Just because you have content and some ideas, that doesn’t mean you are ready to create infoproducts.
Once I tell people what I do, this is the typical response I get: “You know, I’ve got all this content – I need to create an ebook or something. Do you have a card?” While it would be easy to give them my card, take their money, and help them create an ebook, that would be something I could not do in integrity. Why? Because 7 out of 10 of the people that sign up for my free Content Into Cash Flow consultation are not ready to create a product.
So many coaches, consultants, practitioners, and speakers that like the idea of being able to sell information products have bought into the hype. They’ve heard somewhere that all you have to do to generate passive income is create an ebook or online course. While there are a number of people that have turned their experience and expertise into a six-figure infoproduct system, they all had certain things in place to help them get there. In fact, many of them will tell you that they failed and stumbled along the way to six-figures more than once.
If you are serious about turning what you know into products and programs you can sell. There are five questions you need to be able to answer with an unwavering “YES”:
- Do you know your target audience?
- Are you clear about their problems and how you help them get results?
- Do you have a sales funnel mapped out for your target audience?
- Do you have a marketing system that you execute consistently?
- Do you have partners to help you promote your products
I’ll be going through each one of those questions in this blog series. First up – let’s talk about your target audience.
Do you know your target audience?
And by know I mean do you really know them? This goes beyond being able to say, “I work with women in corporate America between the ages of 35-50.” If you are going to create an infoproduct that sells there are so many other things you need to know about your intended audience.
How does knowing your audience help you create something brilliant instead of an infoproduct that doesn’t sell?
One of my clients is a brilliant career coach with a passion for helping people get into their first management position. Initially she was trying to create a product for anyone that wanted to get promoted. After a strategy session to help her create an ideal client profile, we had a much better description of the people that would be willing and able to pay, not just for her product but her services as well.
Here’s an example of a target audience description like the one I helped her create:
- college educated women
- with at least 10 years of experience
- who have excelled professionally, and
- love what they do, but
- have been overlooked when it comes to management opportunities because they are introverts.
She would still need to do a little target audience research, but here’s how adding just the details above helped shape her infoproduct and offerings:
- Women who are trying to get promoted but don’t have any college experience have different professional challenges than women that have at least a four-year degree. They may have to go back to school or find a company that doesn’t require a degree to be considered for management. So to create a product that doesn’t address those issues would be worthless for them. On the other hand, women that meet the education criteria and have the experience don’t need to take another class – they would need help finding a coach or mentor.
- If they have a track record of good performance and enjoy their work, there’s no need to repair their reputation or build their credibility. Working with people who need a professional image makeover because of past performance issues is a whole other mountain to climb.
- By focusing on introverts that aspire to become managers, she is speaking directly to an audience that she knows about (she’s an introvert). She’s also focusing on a specific goal she can help them meet. In a sea of career coaches offering products and programs focused on professional development, her offerings will stand out because they speak directly to an audience and a solution. If you were an introvert that had been passed over for promotion again, which product would catch your eye?
A. 5 Steps to Get a Promotion
B. The Introverts Guide to Getting Noticed (and Promoted) at Work (one of the potential titles we came up with)
Hands down you would be drawn to B and you’d recognize the coach offering that product as someone who could help you with your exact struggle.
So, how well have you defined your audience? Do you know them enough to create a stand out product, or will it blend into the background of all the other things out there?
A few other things to know about your audience so you can make products that your audience really wants:
- What triggers them to buy?
- What’s their preferred learning style? Do they prefer to read, listen, or watch?
- How much discretionary income do they have to invest in your products and services?
Or if group coaching isn’t your thing, check out my Find My Target Audience + Niche Strategy Session.