November 08, 2002
Yes, You Can Still Earn Large Profits from Information Products
Subscribe via Email by Clicking Here
Subscribe via Web:
Update from Jeff...
Hello all, welcome back and a big hello to all who have joined us since the last issue.
Down to business. Wanted to let everyone know that you can now access some of the more recent back issues of this newsletter online - you can find them here:
Have you ever had the thought, "there's just too many eBooks out there for me to build a solid infoproduct business?"
This week's issue will blow the lid off of the traditional eBook infoproduct business, open your eyes to some powerful trends being used to make great money from your knowledge, and give you a taste of future moneymakers in this industry.
You'll also discover a brand "new" spin on packaging information - allowing your customers to create their own eBooks for monthly membership fees. This is a fascinating interview with a programmer that may just be on the edge of the next big infoproduct trend.
Until next time...
Copyright 2002 - Jeff Smith
How successful could you be if you knew what your customers wanted to buy before they did?
Imagine if you had been the first one to understand the true potential of the printing press? You could have instantly been a newsprint mogel, or you could have been first to market with the printing press itself.
While there are many ways of making money with books and eBooks, there are some trends that are just around the corner that could make your traditional infoproduct business seem like peanuts.
Over the last couple of years, I've spent allot of time developing, reviewing, reading many information products. I've interviewed a small army of information product developers and continue to be fascinated by the opportunity this industry offers to new and experienced entrepreneurs alike.
You spend enough time buried knee-deep in anything, you'll recognize patterns that may just be the next future trend.
If my wife tells me enough times to take out the garbage on Wednesdays, eventually I recognize the pattern.
Here are a few of the more interesting patterns that may just provide the basis for your next fortune.
Trend 1: Content Shakeout
Quality is beginning to win out over lacklustre content Opportunity is increasing dramatically for eBooks, so to has the competition. The market is becoming educated about eBooks, and increasingly expects quality for their money.
On first blush, this may seem to be a more challenging market for you. Perhaps, but it also allows means there is more opportunity for infoproduct creators who "do their homework" on developing content. If you follow the simple, yet powerful process of locating markets you can easily access, discover opportunities by finding out what they want and delivering this in a format that best benefits your audience, you will stand out from the crowd.
Trend 2: eBook bundling with alternative media
The market is only beginning to understand the potential benefit and capabilities offered by digital information delivery. I can not only write my ideas down for you to read, but I can also record them for you to hear, discuss them with other professionals to expand on my information, and even record video of me presenting my information to a group. Bundling has started, but look for multimedia information products to rapidly grow in number.
Trend 3: Less Is More
We've all read through the 350 page eBooks that seem to go on and on and on. Get to the point already!!
One of the key metrics in determining the price of a physical book is page numbers. Naturally this carried into the digital product space. Increasingly, people are willing to pay just as much for a 10-page report as a 300 page eBook so long as the content is of value.
Enter the era of the Special Report. We are starting to see it - Special Reports and Booklets are coming out of the closet. People want quality information, first and foremost.
One of the best explanations of Special Reports - and how you can position yourself in front of this tidal wave is the breakthrough Special Report Bible from my good friend Damon Zahariades available from:
Trend 4: Personalization of information.
This one's rather dramatic. I've come across a few examples of dynamic eBook creation sites. Basically this works by the information product creator loading information into a database (ex recipes) and charging a monthly fee for members to access the database of information. Here's the interesting part. They can customize and personalize the information they want to download and, with the click of a button, instantly create their own infoproducts.
What's most interesting about this approach is that if you keep your content reasonably updated, a relatively low monthly membership (say $15) can earn you SUBSTANTIALLY more than any eBook would ever get you with a few short months.
Trend 5: Turning an eBook into a printed book
Often in the past printed books would be turned into eBooks, or eBooks didn't have a tangible counterpart. That's changing as eBook authors, having tested their ideas and market, are increasingly using early results to establish print publishing relationships.
Until a very short time ago, marketing your work as an eBook could actually harm your chances of being picked up by a publisher. However, all signs point to publishers actually looking at the eBook phase as a test phase - so if your results are reasonably good, then this will definitely help you to secure future publishing contracts.
The mid to late 1990's saw many information product developers skyrocket to financial success as their information was well suited to the "instant gratification" emotion found in online customers who could get an answer to a pressing problem or desire almost instantly.
What's next? There's a good chance that one of these 5 trends will serve to form the next group of super elite infoproduct marketers. Why not be on the leading edge rather than on the edge of leading?
Trenton South - "Revolutionizing the Delivery of Information"
Special Interview Excerpt
I'm going to bet that you have not considered this model for profiting from your knowledge. You probably are quite well aware of eBooks, membership sites, and subscription based web services.
Today's interview is with Trenton South, of http://www.worldwidecookbook.com who has combined all of these approaches and more to provide customized delivery of information to his customers.
If you are like me, the hamsters are running quickly in my head on how we can apply Trenton's approach to our online infoproduct businesses.
If you missed the last few powerful interview segments with Yanik Silver, Marc Goldman, and Willie Crawford then you can find them in our new online newsletter archive available at:
http://www.infoproductcreator.com/ezine1.html Now, for this week's interview excerpt!
Hello Trenton, I wonder if we can start by giving our readers an idea of how you got your http://www.worldwidecookbook.com started and what your background is - tell us a little about yourself and your latest business.
When I first ventured into web business, I did not have much programming experience. I had many ideas of things that I wanted to do, but I always had pay someone else to program them. Ultimately one of two problems would arise. The programmer could not grasp my concept, or I could not afford to have what I wanted programmed. Projects came and went. Most of my projects I sold, but I hung onto World Wide Cookbook.
Over the last 4 years, I worked very hard at learning to program both on and off the web. It finally became time to bring back a new and improved version of the site. One that I originally envisioned and now could build.
Trenton, while many others are developing books, eBooks, newsletters on recipes and cookbooks, you have really taken a different approach - letting people create their own customized book from a massive pool of information. Where did you get this idea to allow customized information?
We have many cookbooks at our house, but there is one that get's used 90% of the time. It is one of those blank cookbooks that you buy and fill in your own recipes. It is a collection of our favorites. That is where the idea came from.
Let people build their own cookbook. Allow them to store it online, print it, email it, or download it and they will use it. One of our print options allows you to convert your entire cookbook into an Adobe PDF. It auto-generates a table of contents and everything.
People really love that option because they can print their cookbook, put it in a notebook, and put it on the shelf for quick reference.
Do you see this concept of customization or personalization of information as being possible - even profitable - in other markets as well?
Absolutely! Ben Franklin said. "Tell me and I forget. Teach me and I remember. Involve me and I learn."
Granted that there is not much to "learn" in building a cookbook, so I change the last part to "Involve me and I enjoy." If they enjoy their experience, they will come back and they will tell others.
In my book, The Ultimate Information Entrepreneur's Idea Guidebook (http://www.infoproductcreator.com) I outline over 40 different techniques to generate hundreds of hot information product ideas that people can use right away to develop topics in line with customer demand.
How did you go about understanding that you could make a profit in the food preparation market? Do you have techniques for testing your ideas (ie. surveys, monitoring discussion groups, magazines, books,etc..?)
When I first launched World Wide Cookbook, I did not have any idea what people wanted. One thing is for sure though. They don't mind telling you. I listen to user input and if it is a valid request, I make the changes. It has been a process of trial and error.
How did you go about understanding that you could make a profit in the food preparation market? Do you have techniques for testing your ideas (ie. surveys, monitoring discussion groups, magazines, books, etc..?)
I have set both goals and limitations. My goals are meant to inspire me and take me to the next level. My limitations are pre-determined customer numbers that when obtained I will add more resources to ensure that my customers' needs are properly met. As those resources are added, the current limitation will be removed and I will press on to my next goal.
If I do not exceed my limitations while pushing the envelope on my goals, then the stars will be at hand.
Thanks very much for sharing your unique and inspiring business with us. I really think you are on the leading edge of something very big Trenton - the personalization of your own information product. I'll let you tell us about any other projects you are working on as well as any final thoughts for those of our readers who are just getting started with marketing information online.
Thank you. Again, when I first started on the web I had many projects and many ideas. I have decided to focus my energy on just one project and make it the best that I can. I work with other's and help them get their projects going, but World Wide Cookbook is my vision and it has my commitment.
** WZ.com Closout Sale Update
Building on the story we released last issue, the unfortunate decision by long-time online business owners Audri and Jim Lanford to close up shop. They've recently announced their method of closing out their products.
Their intention, for a portion of their products, is resell rights (limited to 150 licenses). Prices are good, though one wonders what will become of Master Rights in the coming future. So you purchase reprint rights, all content (including links to their own or affiliate products) will continue to be sent to the owner of Master Reprint rights.
Also - there are a number of other quality products in their portfolio of very good quality, we'll keep an eye on these for you in the future.
You can see their latest offerings at: http://ebooks.wz.com
** Terry Dean's Testing Secrets Updated
For those of you who are not subscribers to Terry's Netbreakthroughs site (http://www.infoproductcreator.com/part/net.html), here's some of his most recent findings...
- One simple headline change that resulted in a 1.7% conversion rate over a 1% rate.
- A large ezine costing over $100 for solo ad that Terry recommends you stay away from
- 3 other smaller ezines that he recommends, they turned out to be highly profitable for his ads
- A whole slew of tests on opt-in email programs, some he found profitable, others not.
If you are interested in high profit internet marketing, then I can't recommend Terry's super Netbreakthroughs site as one of your key pillars of growing your profits.
A current events portal. If you need the latest news on any aspect of entertainment or news, then this is the spot you will find it.
Need to make sure you get full coverage of the net when you search, try this metabrowser - it's powerful
That's it for this week folks...
Have a super and successful week!
Be sure to contact me if you have any comments or feedback - You Can Mail Me Here
ATTENTION: There is only one way that you could be receiving this ezine, that is you, or someone using your email address, subscribed. There is no other way of being added to this list.
We do not make this list, or your address, available to ANY other companies or individuals. We value your privacy.
Although we work hard to make sure that all of the information in the Profit Secrets newsletter is accurately and genuine as possible, neither the publisher, nor the editor assume any responsibility for the accuracy or otherwise of the information presented.
By reading this information, the Information Product Profit Secrets reader assumes all responsibility for an inaccuracies or other risks associated with the information within this newsletter.
Editor Information Product Profit Secrets