Product Creation - 3 Questions To Help You Decide Which Information Product To Create
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Before you create an information product, you need to know specifically what kind of product it is you want to create. It can be an ebook, a short report, a DVD set series, or a set of digital audio recordings that can be downloaded onto the customer's desktop. Here are 3 questions to help you decide which information product to create:
1. What Is My Monthly Target For Profits From My Business?
If your goal is to create a $10,000 per month income, then you won't be achieving that target easily with a $10 product. Imagine this: you will need to sell 1,000 copies in the space of about 30 days to reach $10,000 per month! Consider this when you are creating your information product. If you want to make $10,000, you might want to create a $100 product (this might be a home study course consisting of books and DVD tutorials), then you will only need to sell 100 copies a month, which is far more doable.
2. Which Target Market Am I Targeting?
The type of information product you create and the price you charge for it should match the consumer segment of your target market. If your market is known to spend cash, then a high-ticket product might be a good choice. If your target market is golf, then you'll know you can afford to charge higher for your products, since golfers are often pretty well-heeled.
3. What Does My Marketing Funnel Look Like?
Your marketing funnel is the process you take your prospect through. Consider it your prospect's experience of your business. You would want to create a marketing funnel that ties in to your monthly target for profits. If you are selling a $100 product, you might want to start off with selling a $20-$30 product as your lead generator. This product's purpose is not to generate profits for you, but to get customers onto your subscribers' list, so you can follow-up with them on the $100 product.
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1. What Is My Monthly Target For Profits From My Business?
If your goal is to create a $10,000 per month income, then you won't be achieving that target easily with a $10 product. Imagine this: you will need to sell 1,000 copies in the space of about 30 days to reach $10,000 per month! Consider this when you are creating your information product. If you want to make $10,000, you might want to create a $100 product (this might be a home study course consisting of books and DVD tutorials), then you will only need to sell 100 copies a month, which is far more doable.
2. Which Target Market Am I Targeting?
The type of information product you create and the price you charge for it should match the consumer segment of your target market. If your market is known to spend cash, then a high-ticket product might be a good choice. If your target market is golf, then you'll know you can afford to charge higher for your products, since golfers are often pretty well-heeled.
3. What Does My Marketing Funnel Look Like?
Your marketing funnel is the process you take your prospect through. Consider it your prospect's experience of your business. You would want to create a marketing funnel that ties in to your monthly target for profits. If you are selling a $100 product, you might want to start off with selling a $20-$30 product as your lead generator. This product's purpose is not to generate profits for you, but to get customers onto your subscribers' list, so you can follow-up with them on the $100 product.
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