Below are 21 quick tips to help you make more money in your online information business. Even though the focus here are those who publish information products, the majority of these points apply to any type of online business!
Tip #1: Find something you’re passionate about or at least curious about.
You don’t have to be the “premier expert” on the topic, but you do have to be intensely curious about it. One of the great qualities of a good interviewer is being curious enough about the subject to ask the right questions and keep learning. Do you care enough about this subject to spend 5 to 10 hours a week learning more and sharing about it for the next year at least least?
Tip #2: Spend some time at a real bookstore or at the library.
I love Amazon.com and do a lot of my research there, but sometimes it gives you an even better perspective to go to a large bookstore. See how they categorize the books. Look at all the magazines that are selling (if there is a successful magazine about the topic then it’s pretty safe to say the audience is big enough for your website). Look at the titles of the best sellers. Look to see what is running on the end caps.
Tip #3: Check out buyer mailing lists to see what people are buying.
A lot of the keyword research we do online is based off of what people are searching for, not on what they’re buying. Use a resource such as SRDS or http://www.nextmark.com to look for buyer’s lists in your target market. In many cases you’ll even find the demographics of these lists giving you more information about your customers.
Tip #4: Make a list of reasons WHY you have chosen the information business for your online profit vehicle.
Just like any other business, you will go through hard times. People will discourage you. Make a list of why you’re in this business to start with and keep yourself focused on it. A few items to help you start your list: low start-up costs, great profit margins, run your business from anywhere, outsource the customer service, etc.
Tip #5: Focus on developing a lifestyle business in everything you do.
For example, when writing ad copy for your website, many people think only about how they can generate as many customers as possible. But there are a lot of customers you may not want because they’re not right for your lifestyle. You’ll find 80% of your problems are caused by 20% of your customers. How can you write your websites to discourage this 20% group not to buy from you while attracting as many A+ customers as possible?
Tip #6: Find ways to position your product closer to the “done for you” solution.
People don’t really want an information product. They want the solution to their problems. And they want that solution to be created in the easiest way possible. Whatever you can do to help position your product as more “magic pill” or “done for them,” the better it will usually sell. This includes adding checklists, templates, providing support, full service work, etc.
Tip #7: Be willing to lose a little money at first.
If you do any type of paid advertising, expect to lose money at first. You will need to optimize your ads, optimize your landing page, possibly add to your email follow-up sequence, and even add in backend products to make a profit. Plus some sites and keywords will be profitable while others will not. The key is to not risk more than you’re willing to lose and track EVERYTHING.
Tip #8: The goal of your marketing is earning a return on your investment.
You need to track clickthrough rates, the amount of traffic you generate, your cost per subscribers, and everything else. But the only thing that really matters is how much you’re spending and how much you’re bringing in for your investment. Your goal for paid advertising is often to simply break even on the first sale and make a profit from the second and all future sales. If an ad source is profitable to you becomes the bottom line.
Tip #9: Check into day parting for your advertising.
You’ll find your site has better days of the week and times for purchasing. If people are checking your website at work, then you may find Mon thru Fri are the best at 8 AM to 6 PM while someone else may find the weekends produce much better for them. The likelihood when you examine the numbers is that some days are profitable for you while others are not for your advertising.
Tip #10: Create hyper relevant landing pages for whatever you’re offering.
This can be as easy as changing a headline or intro to your website. Make your website landing page match the traffic source and their mentality when they came in. If your ad said they can get a free gift at your site, then the headline should discuss this free gift. If they’re coming in from social media, land them on a content page that matches what they’re looking for. You have a limited time to grab their attention. Go for it by focusing on a very relevant landing page to the offer and clickthrough.
Bonus Tip: When you buy an information product, dig into it. Don’t just go through it once. Go through it multiple times and take action on what it says. If it can give you at least one tip that is profitable to you once you put it into action, then it has a good return on investment. But I’ve found you can do much better than this if you concentrate on the right course.
To find even more tips like the above along with cheat sheets and step-by-step guidance to get your information business online and profitable, check out http://www.thetruthprints.com
Part 2 is coming in a few days with the last eleven steps…