Creating Your Digital Products
The market for digital products is quickly becoming the fastest way to earn money through the internet. With a little research, you’ll discover how many folks, just like you, have quickly built a steady income stream in the digital product market space. It’s a $160 Billion dollar industry and is predicted to hit $240 Billion by 2024! This is your prime opportunity to jump on this gravy train.
You can create a very profitable business and steady income by offering your own digital products. This is the number one way that continues to draw in consistent revenue for online entrepreneurs.
What’s Your Niche?
Making money online goes well beyond banner ads and affiliate links. Although employing these methods are still imperative to building your online marketing, that’s not where the real money is made. Products such as e-books, online courses, templates, etc., are cheap to make and scalable in nature.
If your an expert in a certain field or have a valuable skill, think of ways that you can package your own DIY products or courses. Regardless of your field, there are always folks willing to pay for digital training guides.
For instance, Neil Patel chose the digital marketing industry. His expertise lies in marketing and he knows how to wield it well. Problem is it’s already saturated.
Take the time to do some research over several days/weeks. Pick a niche you are an expert in and/or you absolutely love. Make sure you’re not competing with heavyweight marketers. Pick something that’s not as competitive!
Identifying a Digital Product
When deciding on a product, make sure it actually provides a solution to a problem or satisfies a need. The best digital products offer solutions:
- Ask people for ideas
- Identify topics in demand (what products & e-courses are in high demand?)
- Survey readers on your site, social media, craigslist
- Research e-courses. Which ones are the most popular?
Use a keyword planner and analyzer like Jaaxy. This is a big help in identifying specific keywords with high search activity and low competition. Finding these keywords is an opportunity to create products related to that keyword phrase.
Types of Digital Products
E-books – This year alone, 2018, ebooks will account for a quarter of global sales and generate a revenue of around $20 million USD. Digital readers like Kindle, have been a big driver in the e-book publishing market. It’s the easiest and quickest methods of getting your written work out there.
Forbes states that “E-learning is the future”. Online courses are wildly popular. People from all over the world are ready and willing to pay for them. Udemy and LinkedInLearning.com are great resources for online e-courses related to programming and online business. Global Industry analysts are predicting this industry grow to $325 Billion by 2025.
Games & Apps
Virtual reality industry is growing rapidly. By the end of 2017, Sony sold more than $500 million dollars worth of units. A growing number of employers are also utilizing VR for training purposes. Coca-cola, Home Depot and Walmart are just a few companies utilizing VR training.
Design Elements & Images
The internet has propelled the graphic design industry into $1.3 billion USD and growing. So it’s no surprise that professional designers make good money creating themes, wallpapers, logos, patterns and print materials online. Photographers are plenty and often utilize sites like Shutterstock and GettyImages to sell their photos.
Tips To Building A Digital Product
Creating a digital product takes a great deal of planning before you start. That’s especially true of e-courses! I use note cards to write down the main topics and what I want to cover in each. Then I can arrange them in a chronological way that takes my students from A to B to C, logically. This also helps me identify any areas that need more clarification.
- Build something you can be proud of!
- Videos, audios and worksheet have more value than a PDF.
- Create a membership portal for training sessions through email.
- Lighten up and make it fun.
- Make sure you are giving big-time value to justify those price points.
- Offer limited-time bonuses.
- Make sure you keep adding and improving your product over time.
Getting The Word Out
It doesn’t matter how great your product is if no one knows about it.
For your existing email subscribers, introduce your new product as a “coming soon” notice. Over time, talk about a particular feature, giving them hints along the way. This is a great way to build anticipation for your product launch. A great book that lays this all out is Launched by Jeff Walker.
Set up a landing page on your existing website to start spreading the word. Use it to build your email list with new subscribers and anticipation for the product’s release.
Once your landing page is all set, publish a series of blogs that are related to the topic and introduce the product as a solution to a problem each time. Utilize marketing methods to push your content and product out.
Selling Your Digital Products
Basically, there are two ways to sell digital products.
- Market Place – more customers and easier support.
- Direct to Consumers – More control and higher margins.
Choose An E-commerce System
Before selling direct to customers you need to choose a checkout and product delivery method. Nearly all e-commerce sites and plugins will offer you delivery options to choose from.
You can either set up checkout page directly through your own website using WordPress plugins such as Woocommerce and Paypal or you can add code to your site from Envato that will direct your customers to your accounts e-shop where they can complete the purchasing process. The most important thing is to make it super easy and quick for your customer to make a purchase!
The Price Is Right
You’ll also need to decide on a pricing structure. Look for similar products online, what can you offer your customers by comparison? What is the price range (high and low) for similar products? How can you compete? Price it too low, and you devalue all your hard work. Stick to the middle in your pricing.
Choose A Platform
One of the biggest and most popular tools used for marketplace sales is Envato but there are others as well. Do your research! The biggest advantage of selling through a marketplace is that the customers looking for your product are already there searching for products. You can tap into it and offer yours relatively easily.
Offer Up A Preview
Build excitement by launching a preview of your product. You can simply create a quick video overview, publish a series of blogs about the product, conduct webinars, etc.
Consider offering introductory discounts or something free that you can utilize as a magnet to build your own subscriber list. The free e-course below takes you by the hand and shows you how to set-up your own subscriber list system for your website.
Crafting a digital product such as e-course is not for the faint of heart. It will require a great deal to research and careful planning. My suggestion is that you start with something small.
Utilizing these basic but impactful strategies to sell and promote your own digital products will boost your sales dramatically. Let us know if you are using any of these strategies, and how it has turned out for you. If you have some other successful strategies to share, please pass it on here in the comments section below.