You can make money selling information products online and make HUGE PROFITS.
40% of the world’s Internet users, that is more than 1 billion people, have shopped online at least once. This just goes to show that the market size for your business is HUGE!
For this very reason, the competition is huge too! For instance, the number of bloggers is expected to reach around 31.7 million by the year 2020.
Therefore, you MUST be the Cream Of The Cream amongst your competitors. This article contains 7 essential tips to win the competition in your field.
What Is “Information Selling Business“?
An information product passes on useful advice to the consumer. The subject could vary greatly, for instance:
- How to lose weight?
- How to do business?
- How to decorate your room?
It could be anything really. I know a person selling info product on ‘How to raise goats’
My first Internet business was about chess - a board game. I’ve been running this online business for over 9 years. Fortunately, it generates me a 4-figure monthly income.
Therefore, using my experience, I have curated the below ‘7 Tips to Make Money Selling Information Online’ in order to help you win the competition, in your niche.
Tip #1: There’s no profitable enterprise (niche). There’s profitable entrepreneur.
One of the mistakes people often make is that they start looking for a trending niche.
However, what they don’t realize is that most of the people who try the Internet business fail. In fact, 81% of the bloggers never make even $100 (per month) from blogging.
So, it is better to work in your area of interest & passion. It will get you through hard times and keep you motivated to learn and grow.
Tip #2: Great Marketing Can’t Compensate Mediocre Content.
Most online entrepreneurs say that traffic is everything. If there is enough traffic, they will definitely be able to monetize it.
Robert Kiyosaki’s book, “Rich Dad Poor Dad” is a best seller with 6682 customer reviews on Amazon! After this one, he wrote many other books. However, none of them were quite as successful. Some of those books could only collect around 50 reviews.
What’s surprising here is that even though Kiyosaki is a famous author (in the finance area) and his Facebook page has over 4 million followers, he cannot sell his books when its quality is not top notch.
Tip #3: Business Grows Just Like Muscles. Be Patient.
Nowadays, we are usually advised to set goals and then work towards achieving them.
So, whenever we start our business, we naturally dream of 6-figure incomes and become a BIG market player.
However in reality, if you start on your own, you have no other way but to Start Small and Grow Gradually.
This is similar to the gym analogy.
Image Courtesy: “I Heart Camera”
You’ve probably been to the gym by yourself or you might have a friend who has. You already know by now that the process of bodybuilding is very slow. You need to be very patient.
The below quote can motivate you to keep going:
Tip #4: If You Genuinely Want To Help - You Are Ahead Of 95% Of Your Competitors.
Let’s be realistic. The vast majority of people just want to make money via their online business. Despite what they say, they seldom truly care for their clients.
This can be the same with big corporates too.
For example, if you’ve ever tried to receive customer support from PayPal, you’d know that it is very hard to get any valuable support from them. However, this could be due to their huge customer base too.
Situations like these make us understand that companies usually care only about their profits and not really about their customers, i.e., YOU!
Therefore, try to GENUINELY help your customers.
Tip #5: You Do Not Have To Be An Expert To Start Your Information Business.
Think about this -
How often do you read the ‘About’ section on any website?
Probably very rarely or NEVER!
This is because we really don’t care so much about who is behind the website. We are more interested in getting the necessary information that we are searching for.
Here is another thing -
If you are an ordinary person, you are more relatable.
Therefore, there is a higher chance of the viewers trusting your advice and implementing the same in their lives!
Tip #6: Teach Actionable Advice.
For my online chess business, I had recorded many video tutorials.
When I analyzed my highest performing video (with over 1/2 a million views), I realized that this video was very actionable.
Screenshot from YouTube video
It contained only 3 Tips. Each of these tips was very short and easy to put into action. That is why; this particular video got more views than the others.
Similarly, when I look at other advisory blogs, I realized that the two common mistakes that the authors make are:
- Their advice is usually too vague and not actionable.
- They offer too much advice that in turn can leave the readers more confused.
Therefore, when you start your information business, make sure that you are Specific, giving Actionable Advice and Not Overloading the reader.
Tip #7: Get To Know Your Audience - Have Offline Events.
Offline workshops are often considered as one of the revenue streams. However, in my experience, I realized that the biggest advantage of having an offline event is getting to know your audience.
That’s why in my online chess business, I decided to arrange many offline seminars. Here’s a photo from one of such workshops in Trissur, India.
Know Your Audience!
During these seminars, I was able to truly connect with my audience. This was more insightful than any of the Internet statistics about my readers.
When you meet your customers face-to-face, you can understand what their needs are, in a better way.
My advice, curate offline events and Connect With Your Audience! In order to lead your Internet business in the right direction, this is a MUST