a paragraph, but we’ll get to that.
So, I asked her what problems she helped her clients with in the past few months. Her reply, “I helped two small boutique retailers rearrange their stores.” Then I asked her what kind of results her clients got? “They doubled their sales in both cases,” she replied.
After about two weeks, we sat down with a microphone and a laptop and recorded 3 hours of audio – question and answer style. It really was great stuff. She had a copy of the questions I was going to ask her and she plotted out her answers on tape.
After that, I sent the recording off to a transcription service and got the whole thing transcribed for around $50! I zipped it up into a pdf, put some nice graphic treatment on it and built a little site around it!
She averages $108 profit per day with that product!
$108 isn’t going to make you a millionaire by itself. It will provide some much needed cushion in your daily spending, though. That’s an extra $3000 a month with something that you don’t have to invest time into ever again!
So what are you good at? What do you do everyday? What segment of people can you make a product for?
Let me know your thoughts! Send me an email or leave a comment and I’ll help you flesh something out…
The next article is going to cover the delivery method including links to free and low cost software that’ll help you record and save your content!
JD
