How To Make Money Online with Digital Information Products
Today, entrepreneurs are able to create and sell information easier than ever before using the internet and social media. This means there are a ton of people making a killing online selling information products. But even with all the competition out there, there is still plenty of room for new information products in almost every niche, even the most competitive ones.
Why it's best to get involved in selling digital information products online now
People have access to the internet at blazing fast speeds using smartphones that they can carry with them everywhere they go. This means they are easy to reach, but it also means that you can get them to spend their money easier than ever before.
Everybody has a credit card these days and almost everybody has ordered something online by now, increasing the trust of most websites and even small ones. If you can create a compelling offer and figure out how to get in front of people who would be interested, chances are you can make a lot of sales.
What are digital information products?
Digital information products are simply a form of a book, video, or audio that has been organized and packaged nicely to sell. You can think of an information product like bottled water. Before bottled water, water was free. Now, you're willing to pay $2-$5 per bottle for the highest quality water because its packaged nicely and might taste better than tap water.
If you can take unorganized information online, like a system for losing weight, starting a business, or learning a new hobby, you can organize it into a step-by-step lesson plan, and you can brand it and package it neatly, you can sell it online.
Why you want to sell digital information products instead of physical products
They are cheap and easy to create, and you can store them and deliver them inexpensively. You make a much higher profit margin on digital information products as a result. Most of the money you make from an information product comes from how well you market it, not necessarily how amazing the product itself is, but if you create an amazing product, chances are you'll get a ton of word-of-mouth referrals from customers too.
How to find a profitable niche
Do your research first. Start by writing down a list of your current experience and skills. What are you good at, what do you like to do all the time, what do people ask you for advice on?
Look at online information product marketplaces like Click Bank and JVZOO to find other people who have made products in the same niche. If you can't find any, chances are there isn't a market of customers willing to pay for it. That's not always the case, but often you are better starting in a niche where there are already competing offers because then you know there is money to be made there.
Here are some more ways to research your niche:
- Search forums, blogs, YouTube channels, and podcasts for information product niche ideas.
- Check Amazon's Kindle store for books related to your ideas.
- Type the niche into Google and see if any search text ads pop up pitching information products in your niche.
How to decide on a niche
After you've done your research, you need to make a decision on which niche you want to be a part of. At this point, try to differentiate yourself from the other offers in the marketplace. Combine your niche with a similar niche to make a new niche, or continue to niche-down until you get to a concept that is more specific than the other offers. The more specific your offer, the better it will sell to the people who need that information.
How to decide which digital information type to create
First, decide which format best suits your audience. If there are already some videos on YouTube, but no online course, maybe that's because a course isn't relevant to their needs. In that case, an e-book would make sense. You could also do videos on YouTube and pitch affiliate offers, like a product review channel in that niche, but you'll need to differentiate yourself to get noticed.
If there are already online courses and membership sites in your niche, like digital photography, learning how to play guitar, or dog training, then you would pick that same medium as it has been proven to sell well already.
How to create a digital information product
The first step to creating an information product of any type is to organize the information into bite-size chunks. Focus on usability, value, and actionable advice.
You can create e-books in google docs or Microsoft word and save it as a PDF or ePub (if you want to publish it on the Amazon Kindle marketplace).
You can create online courses by first creating a slideshow and then recording a voice over video, or by recording your screen and showing people how to do something. Alternatively, if it is a physical activity, you can record a video of yourself out doing it, but you need to make sure the lighting and framing are good without distractions. For any type of video or audio product, the audio quality is very important, so get a good microphone.
How to market your information product
The first step to marketing an information product is to come up with attractive packaging. This means a name for the product that is catchy. Use your niche name and then a branding word like "method" "system" or "plan."
You will need to find a graphic designer to make graphics that are professional for every step of the marketing process from your videos to the website, social media, and your paid ads.
Once you have attractive product packaging created, you can start creating the sales funnel to take your ideal customer through each step of the selling process.
You will need to set up email marketing to get them coming back and buying more, and you will need to create lots of free content on a blog, youtube channel, or podcast to provide more value, build trust, and get leads.
Direct response marketing
There is no better way to sell your product than direct response marketing. Back in the day, this included flyers, pamphlets, late-night infomercials, and lots of "junk mail." Today, this still happens, especially when direct response marketers want to reach the elderly with an offer, but it's easier than ever to do on the internet.
Here is a step by step process for setting up your direct response marketing sales funnel.
- Set up a free offer that’s relevant to your product
- Set up a landing page to sell that free offer and capture email addresses of people who want to receive it
- Set up a thank you page and email autoresponder series to deliver the free offer
- Make your thank you page also introduce them to your self-liquidating offer and also send them an automated series of emails to sell the offer
- Set up a sales page funnel to sell the self-liquidating offer
- Set up a thank you page for the self-liquidating offer that introduces them to a monthly membership option that provides them more one-on-one value along with an email series to sell that to people who drop out of the funnel at this stage
- Set up a sales funnel for the monthly membership option
- Setup a thank you page that introduces them to your high-ticket course offers and an email series to go along with it.
- Set up a sales funnel of the high-ticket offers
How to get traffic to your lead page and information product sales pages
To get traffic to your lead page and sales page, add links to your sales funnel to your free content on your blog, youtube channel, and podcast, and mention the links and a call to action in your content.
Set up Facebook ads to send traffic to your sales funnel. This is easier said than done, but the initial process is easier than you might think. There are some excellent videos on YouTube on how to do Facebook ads.
Set up Google search text ads to send targeted traffic to your sales funnel. Target just the keyword of your information product. This way you won't spend money on search text ads that get people who aren't interested in your offer. You can set up cheap paid ads for generic keywords, but keep in mind that they will not convert so you will need to set up retargeting ads and email marketing to get them coming back to buy when they are ready.
Share all your free content with links to your sales funnel on your social media channels and network with influencers in your space who have an email list and pay them to send a message to their audience with your content
Take action! Here is the simple 7 step process for "How To Make Money Online with Information Products":
- Find your niche and make sure it has the potential to sell.
- Figure out which format would sell best for your niche: audio, video, ebook.
- Create your information product.
- Create the sales funnel and the email list, send traffic to the funnel from free content and paid ads, and then market to the list you get.
- Segment your list so you can market to each customer differently according to which step of the sales process they are in.
- Ascend them up your "value ladder" to give them more value, build the relationship, and charge them more money. Focus on building your back-end products like membership programs and high-ticket courses as this will lead to the greatest wealth and value in the long-run.
- Bonus: Sell your customers and leads more products and affiliate offers related to their needs and wants by sending them to sales funnels you create that are relevant to their needs and pitch another information product.