Many people ask me, Mike “How can I make more money?” This post is a great example of one way you can really leverage your products and services into a scalable model. It has been said that we are in the information age, that means information has become the main commodity and its something that people are looking for more and more. The internet was birthed in 1991 and has been the main source for multi-millionaires and billionaires in the 21st century. This is possible because the internet serves as a platform to provide anyone access to information. Access and distribution have been the ultimate game changer for improving people’s lives. Increasingly it has become apparent that people want organised information that gives them an edge in their industries. This is has given opportunities to companies such as Udemy and previously Amazon, Kindle where people avidly searched for information and potentially learned a new skill. The crazy thing about this is that people who are winning these games are average people like you and me. In this post I will talk about different ways in which you can commoditize information:
Writing a book is a great way to not only get your message across but also market yourself to a new audience. It is a supreme business card that more and more people are able to produce. Anyone with the determination can self-publish their own book using Amazon’s self-publishing platforms. Once you have the structure to your chapters and sub-chapters, the rest of it is writing the book! Since I have written the book Understand Reach Expand: 15 Super Effective Ways to Manage your Mind, I have received a new found respect and likeability that was not present before. I am grateful for the opportunities that have come from it as well as the new people that have entered my life via it. If you have problems finding ideas for content, check out my articles on the following: 12 Great ways to generate Great Content
2. Online Courses
Most people write a book, but they don’t realise they can easily transfer this book to a course. All that you need to do is walk through the contents of the book in a PowerPoint or Video-filming tools. Online courses are about creating great content that is visually pleasing. Find a way to focus your energy and efforts on creating a clean and effective video course that will answer the problems of your audience. Coming up with a great name, strong brand and clear message is what will make you stand out from the rest.
Creating an online forum for your audience is important for creating that know, like and trust factor. The great thing about webinars is that it is a way to not only teach fantastic information, but it’s an opportunity to market your products and services to a wider audience. Although this is not a direct revenue stream per se, it can be a way to generate huge revenue when people opt-in into your programs. This has been an industry technique used by many who have passed.
4. Membership Programmes
If you want to create a University type style environment this requires you to stay on top of things and create or add content to a space where select paid members to benefit from. They would pay a monthly fee for access to this information. This has allowed many digital entrepreneurs to make huge amounts of income every month on a regular basis. The key thing to remember here is value. Make sure you are solving a problem and delivering on your promise.
5. Mastermind Groups
This is quite similar to both Membership Programmes and Webinars, where you are more present with a select group of members who require help with some of their issues and queries. You need to be a bit hands-on and provide a true mentoring and coaching service to a group of individuals. As this article focuses on information products, this is more from a virtual point of view, however, this can happen face-to-face or even via teleconferencing.
And there you have it, 5 different ways in which you can make money by creating information products. Before you to close this article, you must be reminded that before you sell any product you need the following:
- Confidence that the market is viable
- Confidence the product is viable
- Understand your audience
- Have access to a Market
- Utilise the right marketing approaches
Whether you have these or not, like I said this stuff is available in quantities online. Whether you get the information you need or not it should not stop you from creating an information product. If you need coaching and mentoring on any of these different areas, feel free to contact me and we can work towards making your ideas a reality.