3 Important Elements for Building an Information Products "Empire" (Part 1)
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Product/List/Copy + 1
(This is PART 1 of a 4 part series – keep looking for the next one)
In my most recent presentations I’ve been stressing the importance of three elements for anyone interested in building an information products “empire.
As I’ve been thinking more and more about this model it strikes me that there is an additional essential element that needs to be included. More on that later.
It may sound pretty obvious, but the creation of a great product is where you need to start. I’ve been rearranging my books in my new house and I have a BOATLOAD of materials about information marketing.
Many of them, much to my chagrin, concentrate on the presentation or technology of product creation. Whenever I speak to video producers, one of the things I harp on is the fact that anyone with money can buy the latest “gear.”
A well-trained monkey can use the fanciest technology to create products. The problem is that everyone of your competitors can get their hands on that exact same technology. So what will make your product better? YOU. Not just you, but HOW you create the product.
At my recent presentation for the National Speakers Assoc. Go to www.FredGleeck.com/nsa to download the handouts. I talked about how important it is to make the info products that you create “instructor dependent.” Making yourself an essential ingredient in the creation of your product means that you can never be copied. That’s a good thing for the most part.
The only downside of creating products that are instructor dependent is that your ability to sell your business for top dollar is reduced. No one in their right mind would buy your business for maximum dollars if the business DEPENDED on you for it’s success.
Your products should be designed to not just tell people what to do, but how to do things. This is critical. Many of the flim-flam info product folks these days have been learning from a guy(whose event I’ve attended) who suggests that you basically make every speech you make and every product you produce an informercial. Every thing you deliver,whether in live form or product form should be a SALES PITCH for the next product.
Your customer will always be wondering why there is no THERE THERE.
Let me point out that many people who have been following this instruction have been doing quite well. In the SHORT term.
In the long term, this strategy makes absolutely NO sense. It assumes that your customers are ignorant oafs and they will remain that way indefinitely. This is true with a small percentage of your people, but NOT the vast majority. The larger group will stop buying if all you do is TEASE them into buying the next product.
As you create your product, give them a ROADMAP to follow. Give them the complete gameplan to do what you’re teaching them.
The worry here is that if you tell them how to do it they will actually be able to do it themselves. YES, this is true. Some of them will do it and thrive and come back to buy more from you. Or not. Regardless, those who buy from you will be pleased with what they got and not feel ripped off.
The more likely scenario is this one.
Let me use copywriters as an example. If a good copywriter puts together a course on how to write copy it is highly likely that those who buy her product will go into it with the intention of actually writing their own copy. How many will? Few, if any.
Why? Human nature. We all INTEND to do a lot of things. I’m 100% guilty of this myself. I have a couple of dozen website names I’ve reserved because of a great idea I came up with at 1:30 in the morning (the time this email is being written as it turns out) and never did anything with.
What is the most likely scenario? Out of every 100 people who buy from you let’s say that 7 people actually take action to a large extent and end up writing their own copy. This number would probably be HIGH in my experience. That leaves 93 people who did nothing, but clearly needed help in this area.
Let’s first look at the ‘7. Out of those 7, 1 or 2 will be pretty successful. The other 5 or 6 will be so-so. The larger group, if they liked your product will come running to you for help. Why not? You produced a great product, that they liked but clearly they didn’t have certain skills necessary to put the information into practice. This group will become the copywriter’s best clients in most cases.
What about the top 1 or 2? My guess is that they will get so busy with their success that they will need additional help writing copy because they won’t have the time. Who will they turn to? YOU, the author of the product.
I don’t care WHAT kinds of products you produce, these results will be fairly typical.
What about the other 93 people? Some of them will contact you and a certain number of them might end up paying for and using your services. BUT, the vast majority of those who give you business will have purchased your products or heard about you from someone who did. As your reputation grows, the numbers will obviously skew towards referrals as a source for your business.
Your objective: put together really good, how-to oriented products that deliver on exactly what you tell people you were going to do for them. Do that and you’ve got step one mastered.
(Keep your eyes open for Part 2 shortly)
See you soon,