Back in 2010, Google CEO Eric Schmidt quoted this amazing statistic:
We create as much information in two days now as we did from the dawn of man through 2003
And according to Domo.com, every minute, Google receives over 4,000,000 search queries, Facebook users share nearly 2.5 million pieces of content and over 200 million emails are sent.
What all this boils down to is that people are hungrier than ever for more and more content. But let’s face it… most of the content out there is crap. There’s no substance to it and people are becoming less and less trusting of internet “advice”.
So, even though you there’s a plethora of content out there, many people still pay for great information.
And the most popular way to sell this information is with an infoproduct, or information compiled in text, video or audio format that’s sold at a premium.
This is the most common and easiest business model to get started in.
You don’t need any special skills to create an info product. Most everyone is an expert in some topic that someone would be willing to pay money to learn. And since most products are digital, there are no raw material costs, no assembly costs and no shipping costs.
And of course… infoproducts work extremely well on display advertising.
So first… how do you make an infoproduct?
eBook, Course, Newsletter Or…?
There are a couple of different ways to deliver your information.
The most common (and easiest) is an eBook.
You can literally write a 20-50 page MS Word document about just about any topic, give it to a designer and boom — you’ve got a finished product ready to sell.
The upside to an eBook is that it’s stupid simple to create.
The downside is that most people don’t read eBooks, even when they pay for it.
Think about it. How many eBooks do you currently have on your computer that you’ve either paid for or gotten for free for opting it to an email list? How many of those eBooks have you actually read?
If you’re like most people, then not money.
And it’s much likelier that someone is going to ask for a refund or not buy from you again if they don’t consume and see value in your content.
A great way to package information is as a “course”, complete with video, audio or maybe even just text.
The content in your course can just be what you would have written in an eBook, but formatted as “modules” and shown in an “online members area”, which is pretty easy to do with WordPress and plugins like Wishlist.
If it feels more valuable people are more likely to consume it.
A lot of the bigger online publishers (specifically in the internet marketing and financial spaces) sell digital or physical subscription newsletters.
Newsletters are great because you get guaranteed income from a customer every single month month.
The downside is that you’re going to constantly need to provide new and valuable information.
This can difficult to keep up as customers and customers are likely to cancel their subscription if they notice a drop in the quality your information.