Mar 8, 2021
Information products can come in many different formats, such as online courses, virtual summits, ebooks, and coaching programs. At their core, information products must provide guidance and value to our consumers.
Bailey Richert is today’s guest. She is a business coach for infopreneurs. She profitably built a 5-figure email list without paid ads, has sold millions of dollars' worth of info-products, and earned a ClickFunnels 2-Comma Club Award, which means she has created a funnel that generated more than $1 million.
In this episode, Bailey is going to share 6 Tips for Adding New Revenue Streams to our businesses with Information Products.
A virtual summit is an online conference, very similar to an in-person conference, but it’s all virtual. The host of a virtual summit reaches out to others in their niche or industry and invites them to be guest speakers at the virtual event.
There are many benefits to virtual summits. One reason you might want to host one is that it’s a great way to generate leads. Bailey feels that the number one benefit of virtual summits is that we will be able to grow our email list. The people invited to speak at the summit have an audience and an email list that are also the host’s ideal audience members. Hopefully, many of the guests will promote the virtual summit to their audience and that audience in exchange for a commission on upgraded tickets the people they refer buy. Many of the people who register will register to our email lists.
Summits can also generate revenue. We can sell all of the tickets to the summit as the Social Media Marketing World does. Or, we can give away a free ticket to a limited portion of the event and then sell upgraded “All-access passes” like Bailey usually does, such as I did with my Adoption Summit. Or, we could have people put in a credit card for payment but not charge their card. We would tell them that if they don’t feel they received sufficient value, they can cancel for any reason within a certain time period after the event ends. But, if they don’t cancel by that date, their card will be charged. Russell Brunson uses this model, and he says the vast majority of people who attended his online summits don’t cancel and allow their credit cards to be run to pay for the event. During the pandemic, I attended one of Russell Brunson’s virtual summits, and I received so much value I did not cancel, and I allowed my credit card to be run. Attendees must subscribe with their email when they register for the summit. We can then pitch products or services related to the summit to them via email. Summits can be a great platform to launch or promote an online course related to the summit’s topic.
The more abstract reasons for doing a virtual summit are growing our networks and finding other opportunities. We can build relationships with people and put ourselves out there. Summits can give us more visibility in our space so that people start to know who we are and respect us. This visibility gives us opportunities. People may ask us to do podcast interviews, to speak at their summits, or be interviewed for their YouTube channel. These can lead to other things such as more sales, clients, collaborations, etc.
An important part of the virtual summit strategy is to select speakers who are willing to help promote the event. Bailey helped plan a summit for a client once where he had 62 speakers. Her client insisted on going after A-level influencers in his field. Bailey had told him many times that getting B-level influencers was a better idea because they will see themselves as partners with him and will be more willing to promote the summit. However, he really wanted to get big names and didn’t listen to her. Out of the 62 speakers only 4 promoted the summit.
“The size of the eLearning industry was $176 billion in 2017 and is expected to reach $398 billion by 2026.” (Source: sellcoursesonline.com)
Many people say online courses are the first information product we should provide. Bailey cautioned against this, saying that it really depends on where we are and what our goals are. If we don’t already have an email list or an audience, it is likely that an online course won’t be highly successful for us. We can first build our audience through something like a virtual summit and then once we have an audience we can launch an information product like a course to that audience.
Bailey also cautioned against hosting online courses on a website that isn’t our own. This is another instance of building a skyscraper on land that isn’t ours. We should strive to create products in a space that we can control.
However, once we have a substantial audience that trusts us, and we build a course on a platform we own, then courses may be the most lucrative way we can leverage information products to add a new revenue stream to our business.
Challenge courses are like online courses, but instead of giving the customer all the content at once and letting them go through it at their leisure, challenge courses are designed to be a step-by-step guide to lead a customer to an end goal that they can accomplish. For example, the course could be something like “7 Steps to Publishing Your First Ebook”. Thus, by the end of the course, customers will have published their first ebook. Challenge courses can be the main product or they can be a great way to lead to something bigger. If someone had a course called “30 Days to Finishing Your eBook Manuscript”, a customer who took that course would receive the help they need to finish their manuscript during the course.
Coaching packages are another great information product. We typically think of coaching as a service, and it is, but Bailey tells her coaches not to think of it as an hourly gig. Coaches should be putting together a coaching package that has incredibly high value so they can charge more for it and aren’t just trading hours for dollars.
Most coaches can’t tell their customers that they’re going to be charged $1,000 per hour, even if they are worth that much. However, they can put together a $5,000 package for three months that includes our time and services, but it also includes other elements. These packages could include things such as weekly meetings with the coach, unlimited email and message support, a customized action plan that the coach will create just for the customer, lifetime access to the coach’s signature online courses, checklists, etc. These packages give the coaches the ability to build something once and then monetize it with each of their customers. Because of the package’s value, it will then seem like such an irresistible deal that it will be a “no brainer” they have to take. This can be a particularly effective strategy if we have already developed many of the materials we will provide to our coaching clients.
Memberships can be a great way to generate recurring revenue; however, we don’t assume they're easy money. According to Marketing General, 57% join associations to network with their peers, while 26% of people want to learn about their industry’s best practices, and 25% want to access specialized information (Source: Member Press).
People only stay in the membership if they are using it and it is providing recurring value to them. If not, they usually leave after about 3 months. We must give them a reason to stay, whether that be through the continuous addition of new materials or something else where they’re getting so much value that it is worth it for them to stay. We should be giving them opportunities to network with their peers, learn about their industry’s best practices, and access specialized information.
Bailey’s final piece of advice is to give something a try. If you’ve never done anything with information products before, now is a great time to delve into it. It will likely be hard at first, as most things are, but down the road, it could lead to something great.
“I hope that in this year to come, you make mistakes. Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world. You’re doing things you’ve never done before, and more importantly, you’re doing something.” -Neil Gaiman
Thank you so much Bailey for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:
Connect with Bailey
If you enjoyed this interview and want to learn more about Bailey or connect with her, you can find her on LinkedIn at https://www.linkedin.com/in/baileyrichert/ or visit her website at https://baileyrichert.com/.
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