There are many types of online business models. Information marketing is one of them. Information marketing is where information is used to make money by selling, redirecting or informing the customer to a piece of information that will help them.
It is a very popular online business and it is a business model that I am personally involved in. If you want to know what is information marketing there is plenty of information out there. Having worked on this model for a while now, I would like to give my definition of this type of business.
Information is used to make money by packaging the information itself as a product or by monetizing the information in other ways. Information becomes a very critical factor in soliciting potential customers.
Is Information Marketing The Same As Niche Marketing?
Yes! Information marketing is niche marketing. Simple because no matter what type of information you want to create, it has to be in a niche. The type of niche that you are in will influence your business approach.
For any niche that you are in, you have to create some sort of information to inform, attract and entice your potential buyers. No niche can exist on its own.
That being said you cannot classify all types of online business into this model. Information marketing is heavily focused on information as a product and vehicle to make money. You are providing something that people want through information.
Why should you build an information marketing business?
- It is one of the easiest and affordable online business to build. You can leverage your existing knowledge as the source of your content. Your experience, training, and education can be a product that you can sell to others.
- Information is something that you can learn. Therefore, you can choose to be in a niche that you are not very familiar with as long as you are willing to learn about it. You do not necessarily need to be an expert. You just need to know more than your audience does.
- It is a business that you can do to profit over and over again especially if you’re in an evergreen niche.
- You will get to build your list of potential customers who are interested to consume the content that you push out.
- As a business, your overheads are small. As you scale your business, you do not need a large number of employees. It can be done by yourself as long as you have time to do it all on your own.
- It is a profitable business if done correctly. Many information marketers are making a lot of money and are living the online business lifestyle.
Affiliate marketing is a form of internet marketing. However in affiliate marketing, the affiliate plays the role of a bridge between the customer and the seller. The purpose of the information used is not to sell but to redirect the customer to the product.
How can you become an information marketer?
You can become an information marketer if you can provide content or product that fulfills certain needs of the society. People gravitate towards things that either give them pleasure or provides a solution to their problem. Therefore, your business will have a better chance of success if you can meet the following criteria below:
- Are you able to provide an answer to a pain point that is challenging some people?
- Are you able to help someone in any way?
- Does your information business teach something useful?
- Are you able to solve a problem?
- Can the information make their life better?
- Are people willing to spend money to get your information?
Types of products that you can sell
Having your product is vital for the success of your business. You are spoilt for choices when it comes to the type of info products that you can sell. No matter is the product of your choice, the general rule of thumb is the product which you are planning to market must be able to provide useful information to the people who are seeking it.
Since we are discussing what is information marketing – the products that we will look into are digital products that are downloadable or provided via the internet.
Here is a list of digital products that can be sold online:
- Ebooks – the most and common digital products
- PLR Packs
- Membership sites – this is a very good product to sell because it enables you to receive recurring passive income.
- Online courses – getting more popular nowadays as the entrepreneur who is successful in this business model has jumped into the teaching niche. Some of the online courses are one-time payment while others are through membership sites.
- Cheat sheets – these are short cuts to get certain results faster. An example would be cheat sheets to get 50% more traffic within 3 days.
- A template can also be a product in demand – an example of this would be people who are looking to write blog posts fast will be looking for a content creation template.
- You can also organize live coaching events to address certain issues and then sell the recordings of that event on your site. Alternatively, you also scale it down and do a webinar for the same approach. Webinar Jam is a good platform to conduct these events.
- Interview recordings with experts in the industry.
- Reports and analysis with data findings that would be helpful to those looking for research-related matters.
How do you decide which type of product to create?
With so many choices of products which you can go with as your info product, you need to choose the right type of product for your business. Deciding on which one to go for can be an obstacle in your progress.
There is no right or wrong answer as all of these products are unique in their way. If you plan to buy a digital product, re-brand it and resell to your potential visitors then you can choose whichever one you are comfortable.
However, if you are going to create a product on your own, you need to ask some qualifying questions to determine which one is the right product for you at that moment.
- What is your bandwidth in terms of time? How much time can you allocate to work on product creation? Some products like cheat sheets take a shorter time to create than organizing a webinar.
- What is your commitment level to the product? Do you prefer a product that you can create once and leave it on autopilot or do you want to continuously work on adding more information and updates to it? A software product, for example, is a long-term commitment because you need to work on it constantly to make sure it does not crash and updated regularly.
- What is the demographic of your potential customers? Are they big spenders or looking for something cheaper and affordable?
- What is your product pricing going to be like? Are you planning to sell at a high price or are you going to focus on volume and sell cheaper?
- Do you like to be in front of your audience and engage in a webinar session? Do you rather work behind the scene, publishing written materials like templates and eBooks?
The information marketing myth
- A website is NOT an information marketing business. It is important but a website on its own will not bring profit to your business. Your effort to drive traffic to your site and building a customer list will be the paramount success factor. Many people spend too much time on their website, neglecting the traffic generation and list building part. So focus on what’s important.
You need to work on something that you are passionate about.
- Depending only on your knowledge and expertise may not always be a good thing when building a business online. Looking to do business based on what you are passionate about is great but when your passion is on something that is not profitable, you may end spending a lot of time trying to make it work and never moving on.
- Sometimes, it is better to work on something that you are not so passionate about so that once you have set it up or failed, you can quickly move on to the next venture.
- The most important thing than passion is having the right mindset to move forward.
Information marketing is dead.
- This is laughable. If you believe this then do not start an online business. Get a normal job and try to be happy with it.
- As long as the internet exists, information marketing will never die. Internet lives on the information. People browse the information looking for information. The question is what kind of information and via which medium.
People will come looking for you once you set your website up
- This can’t be farther from the truth. This business requires work. It is not a get rich quick scheme. It is a get rich scheme but for you to successful, your work needs to focus on driving traffic to your site and offering your visitors are a great product which they will buy.
- You can have the nicest looking website in the world but if you are marketing it the right way, it will be difficult to expect success. Don’t spend too much time beautifying your website. Instead, do what matters most to get your business off the ground.
Information marketing is a great business model for any new beginners to get involved in. If you have been wondering what is information marketing then this post may have given you some idea about it. Four important elements in the information marketing ecosystem would be the website, the list building strategy, the product, and finally your traffic generation approach.
Once you become savvy in these four areas and adopt the right mindset, you can be financially successful in this business.