I announced earlier this year my plans for 2010, which will see me moving away from creating information products. Sure, information marketing has given me the opportunity to quit my job, start a company, and become somewhat popular in a small niche.
But I really want to achieve more than that, and I decided last year that the only way to move forward is to forget about information marketing. Instead, I now see information as the “icing on the cake” type of business.
It’s great and easy to do when you have already built a strong business model doing something else. But to depend on it solely is suicide. It’s the truth.
What is the problem with information marketing?
Firstly, for the sake of people who still don’t get it, “information marketing” basically involves selling in-demand “how to” information on a particular topic. People are willing to pay for that information because they perceive you as the expert who has inside information, experience and a proven method for success.
In my case, the topic has mostly been about blogging and making money online.
Information marketing has 5 serious flaws:
- It gets outdated easily – Unless you’re in an evergreen market like dating, losing weight etc, from the moment you sell your information product it’s on a downward spiral to being viewed as “old” or “outdated”.
- “Version 2” always fails to excite – Publish a successful e-book today, lots of marketers are interested in promoting it. A year later come up with version 2 and you’ll be lucky to get the same level of success. There are exceptions of course.
- Your scope is limited – You may be an expert in one field. But how many different e-books can you spin on the same topic? I know some marketers who produce tons of new e-books and membership sites on just one topic (and are successful at it), but the truth is that each of those products contain 80% the same information. If you are honest to yourself, it is not good value to your loyal customers.
- It’s not truly scalable – You are the expert. You must be the one creating the actual “information” part of the product. Sure you can have a big team to do everything else, but people buy the product because of you. It’s impossible to train your staff to become you.
- Shrinking residual income – Now, creating any information product by itself will get you some sort of residual income. But it’s always on a downward trend, refer to point number 1 and 2. The only real solution is to keep coming up with new information products.
Now, I’m not saying that I will never create an information products again. Rest assured, I have mastered the art and I will create them from time to time. However, it’s not going to my bread and butter.
So then what will?
I’ve decided to move towards creating software applications. Not just any type of software, but specifically web marketing software.
After searching my soul for the truth, I realize if I want to move forwards, software is the answer. It’s the only way to keep moving forward, make improvements, and still achieve ever-growing residual income.
It’s the only real solution to grow an Internet marketing company exponentially. It’s also the most profitable option in the long run.
Sure, there are many players in the software game. Just as there are many players in the information marketing game. But I have an edge here that is unique to me, which no one else has. What this “edge” is I rather not say until it’s proven.
I am pretty confident that I can be successful in launching at least two profitable software applications within this year. This is the year that I need to breakthrough to the next level.
I will do it.