Perception is everything in the marketplace. Understanding this basic fact will help you maximize the value of the information you sell and increase your earnings.
Most people want to write a book at some time in their lives. And many envision fame and fortune as a result of their writing efforts. If you’re a talented writer who manages to get picked by a large publisher and you hit a homerun in your first at bat — then yes, fortune and fame could be yours. But for profit-seeking information product creators, packaging an item in the traditional book format is the last thing you want to do.
Beware of Limitations
Sure — a fresh, perfect bound, published book on the bookstore rack with your name on the cover looks fabulous. And I’m sure it would feed the ego like nothing else. But your earning potential is severely limited because books have a limited price range. Consumers expect to pay a certain amount for a book and no more. Just take a look at prices the next time you visit your bookstore. You’ll find most books priced between $10 and $40. Few exceed that upper limit.
Information sold in other formats doesn’t face these same restrictions. Prices are all over the map, with some info-products in selected markets selling for as much as $5000 per copy. Bear in mind that these packages are typically marketed by the cream of the crop experts with years of experience. But the real secret lies in the format the information is presented in.
Think about it for a moment. If that same information was compiled in standard book form, how much could even these experts charge for a single copy? If they’re selling through traditional book channels, they are subject to the same marketplace perceptions. Now they could market the book from a website of via direct mail and fetch a heftier price. But most of high-priced information sellers do something much more profitable. They provide the information in multiple formats in combined bundles.
The Secret of The Top Dogs
The big guns of information marketing deliver their goods in several formats. But what fetches the highest prices today is video. Information packages containing multiple DVD’s regular sell in markets like copy writing and internet marketing in the $500 to $1000 range. World-class experts can get even more.
But most don’t simply offer one format. They understand that perception is everything. That’s why they often include multiple CD’s, transcripts, printed manuals, membership sites, special reports and any number of additional formats.
More often than not it’s basically the same information repackaged and reformulated and dare I say it, regurgitated. By it’s the perception of quantity and variety packaged into a mammoth bundle that looks like it’s worth every penny and a whole lot more that does the trick. This is what sells prospective buyers. But when you get right down to it – it’s nothing more than information that could have been conveyed in a 200-page book.
Are You Shooting Yourself in the Foot?
That’s the reality of the marketplace. So if you only write ebooks and you don’t expand your information empire, you’re cutting yourself off form the biggest, juiciest slice of the profit pie. But you have to start somewhere and ebooks give you an excellent way to first enter a market. The trick is to get it done and put it out there. Make your information available and then get busy with the promotion.
Once you’re convinced that the market is there, consider repackaging your information in multiple formats and selling it at much higher prices. Turn your ebook into an audio recording and supply it on CD’s. Expand your simple ebook into a more in-depth manual. Teach the various segments of your topic as a series of teleseminars and record them all. Present your material to a live audience and have it recorder by a videographer.
Do this and you’ve taken not just your product but your potential income to a whole new level. It’s a formula others have used with great success and there’s no reason why you cannot do the same. Just think of the rewards that await you.
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