Information products are big business, even if you own a brick and mortar shop. Digital products can be bought and sold easily so that the buyer doesn’t have to wait weeks or pay extra for quicker delivery. If you are looking to make money with these types of offerings, here are a few ideas to do so.
How will you get people to buy from you? It’s the same question that those who sell a physical product ask. Think about going into a grocery store. There are products that you buy regularly and those that are unfamiliar. You might want to try them but don’t know how they taste. Chances are you might not buy them unless they are on sale.
One solution is for the store to offer you incentive. A Buy One, Get One Free offer might entice you to try a certain product. Another option is taste testing. Stores that have booths set up to allow customers to try certain foods provide that incentive. You get a free sample without any obligation to buy. If it’s good, you might consider it. This free tasting is often accompanied by a coupon to sweeten the deal.
The same model works online. Free digital products of good quality are offered in exchange for opt-ins or as contest prizes. Some are tied to further offers to buy at a discounted price. But what comes after that?
Monetization Ideas for your Information Products
Leverage the product in question – That free product might have been a special report. The information in that report can be added to and turned into an eBook. It could then spawn a workbook, instructional videos, audio guides with transcripts, webinars and more. It will take time to create the new products but the ideas are already thought out.
Membership site – Do you have an idea that can help a lot of people? Create a membership program. Certain information can be received free just for signing up but payment is needed to gain access to other digital products that are considered premium. Products can be uploaded automatically to the site for access when a paying member logs in.
Affiliate programs – Create an affiliate program and enlist the aid of others to help sell your products. In exchange they get all the tools they need to promote it.
Product reviews – Create videos that test products related to your niche market. For example, if you are in the food niche, create videos using certain items for your recipes and then report on how they work.
Ads – Increase visibility with ads on Google search pages that promote your website and your digital products. Ads do cost but you set the parameters for the ads so an advertising budget can be set.
Email marketing campaign – These still work and well if you have a good relationship with your list. Offer useful information in combination with deals for further purchase of products.
Even if you have one information product created, it can be used to fuel further monetization ideas for your business.