Why Passive Income from Information Products Requires Active Marketing[box title=”This is part 4 in my series: Think You’re Ready to Create an Infoproduct?” box_color=”#6623a1″ radius=”4″]
- Part 1: Think You’re Ready to Create an Infoproduct? Answer These Five Questions
- Part 2: How to Choose the Most Profitable Infoproduct Ideas
- Part 3: What to Include in a Sales Funnel for Your Service-Based Business[/box]
The buzz online is that if you create a brilliant information product, thousands of people will buy it and all you have to do is sit back and collect passive income.
The truth: Anyone that has a profitable product will tell you that passive income requires an active marketing plan.
First, let’s be clear about the definition of passive income. For our purposes, passive income is money you make from a product or service that does not require your one-on-one time. For service-based solopreneurs, examples of passive income include:
- Ebooks or digital information products sold online
- Subscription based content or software services, and
- Physical information products available for purchase online and at live events
Which ever path you take towards generating passive income, there are at least four phases you want to have marketing ideas for:
- Ongoing Promotion
- After Sale Follow-up
Pre-Launch marketing is all about generating interest from your audience for your new infoproduct before you launch it. Think of it like inviting people to a birthday party: You send out invitations way before the actual party date to spark anticipation, get a head count, and give invitees enough time to plan accordingly. This is what pre-launch marketing does for your product, and in an ideal scenario, it starts before you even create it.
- Top Pre-Launch Strategy: Email your list. These are customers and VIPs already interested in what you have to offer so give them first news about your latest product.
Launch Marketing is focused on the official launch or release of your product to the general market. Advertising, targeted, email campaigns, affiliate marketing and cross promotion are all part of this phase.
- My favorite Launch Strategy: Using social media. As long as you aren’t over doing the self-promotion, your social media followers are going to be interested in your new product.
Ongoing Promotion is your strategy for marketing your information product after the launch. Will you do quarterly email marketing campaigns? Or do you have a plan for updating the product once a year and doing a big promotion then? Unless you want your product to gather virtual dust, you’ll want to have a plan for keeping it in front of potential buyers.
- Keep your product visible: Do interviews and guest blogs. Podcasters are always looking for interview guests so start networking to find a podcaster who reaches your target audience. Guest bloggers are usually allowed an author’s bio which can have a link to your product sales page.
After Sale Follow-up marketing is about ensuring customer satisfaction. I count this as part of marketing because it helps deepen the relationship with your customers. Your follow-up marketing can include surveys, calls, hand written notes, and even requesting testimonials which you can use for your ongoing promotion.
- Turn customers into affiliates: If your customers loved your product, they might also love a chance to make money from telling others about it. Offer commissions for affiliates who earn a sale through their customized link. Offer affiliate contests or other kind of recognition so they are encouraged to make sales.
Active Marketing = Active Sales
There is nothing passive about marketing your information products. Without actively marketing your products, how will your intended audience know what you have to offer? And how else will your products be profitable if no one is buying them? If you are not willing to put a plan in place for the entire marketing cycle of your product, you are not ready to invest time and money in creating an information product.
To recap the post in this series, if you want to create a profitable information product:
- Choose the target audience you want to create a product for.
- Brainstorm ideas for your information product and then survey them to validate your ideas.
- Have a well-designed sales funnel.
- Create a promotion strategy for the entire marketing cycle of your product
- Next Up: how to create promotional partnerships and joint ventures to sell more information products.