The web gives an unprecedented chance to sell your expertise online. Over the next three posts we will be looking at how to go about turning your knowledge into a product. 

Productising your expertise

If you have expertise, chances are you’re already working in that field providing some sort of service. Productising your expertise offers an alternative revenue stream that can subsidise your core business.

It can also enhance your status as an expert in your field. The fact you have a popular e-book (for example) automatically raises your audience’s opinion of you. This could lead to more business for your service as people who have bought your product automatically turn to you as a known expert, or recommend you to others looking for your services.

It also raises your kudos from first-time visitors as it shows you already offer advice and really know what you’re doing.

Format

Although e-books are the most obvious way to productise your expertise, there are lots of other options. Other formats to consider are:

• Online training via Skype (1-to-1 or group)
• Webinars
• Webcasts
• Online courses
• Newsletters

There’s no reason why you can’t do more than one. A regular free monthly newsletter could be a great loss-leader to attract people to buying your e-book, who may then sign up to private online tuition.

Within these, your pricing strategy (determined by your market research) will make an enormous difference in uptake. For instance, you could offer individual chapters of your book so people can delve into whatever topic they’re interested in at whatever level.

Market research

Before you jump into anything, it’s important to know your market. The benefits of having a product at all are great, but if you really want to create a subsidiary income stream you need to package your product in the right way.

The key questions you need to ask are:

• In what format do people want to learn?
• How much would they pay for it?
• How much detail do people want?
• How much knowledge does your target market already have?

The possibilities are endless. 

Next time: Do You Need a Separate Website to Sell Your Expertise Online?

Image Credit: brokenarts

This entry was posted on Wednesday, November 16th, 2011 at 11:50 am and is filed under E-commerce, General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.