It’s a common misconception.
And one that keeps a lot of people from creating and selling information products that could generate a very nice passive income stream for themselves.
It goes something like this - “people won’t pay for information online, they just want to find the free stuff.”
Yes, people are looking for free information online. However, when they come across information they perceive as valuable and they believe could improve their lives, they definitely are willing to pay for it.
People have been paying to get information in various forms for years:
- Premium cable
- Satellite radio
Sure, they can read the books, magazines and newspapers for free at the library, but they still pay for the convenience of having their own copy delivered to their homes.
Sure, they can watch TV for free using an antenna, but they still pay for premium cable/satellite stations to get (perceived) premium content that isn’t available on network TV.
Sure, they can listen to the radio for free at home on in their cars, but they still pay for satellite radio to get more choices, specialty content, and commercial-free radio.
Sure, they can get lots of information for free about finance, health and other topics, but they still pay for a newsletter that gives them an expert or insider’s view and/or pulls information from a variety of sources and puts it all in one place.
The Internet hasn’t changed any of that. People still pay (and do pay) for information that offers convenience, more choices, expert advice, etc. online.
There will ALWAYS be a market for quality information that people want and can help them improve their lives in some way. And if you can convince people that the information product you are selling does that, they will pay for it online or offline.
There’s another important point I’d like to make about free content.
And it’s that people simply don’t value free content as much as they do the content they pay for.
This creates a huge opportunity for experts like speakers, authors, consultant, coaches, etc. who sell information products. When people pay money for the expert information you provide, they pay more attention to it and to you.
Your expert status is elevated in their minds. And when you have a group of people who have already demonstrated that they’re willing to pay money to access your brain AND they have started to worship the ground you walk on, some very powerful psychology kicks in.
And that leads to the secret benefit of selling information products online. A secret that will be revealed in the next post so stay tuned . . .