How to Generate Passive Income with Information Products
As many of my weekly readers here know, I’ve encouraged you to start selling your own information products many times. Perhaps some have avoided this venture simply because they don’t feel that they can write adequately enough to create material that would be sellable.
With all the private label content and outsourcing services available online today, there shouldn’t be any hindrance in getting your first product ready to market…which is how to generate passive income with very little startup costs.
Side note: In case you’re wondering, “what is passive income?” Passive income simply means “an income received on a regular basis, with little effort required to maintain it.” (*Wikipedia) Pretty nice, right?
Many new marketers may not even realize this is possible when they first start their internet marketing ventures. Some have heard about generating passive income from info products, but since they’re so focused on all the many marketing ventures they have to juggle — it simply slips their mind that they can capitalize on this simple revenue stream.
When you have your own quality information product set up on its own website, with a sales letter – or within a marketing network such as Clickbank or Paydotcom – you have a passive income mine just floating in the water, waiting for people to hit it, so you can score.
That may be putting it rather bluntly…but the other thing you need to know… if you just let it float there in the vast ocean of web products, chances are you’ll never make more than a few extra bucks.
What if you currently have an information product that has sold barely any copies?
Now would be the perfect time to take it out and re-examine it a little. (Ask a few friends or partners to review it for you.) If you’re satisfied that the product is indeed a good one and your salespage is well-written, then there should be no reason why you won’t be able to generate passive income from your product.
Now, let’s check to see if there’s anything more we can do, to give it more firepower…
Your 7- Step Promotion Checklist:
- Shared it on Twitter, Facebook and other social networks?
- Gathered testimonials?
- Followed good SEO practices?
- Announced it to your forums or mastermind groups?
- Utilized content and article marketing?
- Sent out press releases?
- Done your absolute best to help create some buzz?
If you can answer “yes” to these questions, there may still be one thing more you should do – and it’s actually the most important: Set up an affiliate program for it!
The real key to generating passive income with information products lies in having many affiliates that are constantly marketing the product for you. Even if you’re offering them hefty commissions, it’s really worth it because you’re building your list with pre-qualified prospects that your affiliates have steered your way – and the next time you launch a new info product, you’ll have far more people (on your list) ready to hear about your upcoming product as well as affiliates ready to take action and promote it for you. A win-win situation.
You should take an active role in searching and obtaining new affiliates. If your product is not merely a low-ticket item, approach “big name” affiliates as well. The most important key to catching their interest? Offering a product that specifically targets the particular niche that their list will love.
Observe the Two T’s: There’s one more step before you launch your information product: Test and track to make sure there isn’t some glitch in the checkout process. You want every part of the checkout and delivery of your info product to be smooth sailing! (Which means happy customers, happy affiliates and less customer service issues.)
If all else fails, and your worst fear is confirmed – that is, affiliates review your product and are lukewarm, well – it’s time to face the facts: You’ve probably birthed a lemon. (Don’t quit! It was a good experience, and you’ll do better next time!)
But not all has to be lost. Ever hear of “repurposing?” Treat your product as PLR (private label content). Rip it apart, throw away the “bad” bits, and create something fresh, sparkly and new out of the ashes – perhaps an email course, an audio course, or several blog posts or articles. (You can even sell it as plr if your content is original and you are the sole owner.)
Before closing, I wanted to add one final tip on how to generating passive income with your information products: You can utilize affiliate programs from other product creators which will allow you to earn additional income through referral sales by inserting your affiliate links into your ebook or reports. This is a very simple method that takes very little extra time and costs you nothing…
To get really serious about your online marketing profits, I suggest that you sign up for Melissa Ingold’s, Sweetie Marketing Insider. where she can guide you into advancing your online marketing income stream.