Want more money? Then add digital products

Most businesses start with providing their audience with one product or service. And that is completely fine. But at some point in time, you want more money and you want to work less and maximize your time and resources. Want more money? Then add digital products!

What is a digital product?

A digital product is anything your offer to your ideal client that you sell to them digitally. There are many different types of digital products and you can add multiple types to your lineup of offerings. They can include:

Memberships

Video Training/ Webinars

Ebooks

Audio Training

Website Templates

Photography Templates

Graphics

How do you decide which to develop?

The sky is the limit! Based on your audience and their needs, you decide which will work best for you. Most people first try their hands at ebooks as their first digital products but that may not be the best fit for you. 

One of the biggest steps in creating your digital product is market research. You need to test out your idea before you start to sell and in some instances pre-sell before you start to create the product. Why? Because you want to ensure that you are creating something your audience needs and wants. You do not want to waste days or even weeks creating something that nobody buys at all. Research by engaging your audience to determine which will make sense for you and your business. Look at what else is being offered on the market and determine how you can make your offering unique. Conduct surveys to determine what is needed. 

Benefits of a digital product

If you desire to have more control of your time plus make money every while you sleep and not have to be on the hamster wheel of begging for sale every day, then a digital product is perfect for you.

The beauty of a digital product is that the hardest part is deciding and then creating the product. Once it is created (and tested) then you can sell this same digital product multiple times for months or even years. And, depending on what type you have created, you can even have a recurring income with a monthly subscription fee as well.

Pricing your digital product

Most digital products are on the lower end of the scale. But this does not mean you have to price all your digital products at $9.99! Depending on how you bundle your digital product you can charge even as high as $477! It depends on your audience and what you are offering. The problem that your digital product is solving for your audience.

And because you may develop a variety of digital products, you can also have different price ranges for your offerings. Have fun with it and play around with the best prices for your audience. 

Where to host your digital product

Because there are so many options for digital products, there are also several places you can host or store the information for easy access to your offerings. Some of these include: 

Membervault

Payhip

A private Facebook group

Your website

Gumroad

Teachable

Kajabi

Thinkific

These are just a few places you can explore and decide which one works best for you and your audience.

Marketing your digital product

There is a huge misconception that you have to do less marketing for a digital product as opposed to your other offerings. This is completely false. It takes the same amount of marketing effort to get your audience to buy your digital product. And like anything you are selling, you need to develop a marketing strategy around your digital product which can include:

videos

emails

weekly posts

behind the scenes and sneak peeks

You can also create beta testers or give your ideal clients limited-time access so they can become your brand ambassadors for your digital products. Do not think that people will buy it just because you built it. You have to work it to get the sales you desire for these digital products to fly off the shelf. 

CONCLUSION 

What I want you to remember, is that it takes time. A digital product does not sell like hot cakes just because you developed it. No. You have put in the work to educate your audience about its benefits and sell it multiple times in multiple ways for you to get the best results out of it.

Still, confused about where to begin? Have no fear, I have a digital product just for you. Get instant access to my membership site- Dynamic Business Boss where I teach you step by step in creating digital products as well as a multitude of strategies you need to grow a sustainable business.