I’ve been writing about all the steps necessary to develop a line of info-products from producing to promoting and then profiting. Once you’re clear about your goals for producing info-products, such as passive profit, building expert status, or the prestige of being an author, you’re ready to embark on the next step.
I find this to be crucial as it involves making several critical decisions: the subject of your product; the specific niche; the ideal target market or buyer; and the type of product you’re going to create.
Here’s an example of what these choices might look like:
1. Subject matter: General topic - Personal growth
2. Niche area of subject: Solve a problem - How to listen to inner guidance
3. Target market: Specific segment of market - Small business owners
4. Type of product: First product - E-book
Specifically, here’s what you’ll need to decide in each area:
Subject: Choose your topic based on your specific goals. Select a subject that has the highest potential for profit—if that’s your top motive. If your motive is to attract media attention, you’ll want to choose a subject that’s hot, topical, and popular. If your goal is to establish yourself as an expert or attract more clients, your subject matter will be in the area of your expertise. If you’re creating a product to sell at your talks and seminars, focus the topic on what you’re speaking about or teaching. Or if the purpose the info-product is to solve a particular problem, then the subject should cover your solutions and the benefits for the reader.
Niche: You’ve probably heard this term often related to marketing. A niche is a specific segment of a subject or market. For example, if your subject is personal growth, then learning to listen to your inner guidance is a niche within the general topic. If your market is small business owners and entrepreneurs, a niche might be home based business owners, health care providers, or Internet marketing gurus.
Target market: Who is most likely to purchase your info-products? These are your ideal customers or target market. Small business owners may be a broad target market, and home based business owners is a smaller niche within the broader market. You’ll still find plenty of people in this smaller market, but they’re easier to locate than the bigger market—and their needs are more specific.
Product: Whether you start with an audio file or an e-book should depend on what you’ve found your ideal buyer prefers (do some research) and what you’re willing and able to create. If you prefer to write, start with an e-book. If you prefer to talk and listen, an audio file works best. Ultimately you’ll want to create an info-product line including several formats, but start with the one you’re most likely to complete so you get a sense of success! Success breeds success and keeps you motivated!
Getting clear on your subject, niche, market, and product are essential to your success as an infopreneur (one who sells info-products). Just keep your goals in mind as you create your information products. Which subject will best meet those goals? Who has the problem that your product is the solution to? Which group of people has the interest and money to buy your product? Which product will best meet their needs? Do they prefer to read a book or e-book, take a 12-week teleclass, or listen to a series of CDs?
Can you see how all these choices are interconnected? Work through this process of choosing your subject, niche, market, and product before you proceed to create your first info-product. You’ll be glad you did when you see the results of your efforts in successful sales and satisfied customers.
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