Digital Product Creation in 2021 – Another Way To Earn Money Online
Have you been dreaming about creating exceptional digital products that mint money for you even while asleep? Indeed, selling digital products can bring great fortunes without much hustle, but that doesn't mean it’s easier than it may appear.
It takes more than just uploading your Online Course or eBook to your website to sell it, even though the digital commerce industry has millions of consumers and is worth millions of dollars.
Digital products are those products that customers can buy and consume online. Typically, there are several types of digital products available today and may include, but not limited to: podcasts, newsletters, eBooks, videos, or online courses, to mention a few.
There are several benefits of selling digital products. One of those benefits is scalability. Yes, selling digital products gives you a chance to reach out to many potential customers without necessarily spending too much fortune or working harder.
For instance, creating an eBook covering your favorite topics, say, weight loss, favorite recipes, among others. Your product will reach an infinite number of viewers compared to opening a local cooking class.
Earn significant passive income. Indeed, it takes little effort to earn money online once you have successfully launched your digital product. Willing buyers can access your digital products wherever they are and order the products even in your absence.
It’s quite affordable to sell items online. Unlike operating an commerce business that will demand that you purchase virtually all products upfront, selling items online only requires you to pay for your website and some marketing costs.
PROFITABLE DIGITAL PRODUCTS
So, what are some of the most profitable digital products available today?
The success of any business depends on the products/services it will be offering. Knowing the right digital products to sell online can be the real game-changer.
Typically, most digital products revolve around educational or entertainment content. Once you've identified an ideal topic and the product you want to sell, then there are several models you can use to deliver your content.
Here are typical digital products available today.
- Online Courses
- Subscription Content
- Premium Videos
Although some of the above content is offered at no cost, but the fact is that people interested in high-quality and transformative information are willing to pay a few bucks.
For instance, despite so many free newsletters available today, there are plenty of people out there paying awesomely to access premium newsletters.
Here is a detailed guide on how to establish and successfully sell your digital products.
Every business starts as an idea, and so does yours. One great way of generating hypotheses about the type of digital products you can offer online is through brainstorming.
Typically, it is easier to sell educational-oriented content than it is entertainment-oriented content (music specifically).
That's because it's harder to measure the quality of entertainment content than it is informational content. It's not surprising that people are willing to pay you to teach them your exceptional skills.
For instance, here are specific skills you can monetize through writing an eBook. They include but are not limited to:
- You speak a foreign language like German, Spanish, and French, among others
- You have paid off all your debt
- You can edit podcasts/videos
- You can create a Shopify store
- You can build landing pages & websites
- You are a great copywriter
- You're good at SEO
You can convert any of these skills into great digital products. Indeed, you can't claim to be in shortage of ideas. People are willing to pay good money to improve their skills, sports, hobbies, health, among others, so pick a niche you're comfortable and skilled at.
Once you have an idea of what you're going to sell, the second most important thing is understanding who your customers are.
Without enough knowledge about your customers, it might be hard for you to sell your digital products. The first thing is to create your dream customer’s avatar.
A customer avatar is a comprehensive description of your customer position and the unique struggles inflicting pain in their lives.
Creating a customer avatar helps you come up with more customer-focused marketing strategies, and this way, you can tailor your products to meet their needs.
For instance, you may want your target audience to be women looking forward to losing extra weight after giving childbirth about seven weeks ago.
Indeed, such women seek motivation to regain their shape and health. Suitably, such women were previously exercising but find it quite challenging to resume their past exercising routine.
Here is a typical template you can use to develop a specific customer avatar.
- What is the average income level, age, gender of your potential customer target?
- What is the main issue affecting them that your products can help solve?
- What are some of the previous solutions they had tried but didn't solve the pain point?
- What alternative have they sought on the internet before considering your solution?
Thorough customer research helps the seller identify the main pain point to be solved by the product and how the product will generally impact their lives.
That way; you do not only attract new customers but retain the existing ones.
CREATE REASONABLE PRICE RATES
Now that you understand your customers and the products you will offer, the next most important consideration is the price point.
For instance, an eBook costing $5 can quickly generate more revenue than a $4,500 course or even a $500 regular subscription newsletter.
Besides, some niches lack an established market where you can charge high prices.
For instance, a person may be willing to pay over $1,000 to learn a course on SEO, but won't spend the same amount for a swing dancing course.
It's therefore critical to conduct thorough competitor research as long as competitors exist in your niche.
Factors that determine the pricing can significantly vary based on the following.
- The quality of your content compared to the existing content.
- The way you present and market your products
- Bonuses such as discounts, and perceived value, among others.
Although some customers prefer high-priced products because high price translates to high quality.
That doesn't mean you overcharge for your products, although they are the highest quality in the market.
The average price estimation method is an excellent way of coming up with a fair price.
Preferably, you wouldn’t engage in a competitive niche such as SEO, fitness, cooking, among others.
Competition is an indication that there is a market for your products and that you can tap into a share of the market.
However, you need to offer superior and unique products to convince people to opt for your products.
You can achieve this by analyzing customer comments and reviews to identify some of the most common complaints.
What do people prefer most about the existing content that you can improve even better?
Although such a validation process can be challenging with eBooks and newsletters. You can request social media users to give their opinions about a paid newsletter, podcasts, or eBooks.
Additionally, you would want to know what they found worthwhile about them or where they should focus on improvement.
One of the best places to initiate your product validation is through your friends. Don't be shy; you're not asking for handouts or tips; you're just seeking their opinion on a particular product.
An email list is also a good way of validating your product since you can send out short emails asking recipients if they would consider purchasing the product at a reduced price.
You have established your customer base and probably received some advance cash, and it's time to develop the actual product.
If you've managed the above step, then creating your product is even much more accessible.
You might even consider hiring a specialist to help you develop the product faster and efficiently if you have enough cash for that.
For instance, you can consider hiring a writer to write most of your eBook if you have other critical roles and duties to attend to.
Moreover, if you're focusing on an online course, you can prerecord it and have it edited by someone at Fiverr for a fee.
However, there could be other challenging technical aspects, such as how you upload your podcasts to Apple. You may also want to find an exceptional designer to do the technical aspects of your eBook.
Below are some excellent tools/resources you can leverage to get started with various product creation ideas
- ClickBank Affiliate Marketing
- Digital Meme Creation
- Online Business Education
- Partnering With Others
- Chatbot Marketing
Note: As much as you focus on building your product, you should also establish your audience.
A significant audience may take a bit longer, and that's why you should commit even more time and resources to build an audience. Email marketing is not dead and the MONEY is definitely in the LIST!
Some of the ideas you can use to create an audience include
- Create your own YouTube Channel
- Getting on podcasts
- Running paid promotions
- Leverage clubhouse
- Partnering with influencers
By now, you've accomplished most of the work, and this means that launch should be a bit easier. Check your email lists and social media channels so you can start on your launch date.
Ensure to confirm that everything is running according to plan. If you had hired influencers, seek clarification if everything is okay or they need your help.
Make sure you have all the necessary tools and resources to facilitate your launch, the only all-in-one tool you need is depicted below:
ESTABLISH LONG TERM MARKETING PLANS
After the initial launch, you'll ideally close the deal and start again on a new launch.
Once you're done with the first launch, you will probably establish a significant online presence. Some great ideas to develop long-term marketing plans include but are not limited to:
- Social Media marketing
- Content Marketing
- Paid Ads
- Organic Traffic
As you can see, digital product creation can be a very lucrative business model if done correctly. Although, it will take some time to get things running smoothly – it will be well worth your time and effort to get it set up correctly. Please check out our Facebook Page and subscribe to our YouTube Channel for more information and ideas on digital product creation and much more!
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