Each week as @Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with entrepreneur and instructional designer, Tai Goodwin @Tai Goodwin. She leverages over 14 years of developing adult learning materials and training to help entrepreneurs, coaches, and speakers create infoproducts that sell. Tai offers e-book and information product design services through her website http://www.InfoThatSticks.com
Smallbizlady: How would you define an infopreneur?
Tai Goodwin: There’s a ton of free information out there — there are also people who are willing to pay for not having to search and find it on their own. Infopreneurs market and sell prepackaged information products.
Smallbizlady: What are some examples of infoproducts?
Tai Goodwin: Popular types of information products include: Articles, booklets, ebooks, workbooks, trade books, CDs, Videos, DVDs, forms, e-courses, worksheets, manuals, MP3 audio files, e-zines, newsletters, home study courses, workshops, seminars and conferences.
Smallbizlady: What are some benefits of having infoproducts?
Tai Goodwin: Info products help you position yourself as an expert. They can increase your credibility. Create more opportunities to put yourself in front of your target audience. Create more opportunities for you to meet your customers’ needs. And provide a way for you to create additional streams of income.
Smallbizlady: How can I use infoproducts in my business?
Tai Goodwin: There are two popular ways to use the infoproducts: As free give-aways to build your list and as a source of multiple streams of income. You can invite people to subscribe to your list and in exchange offer them a free infoproducts. Examples include a mini-report, a checklist, a video, an e-course. You need an autoresponder like Aweber or Constant Contact or Mail Chimp and an info product — then you start promoting it to your network
Smallbizlady: How can infoproducts be used to generate additional streams of income?
Tai Goodwin: You only have so many hours a day you can work directly with clients. But you can sell infoproducts 24/7 to your clients — basically earning revenue while you sleep. And while your price point for individual coaching may be out of reach for some — you can offer lower priced products that have a broader market.
Smallbizlady: What level of expertise do you need to create informational products?
Tai Goodwin: There’s a difference between creating content and creating a product.
You don’t need to be an expert to create content. If you can write or speak you can create content. In fact you can even buy content or hire writers to create content.
Product creation is different — it involves organizing content so it makes sense and building in components to make it practical and engaging for your customer.
Smallbizlady: What makes a good information product?
Tai Goodwin: I use the acronym STICKS.
The first S is for Solution Oriented — it needs to solve a problem your customers have. Before you write or record: research. Ask, survey, find out what problems your customers have.
T is for Transforms. It needs to take your customers from point A to point B. If they don’t know more or can’t do more than before your product — there is no value for them.
I is for information, instruction, ideas, innovation and inspiration (this is what people will pay for)
C is for Covers relevant practical information. Don’t give them everything and the kitchen sink. Keep it to exactly what they need to take action.
K is for Keeps their attention. Use stories, examples, facts, steps, explanations, images, infographics, worksheets, questions. The best products keep customers engaged from start to finish.
The last “S” is for structure – is it organized in a way that is clear and logical.
Smallbizlady: What are some examples quick infoproducts that people can create?
Tai Goodwin: One of the best strategies for rapidly creating infoproducts is starting with what you have. For example: Turn your top 20 blog post into an e-book. Add questions and activities to those blog posts and create a workbook. Take snippets of your workbook and create a 7-day e-course. Or take those same 20 blog posts and record them to create a podcasts series. If you like being in front of the camera, record a series of short videos instead. Don’t have blog posts? Get someone to interview you and record it: create an mp3 or have it transcribed and create a mini-booklet. There are so many possibilities.
Smallbizlady: What are some of your favorite tools for creating infoproducts?
Tai Goodwin: Start with basic word docs or Powerpoint files which you can publish as a PDF. I like on-line recording tools that let you create downloadable mp3s — freeconference.com, audioacrobat — which also lets you create videos. There are tools like podbean and audacity for creating podcast. Flip cams are great for creating informal videos. Camtasia and Jing are great for creating step-by-step videos. And one of my favorite image capture tools is Snag It for great screenshots. And then there are sites that offer royalty free music and graphics.
Smallbizlady: What ways can infopreneurs promote their products?
Tai Goodwin: Create a launch and marketing strategy just like you would for any other products. You want to pre-sell, use bonuses, create joint ventures, use affiliates to help expand your reach, you also want to consider how to upsell. One of the masters is Dave Navarro — The Launch Coach. I recommend his book — How to Launch the $%^& out of your e-book.
Smallbizlady: How should business owners price their infoproducts?
Tai Goodwin: Approaches include having three tiers between $19.97 — $47.00. Then you have mid products that range from $67 — $97, then you have your top tier products that range $127 — $197. Depends on what’s included and how specialized the information is. Then you have full home study courses or certification programs that start above $200 and can go into the $1,000s.
If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.
For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com
Melinda F. Emerson, known to many as Small Biz Lady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. She has been featured on NBC Nightly News, the Tavis Smiley Radio Show, in the Wall Street Journal, Entrepreneur and Black Enterprise Magazine. She hosts #SmallBizChat weekly on Twitter for emerging entrepreneurs and publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010).