By MaryEllen Tribby
Let's get the truth out: Information publishing is one of the best businesses in the world. And when it comes to online businesses, well nothing else comes close.
As Michael Masterson (aka Mark Ford) and I wrote in our number one best selling book Changing the Channel: 12 Easy Ways to Millions for Your Business, way back in 2008, the Internet has completely and permanently changed the way that marketing and business works.
Everything moves faster and faster. And everything is interconnected, companies with their customers, customers with the media, the media with customers and customers with other customers.
This is important for you to understand because if you are selling any information online - well guess what? You are an information publisher. And unless you're writing the next Harry Potter book, one product probably won't make you rich.
Instead, you need to focus your efforts on creating multiple products-including some that you can sell at a premium price. Which is exactly what the major players like Agora, Boardroom, Weiss and so many others do to ensure a steady stream of revenue.
Here then are the four keys to making your fortune as an information publisher...
1. Create Backend Offers
Most of the world's most successful information marketers all have one thing in common: They set up sales funnels. That means they draw people in with low-priced offers and then sell more products and more expensive products to their existing customers (that's their "backend offers").
Simply put, it's a lot easier to sell something else to an existing customer than it is to find and persuade a new customer to buy something. And that means you should create a myriad of related offers to sell to your customer base.
Example: Let's suppose you sell marketing information with a focus on traffic generation. You might start with a simple $10 product that teaches people how to use Facebook to pull in traffic.
Then you might offer items like a series of other $10 or $20 products about other social media techniques; $47 product about search engine optimization; a $97 product that covers offline tactics; a $500 home study course that covers most of the major traffic-generation tactics in depth... and so on.
2. Vary the Format
- Multi-part ecourses
- Membership sites
- Online workshops
- Offline workshops
First, different formats tend to have different perceived values, meaning you can charge more. For example, you can generally sell a video for more money than an ebook, simply because the video has a higher perceived value.
The second reason for varying the format is because people learn in different ways. Some prefer to read, some prefer to listen, some prefer "hands on" learning and some prefer to watch a video. Also, some prefer to get all the information at once, while others prefer you to spoon it out to them. As such, varying the format helps you attract different types of customers.
3. Command Premium Prices
- Offering them in a format with a high perceived value, such as videos, workshops, personal training or physical products.
- Offering advanced courses.
- Creating a USP (unique selling proposition) that allows you to command premium prices.Example: A doctor can likely charge more for a "how to cure migraines" product than a marketer who doesn't have the same level of expertise and credibility.
- Now here's another way to get a premium price: License your content to other marketers. That means you allow other marketers to resell your content and keep all the profits.Why would you do this? Two reasons:
1. You can make cash fast. That's because a product that sells for $100 to your customers could sell for $1000 if you include resell rights and sell it to other marketers.
Now this is the true secret weapon. Because an inbox magazine is the catalyst that keeps the relationship going that allows you to easily (and successfully!) accomplish 1 - 3 above.
Your Inbox magazine (just like the one you are reading now) turns a "list" into a community. It allows you to bond with your community week after week by supplying them with free, useful and actionable advice!
This is what Agora does, Weiss does, Boardroom does and what so many of today's hottest and most successful do to ensure business victory. This is the format that turns marketers into publishers. And if you want to do it and do it right - you can find out how right here.
Remember one product probably won't make you rich. But a sales funnel full of related offers in different formats - some of them with premium prices - all starting with your very own inbox magazine will put you on the path to wealth!
P.S. Like I always say, there is a real difference between doing something and doing something right. So if you want to start your own inbox magazine with the exact business model I used at Weiss and Agora you need to read this special alert right here.