When you start selling information products on the ‘net for profit, you may be thinking you’ll set out to create multiple items for many different niches. But you really need to take an approach that leverages the lists you’ll be building whenever anyone purchases one of your products.
For example, let’s say you choose to cater to a niche of fellow Internet marketers. You start off creating an information product on Finding Your Niche. What you want to do next is develop a backend product that accompanies or complements the first product.
This way, when your second information product is ready, you can announce it to your list of existing customers and if they found value in your first product, chances are they’ll be buying from you again.
Have you ever heard the saying, “There’s gold in the list?” This is often said in reference to the many marketers who have built multi-million dollar empires selling their information products to the same people, not necessarily more customers.
You want to extend the lifetime value of each customer that you get. Even if it only costs you a $0.05 click-through to get a paying customer, it’s much better to make a $10,000 lifetime profit from him than a one-time sale of $47.
You want to create a good backend strategy for your information products based on what it is your customers need. Find ways of picking their brains without letting them know it’s solely for product creation purposes.
People love to give their opinions, so when you contact your list and ask for their input, you stand to gain some amazing insight into what it is that your market is seeking. While your follow up information products are being created, either by yourself or an outsourced service provider, make sure you continue delivering free valuable information to your existing customers.
You don’t always want to hit them up with a sales pitch. If their names are added to your autoresponder, then periodically drip pieces of helpful information to them that they don’t have to pay to gain access to.
When they see that you’re working in their best interest, then they won’t mind spending money with you again and helping you profit from your information product empire for years to come. All you have to do is find out what they need and then over-deliver with your solutions.