5 Massive Benefits of Having A Signature Info Product Suite
By Christine Cibula
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Have you ever observed someone you have followed for years suddenly skyrocket to success taking their business from six figures to the million-dollar mark and then multiple millions? I’ve had the privilege of working inside the businesses of what Tim Ferris refers to in his book The Four-Hour Workweek as the New Rich. These are first-generation, self-made millionaires who started out at ground zero and created highly successful multimillion-dollar corporations. One core component of their success in their businesses is a signature info product suite. So let’s take a look at the 5 massive benefits of having a signature info product suite in your business.
1. Establishes You As A THOUGHT LEADER In Your Field
You may have heard a mentor say to write a book because it establishes you immediately as an expert in your field. But why is that? It is because when you have a book, you are establishing yourself as a thought leader in your field of expertise. The same holds true when you have a line of information products in your business, because they help to establish your credibility as a thought leader in the industry. The more robust your product line, the more credibility and staying power your clients see you have in the industry.
2. Provides MORE IMMEDIATE ACCESS To You At Reasonable Price Points
Your clients want to connect with you, but just like relationships, we tend to take it slow. We observe other people. We see how we feel when we’re in their presence. We decide over time if we know, like, and trust them before we go to the next level. That is where the beauty of information product comes into play. Why? Info products offer your potential clients an opportunity to get to know you “virtually” through your marketing and your products while making smaller initial investments. If they have a good experience, then they typically take it to the next level to work more closely and privately with you. It becomes a win-win, because they learn your foundation materials and by the time they start working with you privately, you can fine-tune advanced skills and create higher levels of success for your clients.
3. Generates MULTIPLE STREAMS OF PASSIVE INCOME To Grow & Expand
It takes a solid financial foundation to continue growing your business. If you can create a product line that pays for itself by providing income to bring in more virtual assistants or employees, your business can grow by leaps and bounds over time. No more worrying about finding venture capital or pre-funding a new business venture. When information products are involved, you have created multiple streams of passive income to grow and expand your business.
4. Increases Opportunities for SPEAKING ENGAGEMENTS & JOINT VENTURES
A little known secret of multiple speaker events is that the organizers typically do a profit sharing joint venture on the back of the room sales. This is usually a 50/50 split. In other words, the speakers usually come to the events and take care of their own travel, lodging, and meal expenses with the hopes of making enough sales at the back of the room to cover their costs and make some income from the speaking engagement. So let’s do the math. If you simply have books to sell at the back of the room, they usually go for $20 a book on average. Compare that to a bundled information product offering that you can sell at the event for $1000-$1500. Therefore, seminar organizers often look for speakers who have high-end information’s products to come share the stage with them.
5. Creates a SOLID CORE RELIABLE INFRASTRUCTURE In Your Business Model
Information products are a core component of a service based business model if you want to leverage your time. Why? You want change your service model from dollars per hour (only so many hours in a day) to create it once and deliver it over and over and over again. This enables you to leverage your time and advance your training programs. It also helps to prevent boredom for you in your business as you package your knowledge on a variety of core topics that you normally teach to your clients in the beginning phases of working together. Then when you work with clients, you can offer higher end services to meet their needs and work with a more exclusive clientele who are ready to go to the next level with you in their business.
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