Will your information product be a success?
That’s really the question you want answered before you start, isn’t it? There are several things you can do to make sure that the information product you will create is a success.
1. Decide what success for this product means to you.
How will you define success for this product? Will it make you X dollars? Will it generate X leads? Will it gain X visibility? What benefit are you looking for as a result of this product’s creation? If you are not clear on this before you start, how will you measure your success? For example, if you think making X dollars is your success factor, but you end up measuring leads generated … you may think your product was a failure. But you won’t know!
2. Give your target market what they hunger for.
Find out what the demand is before you create your product. If there isn’t a demand for, let’s say under water basket weaving techniques, then there really isn’t any point in creating an information product about it, is there? You can research market demand for information by visiting forums and blogs that relate to your topic. Check out available e-zines, newspapers, and magazines. Take a look through Amazon — if there are a few books on the topic, chances are there is a demand.
3. Find out if there is competition or not.
This is a dead giveaway. If there is competition, then there is probably a demand. What is the competition selling? How much are they charging for it? Can you see how successful the sales are? What can you do differently than the competition? What can you do better?
4. Make sure your product provides benefits and that they are clear and easy to communicate.
You need to be clear on what your target audience will get out of investing in your product before you create it. If you don’t know the benefits, how can you communicate them to your target market? Remember, people buy benefits … not features!
Now, let me tell you a story. My first foray into the online marketing realm was The Genre Traveler. It was an online travel magazine for science fiction, fantasy, and horror fans. I knew there was a need for such a resource because I had been looking for one myself. However, I didn’t follow the above success factors and The Genre Traveler is now a blog on hiatus. So, What did I do wrong?
- I wasn’t clear on what I wanted to accomplish with it. So I floundered about trying everything to get what I thought I wanted in the moment.
- I didn’t find out if there were enough others wanting such a resource before I poured a heck of a lot of time, sweat, and money into the project. This left me burnt out and frustrated.
- It didn’t occur to me that the reason no one else was offering such a resource was that maybe there wasn’t a big enough audience to support it.
- I was way too nebulous about the benefits such a resource would provide. I could not articulate it.
Now, I still believe The Genre Traveler is a viable product, but before I resurrect it, I’m going to do my homework and make sure I have all my success factors in place!