Have you ever heard the term “product funnel?”
It goes something like this: You start off with a free or low-priced offer at the widest part of your funnel. This is something designed to solve a specific problem that will attract lots of people. As the funnel gets narrower, the products get more specific (or more in-depth) and prices get higher. For coaches, your ideal funnel would end with things that involve the greatest amount of your time… like personal one-on-one coaching.
But many coaches, and especially service providers like personal trainers or holistic practitioners, do not incorporate any sort of product funnel in their business. And if they do have a funnel, they're probably not using it to its fullest advantage, instead, leading with what should be their most expensive product. Time.
But time is finite. So if all you charge for is your time, you income will be finite too!
If instead, you lead with any items that constitute passive or semi-passive income, earning most of your income that way instead of with one-on-one activities, you'll find that you not only have more time in your day, but that when you do spend time with a client it's more productive since only the most serious minded clients will get to experience it.
That's how you benefit…
Here's how your clients will benefit from your information products:
Not every client will be ready to start working with you one-on-one upon first encountering you. It may not be the right time for them. They may not be able to afford your fees. Or, maybe, they just yet know about the benefits of working with a coach.
So you have two choices – pass up the opportunity to help them move forward… or provide them with some entry-level or intermediate-level assistance which can help them address their most immediate needs. That's where information products can help!
So, what exactly constitutes an ‘information product?'
An information product can be best described as an educational product. It can be in different formats with some of the most popular being eBooks, PDF files, audio recordings, and videos.
It's not uncommon for any one information product to contain several different formats. For example an information product could include instructional PDF files as its main component. Then there might be videos which help explain and show certain areas in more detail. The buyer may also receive worksheets which they can print off and fill out, which could be Word or Open Office type documents.
Information products are generally delivered and stored in a digital format. This is why they are so suitable for selling from your online website. Here's an example of the contents of an information product:
• Main ebook – PDF file
• Worksheets – Word Doc files
• Audio recording of the ebook – MP3 files
• Manuals/Reports – Word or PDF files
• Instructional Videos – MP4 files
The main thing to remember about an information product is that it contains some form of learning material. This allows the consumer to improve their knowledge in a certain area.
Here's few examples:
• How to Improve Your Mindset
• Your Guide to Using WordPress
• How to Write Compelling Headlines
If you are knowledgeable on a specific topic you can easily create your own information product. In fact, this is something that numerous coaches and trainers do – they sell their own information products. The first time you create a product it may take you a while. But once you understand the process and know which tools to use, the creation process can be easily cut in half. It is quite possible to create an info product in just a day or two. Of course this depends on how comprehensive the product is going to be.
Your Product Creation Shortcut
If you're a Coach who wants to reach and serve more people through digital products, then the only thing left to do is start building one. But how exactly do you do that? Where should you start?
I'm glad you asked! To help you get started on your first digital product, I've put together a handy little training called 5 Steps to Creating Profitable Digital Products for Coaches (the name says it all). So what are you waiting for, let's get your product created already!