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If you’re aiming to build an audience and monetize your expertise by teaching others, it’s time for a reality check. Packaging and selling information alone doesn’t sell as well now as it did 5 years ago.
No, information selling isn’t dead, it’s just far more competitive thanks to information overload and the rise of AI.
If you want a true advantage, you might consider a different route from information selling so that you’re not just surviving online but thriving.
The Decline of Information Sales
During the pandemic in 2020, the demand for online courses soared as people were confined to their homes. However, as the world reopened, there was a notable decline in course sales. The market became oversaturated with information, leading to “information fatigue” among consumers.
Don’t get me wrong, courses and information still sell, especially if it’s something that is not easily found for free online. It just doesn’t sell as well as it used to, and the decline in information sales is likely to continue.
Why Information Alone No Longer Works
The sheer abundance of free information online has devalued it. In the past, selling information was lucrative because it was scarce. Today, the same information can be easily accessed for free. With the flood of content available, people no longer see value in paying for information alone.
What People Truly Value Today
Ahh yes, now we get to the nitty-gritty.
The key to success in today’s market is to understand what people now find valuable: Time and results.
In a world where information is ubiquitous, people are willing to pay for solutions that save them time and help them achieve tangible results. This shift has led to a new focus on selling implementation rather than just information.
Three Winning Strategies
To adapt, consider these three approaches to providing value:
- Do It for Them (Service)
Offering a service where you do the work for your clients is a direct way to provide value. This approach addresses the lack of time or expertise that many people face.
It’s a quick way to generate revenue, and while it might not be passive, it can be scaled through hiring and developing an agency model.
- Do It with Them (Coaching/Consulting)
Coaching or consulting involves guiding clients through the process, providing them with the necessary information and helping them implement it.
This model leverages accountability, a critical component that traditional online courses lack. By working closely with clients, you ensure they achieve their desired outcomes.
- Do It with Others (Community/Cohorts)
Creating a community or running cohort-based courses allows clients to learn and implement together. This model fosters accountability and support, significantly improving completion and success rates.
Communities offer a structured environment where participants motivate each other and share their progress, enhancing the learning experience.
Case Study: SPI Pro and All-Access Pass
In 2020, SPI Pro, a community for high-level entrepreneurs, and later the All-Access Pass for beginners, were launched. Surveys showed that the least desired aspect of these communities was more content; members wanted connection and collaboration.
And their accelerator programs, which run on fixed schedules rather than traditional self-paced courses, have shown a remarkable 36% completion rate, much higher than traditional online courses.
Converting Convenience
People value convenience. Your offerings need to provide convenience and structure that free resources lack.
This includes bundling information in an easily accessible format and providing additional resources and support to ensure success.
Differentiate Your Offerings
Clearly differentiate your offerings from the free information available online.
Highlight what makes your service unique, whether it’s the implementation support, the accountability structures, or the community aspect. Make it evident why someone should pay for your solution.
Support your claims with real-life case studies and proof of success.
If you’re starting out and lack testimonials, find one person, solve one problem, and achieve one result. Use this success as proof to attract more clients.
Bottom Line
In today’s information-overloaded world, selling mere information is becoming more difficult. Instead, focus on providing implementation, accountability, and results.
By adapting to these new strategies, you can not only meet the changing demands of consumers but also build a sustainable and thriving business.
Your Key Takeaway
Stop selling information; start selling transformation.
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