Entrepreneurs are drawn to the low barriers to entry, high profit margins, hands-off management, and quick time-to-market. An information marketer can dream up a product one day and release it overnight, seeing a return on their investment almost immediately.
While it's easy to become an information marketer, doing it successfully is another matter. Many bright-eyed would-be millionaires dive into the market, hoping to discover the fabled rivers of gold, much like the 49'ers in the Gold Rush of yore.
Mistake Number One: Aiming for Perfection
When the Wright brothers took their first historic flight on December 17, 1903, they weren't trying for perfection. They weren't trying to offer great cocktail service or wireless Internet or 100 channels of TV aboard their flying machine. They just wanted the darned thing to stay up in the air for a few seconds!
And a few seconds - twelve, to be exact - was all they got. And they became famous for it.
Now imagine if they had been concerned about the extras - no, I don't mean beverage service or comfy seats. But if they had wanted a crash-free landing, a three-hour (or three-minute!) flight, a stylish rig - they'd probably have never gone out to that sand dune in Kitty Hawk in the first place. They'd still be in the workshop, tinkering with the wheels or wing flaps.
What Orville and Wilbur knew - and what information marketers would do well to take note of - is that perfection is overrated. In fact, it doesn't exist. So waiting until your product is "perfect" before you release it means you have a good chance of either never releasing it at all, or delaying so long that someone else beats you to the punch and scoops your market out from under you.
Hesitant to release a product that is less than perfect? Well, Microsoft - and pretty much every other software company - does it all the time! And if "good enough" is good enough for billionaire Bill Gates, it's good enough for you.
Of course, there is a fine balance between releasing something that's not ready and releasing something that's valuable but a little rough around the edges. This is where having a handful of beta testers can come in very handy. Send out your product to a group of people for their feedback, and see what they think. Ask them:
• What's missing?
• Can you use this product to create more value in your business or life right now?
• On a scale of 1 to 10, what would you rate this product?
• If you could change one thing, what would it be?
If you get overwhelmingly positive feedback and your ratings are all in the 6-plus range, you're good to go. If you're getting comments like, "I couldn't understand what you meant," or, "I'm not sure how to use this," or, "You need to rewrite Chapter Three," then you're not quite there. Take another look at what you have, make the requested changes or suggestions, and try again.
Remember, you don't have to make it across the Atlantic in one piece; you just have to make it around the block.
Mistake Number Two: Releasing a "Me Too" Product
When you see other information marketers making big bucks from an ebook on, say, Twitter traffic generating strategies it is really tempting to jump up and say, "I could write an ebook on Twitter traffic generating strategies, too! And then I could make big bucks too!"
It sounds good - but it doesn't necessarily work that way. In fact, if you create and release a "me too" product that is nothing more than an imitation of a more successful product already on the market, don't be surprised if the world doesn't rush to your door. (And, don't be surprised if you tick off the original product creator, too.)
"But wait!" you might be saying. "Dunkin' Donuts opens up across the street from Starbucks, and they both do well!"
Yeah, they do. That's because it's NOT a "me-too." Each has its own spin on the product. Dunkin' is where you go for quick brew and a 99-cent donut. You head across the street to Starbucks if you want a gourmet breakfast sandwich and a wi-fi connection while you prepare for your client meeting. Distinct needs; distinct products.
To take the coffee metaphor online… It's okay to come up with a product that's similar to a competitor's, but you need to put your own spin on it, adding value over what your competitor is offering.
Here are some ideas that you can use to create a "me-too" product that stands on its own:
• Make it faster. Check out your competitor's product. If it promises Thinner Thighs in Thirty Days, offer Thinner Thighs in Two Weeks.
• Make it easier. Does the original product offer ten steps to increased conversions? Then offer three steps instead.
• Make it bigger. Competitor sells 100 30-minute recipes? Then you need 200.
• Make it visual (or auditory, or written). If there's an ebook on the topic, create the videos and audios, or vice-versa. Not all people learn the same, so cover the parts of the market your competition is missing.
• Make it cheaper. When Jeff Walker released his six-figure launch e-course, a smart marketer released "The Poor Man's Launch Course" for a fraction of the cost.
• Make it more expensive. It may sound counter-intuitive, but it works! Some customers want "the best" and will go for the more expensive option automatically. If you can back your higher price tag with greater value, you will pull people looking for the Rolls Royce solution.
There's really no excuse for creating a copycat product. Put your individual stamp on the product instead, and you'll find that you can reach the buyers your competitors are missing.
Mistake Number Three: Overselling
The other day, my six-year-old convinced me to get her this chalk set that promised "3-D effects on your own driveway!" She pointed to the kids on the box, glowing with the success of creating artistic, 3-D effects that would rival those of Pixar. "Please, Daddy please!" she begged.
I gave in, shelled out the $12, and we took the box home.
You know the story - it didn't work. Within five minutes, I had a crying daughter, a box of broken chalk, and a headache.
The problem here? The company oversold their product. They made promises their product didn't fulfill. Let this be a lesson to you.
Now, the chances that your disappointed customers will end up in tears may be remote, but there are takeaways for information marketers:
• People read - and believe - your sales page. You may think that no one reads those things, but they do! And they expect your product to perform as described. If you say, "Thinner Thighs in Two Weeks," that's what they expect to see. Don't make promises that aren't achievable.
