If you have been doing business on the Internet for a while, you probably have encountered the term “information marketing”. This is a term that was developed in response to increased limits on people’s time.
Information marketing is a term that describes the process of resolving this problem by making it easy for people to get to the information they want — and the products they desire– as quickly and efficiently as possible.
Examples of ‘Infoproducts’
It typically features products that are created once and then sold many times. These are known as “infoproducts”, and examples include books, eBooks, DVDs, video downloads, workshops, MP3s, audio downloads, slideshows and many other infoproducts.
One of the biggest benefits of information marketing is its extremely low startup cost. In most cases, you can purchase your original infoproduct for very little money, modify it and then resell it many times over.
Information Marketing Defined
Perhaps the hardest part of information marketing is determining what infoproducts to sell. Obviously, you want to sell only those infoproducts for which there is a high demand.
If there are a lot of customers in the marketplace clamoring for the types of infoproducts you sell, you have a far better chance of driving strong sales and high profits that you would if there were only a few customers looking for the types of infoproducts you sell.
Sell What You Know
You also want to sell infoproducts with which you have some familiarity. This will make it easier for you to talk about them with your customers. If you aren’t confident in talking about your infoproducts, odds are your customers will sense this and stay away.
Another important factor is assessing how much money you can make from a particular infoproduct . If your profit margin is low, you are going to have to sell a lot more infoproducts – and work a lot harder – in order to hit the revenue targets you set for yourself.
Selecting the Best Infoproducts
So the ideal infoproduct has a broad customer base, is something you are familiar with, and has a high profit margin. How can we identify those infoproducts? The first place to start is to determine is your niche.
A niche for an information infoproduct is a market that is a subset of the larger market that focuses on one particular type of infoproducts. Examples include niches such as weight loss infoproducts, infoproducts aimed at sports fans, or infoproducts related to health and beauty.
Benefits of Niche Infoproducts
Niche market infoproducts are the opposite of mass market infoproducts. A good way to think about niche markets are as specialty stores – such as stores that sell tires and other auto parts – compared to mass markets stores that sell a little bit of everything, such as Walmart or Sears.
By choosing to promote infoproducts and services within a particular niche, it is easier for you to develop an area of expertise. This makes you more authoritative to your customers, so they will be more likely to believe in what you have to say.
A niche market also allows you to focus on a specific group of customers: For example, only those people who are interested in infoproducts within your niche.
Identifying a niche makes creating an Internet marketing campaign easier because it narrows the scope of your efforts, making them much more manageable.
Knowing how to choose the best infoproducts and identifying profitable niches is vital to your success.