Do You Have a HOT Idea for an Information Product?

If you're like most speakers, you have a few ideas for information products (IP) bouncing around in your head. Coming up with an information product idea is the first step, but it's not enough. You must make sure that your idea is a hot one--one that will have your audience racing to invest in your product. So how can you tell if your idea is hot? Here are seven questions to ask yourself:

Question #01: Is there a large enough market for your product? How hungry are people for what you're selling? One of the biggest mistakes I see entrepreneurs making is falling in love with an idea, creating the product or service and then being disappointed when no one shows interest.

It is not fun screaming into the void of the internet.Nor is it fun reflecting upon wasted time, money, energy and resources. Therefore, please conduct research and see if there is an existing market for the type of information product you're thinking about creating.

If there is, that's great--it means you have a potential customer base to work with. But if there isn't, that doesn't necessarily mean your idea is doomed; you may just need to do more marketing and outreach to let people know about your product.

Question #02: Can you reach this market easily with your message? Just because there is a market for your product doesn't mean that you can actually get in front of these people and sell to them.

This is an important distinction to make, because it's not enough to have a great product--you must also be able to reach the people who need and want your product.

Think about how you will get in front of your ideal client. What channels will you use? How will you get their attention? Are they easier to reach inside of an association, via direct mail or online? If you can't answer these questions, then you may need to reconsider your idea or do more research on your target market.

Question #03: Is there an audience that's already primed and ready to buy from you? Another important question to ask is whether or not people are actually searching for the type of information your product will provide. If they're not, it may be an indication that there isn't much interest in the topic. Again, this doesn't mean your idea is automatically a bad one, but it's something to consider. You may need to do some extra marketing to generate interest in your product.

For example, consider the challenges that your ideal clients have been been struggling with for a while. Something happened like illness, disease, divorce, death of a loved one, job loss or an accident that made them realize they need to take action now.

You now have a captive audience who is looking for solutions and are actively seeking information from you or others. Position your product in a way that makes it irresistible. Meaning, your idea must specifically address where they are in their lives in order to capture their attention. The sooner you can identify this group of people, the better. Because the earlier you start marketing to them, the more likely they are to buy from you.

Question #04: Is this information already available for free online?

If the answer to this question is yes, then you'll need to think about how you can make your product different or better than what's already out there. If people can get the same information for free, why would they pay for your product? You'll need to offer something unique that people are willing to pay for.

Question #05: Is this information easy to find?

If the answer to this question is yes, then you may have trouble getting people to pay for your product since they can easily find the same information elsewhere. Again, you'll need to offer something unique or different that people are willing to pay for.

Question #06: Is this information current and up-to-date?

If the answer to this question is no, then you may want to consider whether or not creating an updated version of the information would be more beneficial. People are always looking for new and up-to-date information, so if you can offer them something that's fresh and new, they're likely to be more interested in your product.

For example, consider creating an annual trend report or state of the union type of product that covers the latest trends in your industry. This type of product is always in demand and people are willing to pay for it because it's valuable information that they can't find anywhere else.

Question #07: Is this information organized in a way that makes it easy to understand?

If the answer to this question is no, then you may want to reconsider whether or not creating an information product is the right thing for you. People are looking for information products that are easy to understand and digest, so if yours isn't organized in a way that makes sense, you're going to have a hard time selling it.

Question #08: Is this information presented in a visually appealing way?

Finally, another important question to ask yourself is whether or not your information product is visually appealing. After all, people are more likely to invest in a product that looks professional and appealing. If your product doesn't look good, you may want to consider hiring a designer to help you create a more visually appealing version.

Question #09: Are there other products or services out there that address this same problem but lack the features or quality that you could provide? Can you create an information product that would help your ideal clients get from where they are to where they want to be? If you can't answer this question with a definite yes, then your idea for an information product might not be as hot as you think it is.

Question #10: Does your idea solve more than one problem for your ideal client? Information products that solve multiple problems are always winners because people don't like to have just one solution to their challenges. They want the best possible outcome and they're willing to pay top dollar for it. Therefore you are encouraged to think two products ahead.

For example, if you are a personal trainer, your clients may also need a pedometer, journal, suggested grocery shopping list, recipes, exercise videos, and so on. If you are the only personal trainer providing thee additional resources, clients will gladly invest in you.

Question #11: Is there potential for creating multiple versions of your information product? Do you prefer to express yourself through words, visuals, music or movement? Mix it up! People love variety and hate monotony.

Create a brand experience that will keep them coming back for more. If you can't think of at least three different ways (auditory, visual and kinesthetic) to deliver your content, then your idea might not be as hot as you think.

Question #12: Can you see yourself being passionate about this topic for the next five years? If not, then it's likely that your idea is not as hot as it could be.

Ideas that excite us resonate with our inner desires and passions. When we're truly passionate about something, it's easy to talk about it and share it with others. This level of excitement is contagious and will help you attract your ideal clients.

By the way, when you're passionate about something, it shows in your work. You can't fake passion and people can spot a fraud from a mile away. The energy of "get rich quick" is unattractive. It will take time, passion, commitment, and skills to bring your ideas to market. So if you're not genuinely excited about your idea, don't expect anyone else to be.

And finally, does your idea fit with your overall business goals? If not, is there a way to modify it so that it does? Keep in mind that confused buyers do not buy. My best advice is to think two products ahead. What problem does this one solve? What additional problems does this one reveal once solved?

As you can see, there are a number of important questions to ask yourself before you decide to invest in an information product. By answering these questions honestly, you'll be able to determine whether or not your idea is hot enough to make money. So don't hesitate to ask for help if you need it – after all, that's what we're here for!

Now it's time for you to take action and create something amazing!