Timely Marketing Tips from an Infoproduct Junkie or "Do You Charge for an e-Book?"

By Michelle McIntyre
Reposted with permission from Michelle McIntyre Communications.

Oakland-based business coach for midlife entrepreneurs, Dina Eisenberg recently spoke to my Women in Consulting (WIC) group in Los Gatos about how to kick start an information product or “infoproduct” business. 

An information product is any product or service that you can sell to people to provide them with information. It includes e-books, books, audios, CDs, DVDs, seminars, videos, tele-seminars and more. 

Because the event description mentioned her law degree and creating a "passive income," I was expecting tips on self-employed (S.E.) IRAs and 401Ks. I had just set up a S.E. 401K so I figured it will probably be redundant to what I already just learned after spending hours with a Fidelity representative to set up my own plan. I went to the meeting anyway for the networking.  

 I was pleasantly surprised when Eisenberg started talking though.  

What it was really about was creating sustainable income to make, what Eisenberg calls “a cushion for life's bumps.”  Consultants and entrepreneurs who are typically actively involved in delivering their service benefit from creating passive income streams that work, even when they cannot.

A self-proclaimed “information product junkie,” Eisenberg has also produced a range of products from online courses to retreats and subscription programs. 

She said it all started when her husband, whom she considers a successful entrepreneur just like herself, went on disability for two years due to a medical issue that has since mostly gone away. He was her fiancé at the time.

She shared her tactics with the consultants, many of whom had created their own infoproducts. Several consultants had their products on hand and the talk turned into a brainstorm and information share of sorts instead of just a presentation.

Two of her messages stuck in my mind.

First, start charging!  Yes, the internet is awash in free material however, people will pay for the exact right product that solves their specific problem at that time. Don't assume you have to start with free.

Second, ask first.  The difference between a profitable infoproduct and one that flops is research.  Search Linkedin threads and comments for a wealth of topic ideas for your information product.

To learn more about Dina Eisenberg, visit her website.  
 

Here are related Twitter handles. 
WIC: @WIConsult 
Dina Eisenberg: @DinaEisenberg 
The author of this post: @FromMichelle 

Michelle McIntyre is a blogger and high tech PR consultant based in Saratoga, Calif. She's also the director of marketing communications for the Silicon Valley International Association of Business Communicators and on the executive team for TEDxSanJoseCA.

The Five Ps of Marketing

When I was in college, Intro to Marketing was taught from the marketing bible, Principles of Marketing, written by "the father of marketing", Dr. Philip Kotler. According to Dr. Kotler, the marketing mix was composed of the four Ps, a classification proposed in 1960 by E. Jerome McCarthy. As 40 years worth of marketing students can tell you, the four Ps are:

• Price
• Product
• Place
• Promotion

Dr. Kotler has released the 13th edition of Principles of Marketing (I know I'm dating myself, but my copy is the 7th edition), and we can see how quickly marketing is evolving to keep pace with changing customer expectations and new technologies emerging to both fuel and fulfill those expectations.

In recent years there has been discussion of adding a fifth P, and I've seen a multitude of possibilities proposed, including: Participation, Process, Physical Evidence, Passion, Post-Purchase Service and Perception. I don't see how the fifth P could be anything but People, and I'm surprised it has taken as long as it has to surface as a potential component of the marketing mix.  (There are some who would increase the number of marketing mix components to seven, but I'm not convinced it's needed.)

The birth, adoption and rapid growth of social networking has increased the relevance of People in the marketing mix significantly. I see that playing out in two ways:

1. People have always been the face and representation of your brand;service reps, sales people, clerks, waiters/waitresses, consultants, instructors, baristas, call center reps anyone with whom your customer has contact. And now, thanks to social networking, there is the expectation that to be credible, marketers can no longer hide behind impersonal mass media advertising, direct mail or email, but need to publicly self-identify as subject matter experts via blogs, web pages, social media pages, emails, Twitter, and videos to communicate personally with their current and potential customers. Customers are overwhelmed with and and ignoring advertising and traditional one-size-fits-all messages that bounce off into the ether unnoticed. In today's global and flat world where social networking connects us all, customers want to know who is behind the curtain, writing and sending those messages.
2. Customer testimonials have always been the most effective selling tool available and that hasn't changed. Social networking has elevated the importance of your customers talking to each other —  sharing opinions, recommendations, and experiences. As a marketer, you need to use your social networking tools to build communities of connected, communicating and satisfied customers. It's critical that you respond very quickly and publicly to complaints or issues to show that you are listening, responding, and resolving.

As you build you marketing plans for next year, remember to include your customers and yourself as the 5th P of the marketing mix. Your competitors won't forget.