The information marketing industry is fueled by the ever-increasing pressure and limitation of time. Consumers want information, methods and strategies provided in a quick and convenient form. Information marketers do that, and they make loads of money because the demand is there.
The key is to find a responsive market and then package information that customers want in convenient forms—such as DVDs, books, e-books, CDs, magazines, Web sites, teleseminars, Webinars and of course coaching programs, seminars and conferences.
Coaching programs have quickly become lucrative businesses for the new generation of information marketers. Here's why:
Starting a coaching business is so easy, as much of the work is home-based, part-time and requires very little start-up costs. The earning potential is limitless and many information marketers net seven-figure incomes. Entrepreneurs who can offer their expertise in any given topic are destined for success. And, according to mortgage industry coach Scott Tucker, anyone can build a million dollar coaching program from scratch in as little as 12 months.
Scott Tucker's Step-by-Step Advice for Aspiring Coaches Who Want to Build Million-Dollar Coaching Programs from Ground Up
1. Choose a Niche. When Scott first launched his coaching business he knew he needed to choose a niche that he knew well. As a successful mortgage loan officer and broker, Scott was confident he could help others in his field. He says serving a small niche offers more lucrative opportunities than trying to serve everyone because it is easier to market to a targeted audience.
2. Identify Potential Buyers. Although it seems practical to create a program or service first, Scott believes before anyone launches their new information marketing business or coaching program they should first think about who their customers are.
3. Create a customized program. Once you've identified potential buyers first, then you want to create a tailored program that would be of great interest to your targeted audience. Think about your audience’s needs and problems and then create a problem that matches their exact needs and solves their specific problems.
4. Market your business. By offering marketing strategies aimed at boosting sales, Scott signed up 163 coaching members at $1,497 a month, creating a $2 million-a-year-income in the first 18 months.
Scott's marketing strategy was to bundle his services at a lower cost than if they were purchased separately, and emphasize the potential savings. His program includes biannual seminars where mortgage brokers from around the country can hear his marketing techniques. Coaching members receive a license to use direct-marketing materials and other collateral templates. He also hosts a monthly group coaching call session, and two-day coaching personal meetings three times a year.
A coaching business can also bundle services such as online member forums or access to coaching materials such as CDs or videos.
Because of the nature of information marketing businesses, coaches are able to earn recurring income by offering their services to members over a course of many months. The truth is it's easy to convince members to stick with a program that puts extra money in their pockets each month. Many of Scott's satisfied members went from earning nothing to earning over half a million a year in fees.
Editor's Note: Look for more advice from Scott in "Start Your Own Information Marketing Business."
Robert Skrob, president of the Information Marketing Association, teaches burned-out business owners and consultants how to build six- and seven-figure income information marketing businesses simply by creating products once and getting paid many times over. Now you can get his FREE video revealing how five info-marketers easily created fast-selling products and how you can too. Get free access now at www.infomarketingstartup.com.