Perhaps you want to grow your business but are hesitant to spend time and money on a risky new product launch. If so, there is a fantastic alternative waiting for you. And that’s the digital product market.
Any business, whatever they sell, can make money by creating and launching a digital market to their customers.
In this guide, we’ll explain what digital products you can sell, how to create them, and how to market and sell these highly profitable new creations successfully.
Are Digital Products Worth It?
If you haven’t sold digital products before, you might reasonably wonder whether they are worth your time and effort.
Are customers going to pay for digital information when the internet gives them everything they need for free?
The short answer is yes. Customers do buy digital products. And that’s why more businesses are adopting this trend. But what’s in it for you? Is it a profitable path for your business?
Digital products have low overheads. Once you’ve created a product, you can sell and distribute it without shipping expenses, packaging costs, or raw materials.
In other words, it’s the closest option you have as a business to “passive” income, the income you regularly receive as a business without any effort on your part.
Choosing What to Sell
Before you jump on board the digital product train, you need to decide what digital product you should sell. Here are some of the most popular digital products:
An eBook is easy to produce and quick to consume. They are the perfect option if you are in a specific niche with enough specialist knowledge to fill a single book.
While this product will typically sell at a low price point, you can sell a high number in a short space of time with a good marketing campaign.
The beauty of online courses is that there is no upper limit to what you can charge. Some of the top online course producers sell their products for as much as $2000.
Online courses take time to put together. You’ll need to invest in professional sound recording and high-quality presentation material if you are going for a higher price bracket. But they can be very profitable.
Templates are a good starting point for digital products. They are quick to put together and valuable to customers. You can create templates for all sorts of things, including:
- Ad templates
- Social media templates
- Email autoresponder templates
- Letter templates
- Party or wedding invitation templates
These are just a few options. But there are hundreds of potential templates you can sell, so the sky is your limit.
Printables are a growing market, as customers look for new ways to create more organization and structure in their lives. Popular printables include:
- School or homeschool plans
- Educational worksheets
- Day or week organizer
- Food or diet plan
- Inspirational quotes
Printables are popular on Etsy. So if you want a digital product that you can sell to an existing marketplace, printables might be a sensible choice.
If you have a popular membership program, you have the ultimate passive income product.
After all, once someone signs up to your membership plan, you get a regular monthly income that increases each time you acquire a new customer.
To succeed with membership products, you must have a big audience and loyal fans. People will only pay a monthly subscription for unique digital content from someone they know and trust.
Original Creative Content
For the inventive among you, the best digital product might be one of your best creations. Original creative content is anything you have created yourself but are willing to sell it on (including the rights to reproduce that work).
Examples of creative content include recipes, music, and artistic graphics. Original artistic work is popular in the print-on-demand industry (t-shirts, mugs, or canvas prints).
How to Create Your First Digital Product
Creating digital products might be easier than physical products, but that doesn’t mean you should shortcut the process.
A high-quality digital product will cement your reputation with customers and keep them coming back for more.
You should already have an idea of what your niche will be. Take time to brainstorm 10-20 different digital product ideas before settling on a final decision.
Get Feedback from a Focus Group
Use an online survey or connect with loyal customers and ask them a simple question: would you buy this product? Even your best ideas might fall flat with your audience, so always ask this before you start work on your creation.
Use Professional Creation Tools
Invest in tools that will give your product the edge. If you are recording classes, invest in a good camera and microphone.
With graphical artwork, use a paid tool like Adobe Photoshop instead of free tools, as you’ll achieve a better finish.
Start With a Beta Product
Once your first product is complete, release it to a beta audience. These might be your early adopters, or you might give away your new creative work for free to your most loyal customers.
The purpose of this stage is to check that your customers love what you have produced and help you spot any gaps to fill in the final product.
Create Your Final Masterpiece
Following your beta release, spend time making the necessary changes to your digital product, ready for the big launch date.
How to Sell Digital Products
The best way to launch and sell digital products is to promote them to an existing audience. If you have email subscribers, create an email launch sequence with a time-limited special offer.
If you don’t have email subscribers, you can try an online marketplace. Amazon is ideal to sell eBooks, and Etsy is a fantastic choice if you sell artwork, printables, or templates.
Remember, your marketing doesn’t end with your product launch. It is only the beginning.
Consistently promoting your product and growing your audience will help you profit from your creation for years and get the passive income you seek.
Don’t Miss Out
The Digital Market is still one of the hottest ways to grow a company.
With a bit of creativity and discipline, you are weeks away from launching a digital product that can potentially bring in extra revenue for years to come.
So what is stopping you? Get started today, and don’t miss this potential goldmine. To help you on your journey to digital market success, download one of our free digital marketing resources here.