6 Steps to Creating a Product Funnel

Creating a product funnel is definitely one important aspect of running an information business. You need to have at least 3-4 different information based products in order to meet the changing needs and demands of your potential clients. You can't just offer ebooks all the time especially when your customers are starting to need a bit more. Here's your guide to creating your own product funnel:

Learn from your competitors. Identify and research the people that you're going up against who are extremely successful in this business. What kind of products do they offer? How do they market them? What are their price tags? What makes one product different from the rest? Research at least 10 of your strongest competitors and I'm sure you'll get an idea.

Know your target audience. This is something that you need to do even before you start your information business. You need to know their needs and demands so you'll know the products to create to serve them really well. Also, know their buying power. You don't want to create products with price tags that these people will not be able to afford.

Start with ebooks. Everybody who's offering information based products start small. The reason for this is because your potential buyers wouldn't just shell out a hundred dollar bill on their first purchase. Of course, they would want to make sure first that they'll get their money's worth. So, the first products that you should create are small ebooks and audio products that cost $30-$50. With these products, you can discuss popular topics and issues related to your niche without going too deep. Give your prospects valuable information but make sure to leave out something so they'll look forward to your next offerings.

Analyze the success of your low-end products. Before you decide to create a middle-end product, analyze your ebook sales first. Were you successful? Did you get the number of sales that you were hoping for? You can only move forward if your sales are impressive. This means that you've succeeded in building a following and that your client base is now ready for more products.

Start creating middle-end products. Your customers wouldn't be satisfied with your ebooks in the long run. So, give them something that will meet their changing needs -create seminars (teleseminars and webinars). These can be conducted through phone or through Skype. You can invite as many prospects but it's best if you stick with smaller audience. Middle-end products are obviously more pricey compare to ebooks so you can expect more earnings. Depending on the response of your clients, you can go ahead and create high-end products such as one-on-one coaching programs. These are the most expensive type of info products. Again, ensure that they're worth every penny so your prospects will not think twice about signing up.

Promote your product line. Ensure that you promote all your products properly by communicating their unique selling preposition. The more sales you generate, the more opportunities you get to make new products.