Information Marketing Models
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Let’s face it. There are a LOT of different ways to make money selling information products. When I talk about info products, I refer to a lot of different “things” that are included in that category. They include but are not limited to:
- Books – Physical books are an essential but often omitted element in the information marketing mix. Many info product producers tend to avoid writing a physical book. This would be a big mistake. Your physical book certainly won’t make you big money on it’s own, but it’s crucial to your success.
- E-books – Most people in the field write and produce ebooks. They have been taught that this is an essential element of their product mix. They are correct. BUT, it is only one piece of the info marketing puzzle. An important one, but ONLY one piece.
- Audios – Whether they are interviews or live recordings of an event, audios are an important element of the mix. They satisfy those customers who like to learn via listening. I’m one of those “types” so don’t ever leave me/them out.
- Videos – A lot of people want to WATCH something to learn how to do things. This is true even if the video is simply talking heads. Whenever I go to Charlie Rose and watch his interviews with people I like, I would PREFER that they were in audio form. They are not, so I watch them. Other people are different than I am and would ONLY watch/listen to information that was in video form. Even without a heavy visual component.
- Experiential Events – Seminars, bootcamps, etc. A lot of people don’t like to learn things in any other way. It therefore makes it essential for you to offer events like these. I enjoy doing them. If you don’t, I suppose you could omit them from your mix, but you’ll end up leaving a lot of money on the table doing so.
- Software – There are a lot of “tools” that people buy from information marketers. My best example is WebMarketingMagic. This is a tool that everyone in the information marketing business NEEDS to succeed. If you create software that everyone on your niche NEEDS, you’ll be in good shape.
- Coaching/Consulting – For me, this is a big portion of my revenue. Take a look at my sites: www.TheProductGuru.com and www.FredProtege.com to get an idea of what and how I do things in this area. Regardless, for most info product folks, this is another big component.
If you’re not seeing another category it’s because things like teleseminars and webinars fall into the audio or video category. The list that I’ve created are the BIG category lists.
Now, let’s talk about the models.
My model is different than other information marketers. I love to sell my products. I have lots of them. The majority are now digital, which makes life a LOT easier than trying to sell and fulfill orders for physical products.
MY model revolves around finding 100 different revenue sources. This is where I coined the term: GLEECKANOMICS. I define this term as “the art and science of getting 100 checks a month from 100 different sources.”
As with my stock portfolio, I think diversification is a good idea. I would prefer to have money coming in from MANY sources, not just one or two. This is VERY different from the vast majority of those in the information marketing business. In my opinion, a very bad idea. Many people have all of their time, effort and energy tied up in a single ebook or audio program.
This is a formula for DISASTER!!
I suggest YOU figure out a system for YOU that has multiple income sources. I don’t yet have 100 different checks coming in, but I continue to add more each month. I’m getting there.
The reason for creating a business as I have is to PROTECT myself. If one of those revenue sources “goes South” I’m not in a huge financial hole. This is WHY I’ve constructed the model I have.
What’s your MODEL? Don’t have one you say? Dangerous. It’s like not having a plan. You need to think about what your model is. Ask others if they think it’s sensible. Make sure your model includes generating income from a variety of sources. Also make sure that your model revolves around doing activities you ENJOY. Not just those that generate cash.
Think about YOUR model! It’s critical to your business success.