It’s no secret that information products have the potential to become hot sellers. Millions of dollars (if not more) have been made by selling e-books, videos and audios.
But with this lucrative business, there’s also a horde of competition out there – and it only takes your visitors a second to go to Google and be lured off of your site, possibly never to return.
So as an information marketer, what can you do?
One of the best strategies is to learn who your real competitors are, and then fill a niche or a gap that their product does not. That can be easier said than done, especially if you have people selling a product or service, and giving away tons of content that you’re charging for (via your information product).
Here are some of the competitors you’ll be up against – and how to beat them at their own game.
Free Content Marketers.
Good, free content is a mainstay of any blog or email list – but when you’re charging for it and they’re giving it away to build up recognition and awareness of their product or service, what can you do?
The answer is to become a recognized authority in your field. People are willing to pay good money for information from those they know and trust. So make sure that your name is on their minds when it comes to looking for advice in your particular niche.
The Problem With Books.
Chances are you’ve been the victim of this common information marketing pitfall. You buy an expensive info product or course for $97, only to later discover that you could’ve had those same tools and resources for $15 or less at your local bookstore through the latest paperback on the same subject.
Let’s face it; there are already countless books out there on internet marketing in all kinds of categories: social networking, search engine optimization, blogging and so forth.
What you’ll need to do instead is to focus on a micro-niche – those niches that are so specialized that it simply isn’t worth the book publisher’s time to seek out an author to bother with it.
Things like “How to build your chiropractic business up on Facebook” is an example of a micro-niche, since you’re not targeting a broad group of Facebook users – rather you’re targeting chiropractors.
Different Tiers of Info Products.
Another issue for info product sellers is the glut of low-priced alternatives out there. Why should I pay $37, $67 or $97 for your product when I can pay $7 for a cheaper alternative?
The solution here is not to cheapen your product, but instead to make it more worthwhile for the reader, and give it more perceived value.
For instance, don’t just tell the reader what to do – show them how to do it. A book on how to lose weight usually goes in the $7 pile but a book on how to lose weight that includes printable recipes and exercise videos is worth much more in the reader’s mind.
What if your competition is so fierce that neither pricing, nor “value stacking” nor micro-niches will set you apart? If nothing else, consider reaching out to your competitors, to look at ways that your product could complement theirs and vice versa. Many worthwhile joint ventures and partnerships have been made this way.
Understanding your competition is a crucial aspect of online marketing, try these strategies and watch your product carve out its own path, reach its own targeted audience and start helping you make money online.
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