Whether you’re a consultant, speaker, coach, trainer or expert creating information products based on what you already know is a powerful way to grow your business. Here we consider 17 big reasons why you should create your own product.
1 Make More Money
When you create and sell your own information products you also create another way to earn income in your business. This can be a boost to your existing services or perhaps it’s your retirement plan to wean you off working with clients.
2 Build Your Reputation
Writing a book is one of the best ways to boost your credibility. The common view is that if you can write a whole book on a single topic then you must know a lot about that subject. Also, in publishing your information products it demonstrates that you can take an idea to fruition which sets the expectation that you’ll be able to deliver on your client projects.
3 Create Passive Income
As a consultant, trainer, coach or speaker you earn your money when you turn up and spend time in front of your clients. Having information products, like an automated online courses, allows you to earn money whilst you sleep. Or at least, whilst you’re doing other things. This was the highlight for me around Book Rapper – to wake up in the morning with some fresh money and a new sale in my account.
4 Scale Your Business
If you truly want to scale your business there are only a couple of ways of doing this: through the people you employ, through the systems you create and through the information products you design and sell. The products option lets you grow your business without having to involve additional people.
5 Attract New Clients
Having a lower priced product allows you to attract a completely new audience. For me, I normally charge over $3500 for my coaching services. Not everyone wants this or can afford it. By having information products you can attract a different segment of customers who are unlikely to buy your time and pay for your more expensive, higher value offers.
6 Attract More Referrals
Having information products is an easy way to encourage more referrals. Simply give your existing clients a couple of copies of your product and ask them to share them with a colleague who they think might benefit from them.
7 Make it Easier for Clients to Buy You
If you visit a good supermarket on the weekend you’ll probably see people giving out samples to potential customers. It’s a classic way to entice them to try new food products. And, it can work for your coaching, speaking and training clients. Create information products to make it easier for potential clients to check you out and ultimately buy from you. Here’s 13 ways you create a sample for your business.
8 Iron out Your Cash Flow
One of the major reasons many small businesses go bust is inconsistent cash flow. Having information products that sell at higher volume for a lower cost is a great contrast for experts who typically provide low volume and high cost services. Iron out the bumps in your cash flow by creating a product that complements your professional services.
9 Gain Global Reach
How many places can you be at any one time? Yep, the obvious answer is one. However, if you have information products you can be reached by any potential customer around the world who has access to the internet. Increase your reach by creating products.
10 Boost Your Profits
One of the great things about digital information products is that once they’re created they provide over 95% profit for each sale. Your only noticeable cost is any transaction fees on your payment gateway.
11 Sell More
Having a product to sell lets you bundle different offers for your clients. For instance, a professional speaker can offer their presentation plus a copy of their information product for everyone in the audience to take home. This could be an easy up-sell for you. Would you like fries with that?
12 Leave a Legacy
Once you’ve create an information product you have it forever. This means you can keep selling it forever – provided it stays relevant. Or, at the very least, you have something to keep and show your grandchildren. Alternatively, your legacy can be a record of your current thinking. For instance, your current focus might be attracting new website traffic so you document your thoughts about this through creating a product. This allows you to capitalize on your knowledge and then move onto converting website traffic into sales. And, this might become another product series. In this way you document and leave a legacy of your thinking as you pass through your career.
13 More Choices
Having a range of information products gives you more choices to offer to your clients. Whilst this is good for you, it’s even better for your clients. How many times have you had a potential client ask, ‘Can you do it for less?’ Rather than discount your core offer, having an information product allows you to offer alternatives at different price points.
14 Be Unique
How many people do you know have written a book called ‘A Home-Office You Love’? That was the title of my first book. Having your own product with your own unique title instantly gives you a distinct point of difference in the marketplace.
15 It’s the Best Way
In some cases, having a product is the best way for your clients to use your services. For instance, as a professional speaker you may only have 30-60 minutes in front of your audience. This doesn’t give you a lot of time to show people how to do things. You can overcome this by offering a product that is a step-by-step guide for making it happen.
Bonus: After running our Product Creation workshop, participants came up with two more to add to the list…
You might want to create a product for the simple reason of wanting to express yourself. This might be a book that shares your point of view of life. It might be a t-shirt that proudly displays your witty words or colorful creation. Or it might be something that you’ve always wanted to do… like create an information product around your life story or family history. Perhaps you’re a closet artist or poet and your product is your true passion in life…
17 Concretize Your Idea
I’m not sure that ‘concretize’ is a real word. And, we couldn’t find a better word to describe making your idea more concrete, more real, more solid. Writing a book is a good example. You start out with a sketchy, vague thought. And, through the process of writing about it and discussing it you make it strong and clear.
Have we missed any? Love to hear any other items you’d add to this list.