Do You Charge for an e-Book?

By Michelle McIntyre

Oakland-based business coach for midlife entrepreneurs, Dina Eisenberg recently spoke to my Women in Consulting (WIC) group in Los Gatos last week about how to kick start an information product or “infoproduct” business.

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An information product is any product or service that you can sell to people to provide them with information. It includes e-books, books, audios, CDs, DVDs, seminars, videos, tele-seminars and more.

Because the event description mentioned her law degree and creating a “passive income,” I was expecting tips on self-employed (S.E.) IRAs and 401Ks. I had just set up a S.E. 401K so I figured it will probably be redundant to what I already just learned after spending hours with a Fidelity representative to set up my own plan. I went to the meeting anyway for the networking. 

 I was pleasantly surprised when Eisenberg started talking though.  

What it was really about was creating sustainable income to make, what Eisenberg calls “a cushion for life’s bumps.”  Consultants and entrepreneurs who are typically actively involved in delivering their service benefit from creating passive income streams that work, even when they cannot.

A self-proclaimed “information product junkie,” Eisenberg has also produced a range of products from online courses to retreats and subscription programs.

She said she it all started when her husband, whom she considers a successful entrepreneur just like herself, went on disability for two years due to a medical issue that has since mostly gone away. He was her fiancé at the time.

She shared her tactics with the consultants, many of whom had created their own infoproducts. Several consultants had their products on hand and the talk turned into a brainstorm and information share of sorts instead of just a presentation.

Two of her messages stuck in my mind.

First, start charging!  Yes, the internet is awash in free material however, people will pay for the exact right product that solves their specific problem at that time. Don’t assume you have to start with free.

Second, ask first.  The difference between a profitable infoproduct and one that flops is research.  Search Linkedin threads and comments for a wealth of topic ideas for your information product.

To learn more about Dina Eisenberg, visit her website at http://infoproductdoctor.com/.

Here are related Twitter handles.

WIC: @WIConsult

Dina Eisenberg: @DinaEisenberg

The author of this post: @FromMichelle


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Michelle McIntyre is a blogger and high tech PR consultant based in Saratoga, Calif. She’s also the director of marketing communications for the Silicon Valley International Association of Business Communicators and on the executive team for TEDxSanJoseCA.

 

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A Shocking Statistic about Millennials and Digital Shopping

By Michelle McIntyre

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In recent months, business partners and clients have been using the term “Millennials” a lot.

Millennials, also called Generation Y, are young adults who are now around 18 to 34 years old.  They are social. They are mobile. They are a target for those marketing to a group with uber online buying power.

I’ve been wondering why this group of consumers has become so important so I did some research and found one fact that shocked me.

“Hooked on Social Networking” Blogger and mom to two young Millennials, Holly Nielsen said that some have more buying power because they are living at home with their parents longer and therefore have more disposable income because they are not paying rent.

On the other hand, Nielsen says, some have less extra money because they are paying off their student loans. She added that Millennials grew up with social networking and smartphones so they are totally comfortable on-line.

The Chief Marketing Officer Council just published some facts and figures about this category in a story introducing a new initiative called “Turning Social Feeds into Business Leads.”

The description of the program on the council’s website uses the automotive industry as an example.

It says that Millennials are a lucrative target for automobile manufacturers because they make up 40 percent of the total available car buying population, contributing $200 billion to the U.S. economy annually.

It adds that there’s been a massive acceleration of social media usage, with 70 percent of consumers using social media to learn about other customer experiences when making car-buying decisions. Visit this link for more details about this CMO Council initiative.

Lastly, a recent eMarketer story discusses Millennial online buying trends including one that surprised me.

It said that male Millennials were more into mobile shopping than their female counterparts.

I used to think that women beat men in all areas of shopping but it’s just not so.

The report discussed a January 2013 survey of U.S. Internet users and uncovered these facts about male Millennials:

  • They currently earn more* than, and are happier at work, than their female counterparts. 
  • 43% said they typically shop on auction sites, while only 31% of females gave this response
  • 40% said that in a perfect world they would buy everything online while only 33% female said this
  • 24% typically shop and buy using their mobile devices while only 19% of females said they do so

This definitely shows that young men are a hot target for digital marketers.

Feel free to follow the Twitter feeds of people and organizations mentioned in this story including @CMO_Council, @eMarketer, @HollyNielsen, @FromMichelle. 

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*One part of this is not so surprising. Men have always earned more than women for the same jobs. The ratio is 77 cents to the dollar so that wasn’t overly shocking. By the way, this is unfair and it needs to change.