In these articles I’ve tried to give you a quick overview of what’s available for you in easily creating a full portfolio of information products to increase your passive income online while you do other things.
Now let’s talk about some ideas on how to structure a powerful portfolio of information products to reach the broadest needs of your visitors and build those really important long-term relationships for long-term profit.
The very common and tragic mistake you may be making is having just a few products, or even none at all. Do you even have a give-away product like a free MP3 or 5-day e-course to offer your visitors to start building those crucial relationships on your site? I can’t tell you how many sites I visit that don’t even have that very basic element, and here’s why that’s such a huge mistake.
Studies show over and over again that out of 100 visitors to your site, you’re lucky if 1 or 2 make a purchase on that first visit. 1-2% is a very common sales ratio for online sales for a typical visitor.
There are a lot of reasons for that, but that means that 98-99% of your visitors do NOT buy on the first visit. And if you don’t have a freebie to offer them that appeals to their needs or problems and to get them to raise their hand to hear more from you, they simply go away and will likely never be back. You just wasted all that effort and cost (in time or money) that it took to get them there in the first place.
Don’t do it! Developing a freebie – whether text, audio, or video – is so simple with the many ideas I’ve given you. Don’t worry about making it perfect, just get it done! You can always improve on it, but get something up there to collect names and emails of your visitors with something of value, so you can have a way to keep the dialogue going and start building trust with them.
That attractive freebie has got to be #1 on your list if you don’t have it done yet. Let’s move on then.
In considering your full portfolio, you need products for various learning modalities and various price points. Whatever you have now, evaluate where your gaps are and target that.
If you have audio mp3’s that you make available for free or low cost, what about an e-book at a slightly higher cost? If you have an e-book at say $27, what about bundling that with some audio and selling them together for $57? Or make an audio version of your e-book available for those who prefer to listen.
Those lower cost products are valuable to build trust and your reputation with your visitors, as well as to provide some regular passive income.
Now let’s look down the line a little. Bundling products is an easy way to offer some higher priced options, and if you give some discount for buying the bundles, you’ll get more sales.
You can offer a series of calls as a tele-class, say four or five modules, and those typically will sell for anywhere from $147 up to $597. Why do these prices always end in 7? I don’t know, they just do. A lot of marketers have tested prices, so let’s go with it. It works.
The point is, a series of tele-classes is a good upper-range product. Some new customers will jump right in here, while some will start with your lower-priced stuff first. Don’t assume anything, just make it all available and let them choose.
For maximum income, you may want to consider developing products like live workshops or seminars, boot camps, private and group coaching, and membership sites. All of these require content, and lots of it.
And where does all that start? With getting the words out of your heart and head, spoken, transcribed, and packaged.
So we’ve come full circle and I hope you’ve got ideas busting out all over. It’s so exciting to work with our clients and be part of their info empire building. Our whole team gets a lot of satisfaction out of doing our job well, so you succeed faster and bigger.
I hope these ideas have your wheels turning for taking your own expertise and turning it into lots of products that can be providing passive income for you, as well as establishing you further as an expert in your niche.
We’re here to help you, as we’ve helped many others over the years. We offer a free 20-minute phone consult to hear your ideas and give you some feedback, as well as to answer questions on our services. Please get in touch via our Contact Form if we can help you too.