When you host a workshop or seminar, selling information products in the back of the room should be a large portion of your event revenue. The question I often get is “How do I package my expertise so that it’s easy for my audience to buy from me at the workshop?”
I had the pleasure to interview Adam Urbanski for the Winning Workshop Secrets Series and ask him some questions around that. Adam is a marketing expert who helps coaches, consultants and service professionals package their expertise into easy to sell programs and information products.
Adam talked at length about packaging your expertise into information products, but he also mentioned the mistakes that people need to avoid that can cost you.
There are so many mistakes that I see people make. Probably the biggest one is actually creating products that nobody wants to buy, falling in love with an idea and totally disregarding whether or not there is a demand for it out there in the market, and unfortunately that’s where 99% of people fail.
And in fact most of the businesses get started the very same way, which is they fall in love with an idea, they create a business around it and they start asking how do we sell it. If you ever ask this question you’ve already failed, you’ve made the biggest mistake of all of them, which is you have not researched your market.
So the first step is you always research your market, who is out there, what are they buying, what is it that you have that they are already searching for and want to buy. That is the most important thing to do and the biggest mistake.
Can Your Information Product Be Profitable?
The second thing is just not being mindful of how profitable the product could be. Again, falling in love with the idea and not doing the math in terms of how much of this product do I have to sell, how much do I have to sell it for to make the idea profitable?
One of the things that I teach my customers – I always carry a little calculator with me, and I always teach them if the numbers don’t pan out, I don’t care how much you love the idea it’s a dumb idea. Unless you’re in business to just be charitable and you just want to do work for no pay that’s fantastic.
But if you’re in business to make money, if you’re in business to help people and be profitable, you got to calculate whether or not you’re going to generate a payoff from all effort and all the work.
Taking Your Information Product To Market
Another big mistake is taking forever. Traditionally, when people thought of the information product they thought of a book. And traditionally books could have taken two, three, four, five years to write and publish. Now I don’t know about you, I don’t have five years to wait for my money and then it’s questionable whether or not it’s going to make me any money at all, and in fact most books never made people any money. It was the products that were derived from the book that maybe made the author some money.
But books themselves usually aren’t very profitable unless you become a runaway bestseller, kind of a Harry Potter or Chicken Soup for the Soul, but those are far and few, far in between the few of them. Most books never sell more than 5,000 copies.
Let’s say you get a dollar per copy from your publisher, that’s not going to make anybody rich for five years of effort of writing and publishing, or even if it’s two years of writing and publishing that’s still not a lot of money. So the mistake in there is taking too long to create an information product.
This was just a tiny portion from Adam’s interview for the Winning Workshop Secrets Series. If you want to know more about how to package your expertise, as well as audios and transcripts from 4 other workshop and seminar marketing specialists, be sure to check out the Winning Workshop Series.