Information Marketing and the 3 Legged Stool
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Anyone involved in the selling of info products or information marketing in general needs to understand a basic concept. That of the 3 Legged Stool.
I’ve developed this idea after creating my 7 step process. The seven steps are the complete process, but the 3 steps covered in the 3 Legged Stool will give you the basics and make it super easy to understand.
The first leg of the stool is the product or service itself that you’re selling or attempting to sell. Without a kick-butt product or service you may make an initial sale, but your return rates will be high and your repeat purchase rates extremely low.
What constitutes a KICK-BUTT product or service? A number of things. First, whatever you put together should be BRAIN DEAD simple for your user to follow and understand. Unfortunately, most products that I buy and/or review are convoluted and confusing to figure out. Net result? People will return them and never buy from you again.
If you want people coming back for more, you have to OVER DELIVER on what you promised them to begin with. Make big promises in your sales effort and then disappoint people when they buy and you’ll be in BIG trouble.
Your product (read product OR service from now on) should also be delivered in the BEST medium possible. If it’s an audio program, then audio should be the best way to communicate your message. If it’s not, then why are you using audio? Use another medium.
I recently got a hold of a program with great content. The only problem was it was a recording of a teleseminar series the author had put together. The quality of the recording was OK, but the content was excellent. Where it went wrong is that the individual lectured for about an hour straight.
No matter who you are and how eloquent a speaker you are, people will get really bored listening to just you rattling off. Instead, this individual should have asked someone (like me) to serve as his foil. I would have interrupted and asked him questions throughout his presentation. The same questions that many of his listeners surely had.
The second leg of the stool is CONVERSION. Once people land on your page for any product or service you promote, it’s now your goal to get them to take action. The percentage of people who take that action is your conversion rate.
How do you know which conversion “tactics” will work for your product? You don’t. You have to test them to see. Many people will give you some generic recommendations for how to improve conversion rates. None of them will work the same for everyone who tries them. Therefore you need to keep careful records to see what works. When something does work, make those changes permanent and then continue to improve your results by testing OTHER means of getting people to take action.
Video is now all the rage online. Video MAY work for you on your site. Then again, it may not. Long copy may work for you. Then again, it may NOT. There is only one way to find out. Test things. See what works. Don’t decide in advance what will work. Look at the data and discover results that way.
The third leg of the information marketing stool is traffic. You can generate traffic from 4 quadrants. Online free traffic, online paid traffic, offline free traffic and offline paid traffic. Just because you’re an online marketer it doesn’t mean you should neglect offline methods of marketing.
Make a list of everything you can think of in each of the 4 above categories. Then go back and pick out the two that you would most ENOY doing. Start with those and see how well they work. If you have Google analytics set up you’ll SEE what works and what doesn’t.
Remember that generating a TON of bad traffic won’t help you. Getting a million visitors to your website and having only one of them buy something is worse than having 100 people show up and having 5 of THOSE buy.
Many people try to overcomplicate the process of marketing and selling information products. But, in the end analysis, it comes down to the three items: PRODUCT, CONVERSION AND TRAFFIC.