Are you thinking about creating your first digital product?
It may be an ebook or video course.
Are you still confused, whether to pursue or not?
After reading this blog, you will start taking action and launch your first digital product soon.
So What is a Digital Product?
As per Wikipedia, Digital products or e-goods are intangible goods that exist in digital form.
Let’s look at the benefits of creating and selling digital products.
No Limit in Money
Yes, there is no limit on the money you can earn by selling your product.
It is up to you, and it depends on your marketing strategy and your target audience.
There are hundreds of people who are making millions every year by selling digital products.
No Stock Issues
Of course, it is a digital product, so you don’t need to worry about stock.
There will be significantly less cost involved depending on the product and bandwidth consumed.
You could sell to 1 or 1 million people without worrying about the warehouse or storage space.
Spend Less Time Creating
You create once, but you sell multiple times.
Yes, once your structure your product and created it. You could focus on marketing only in most cases. In a rare scenario, you might work again on those products.
Help & Reach More People
Your product is all about solving the problem for your audience. By creating a digital product, you could help hundreds and thousands of people at the same time.
You don’t need to spend on ads, you could regularly create content around all social media, and you could drive traffic to your sales funnel and sell your digital products.
If you have an advertisement budget, then you could scale and sell to your audience even faster.
Freedom Lifestyle – Work From Anywhere
Its digital buddy, you could be living anywhere in the world and still sell your product to any corner of the world.
You save a lot of time, and you could spend time with your family or go on vacation. You could automate a significant part of the sales and support, so your dependency is reduced.
Literally, by creating and selling digital products, you get more control over your financial life.
Less Resource and Operational Cost
You don’t need a fancy office or lots of resources to handle your products or service. With the digital product, you could hire a virtual assistant to take all the sales and support queries.
Office Space, furniture, travel, all these could be saved when you create and sell digital products online.
Open Market, Sell WorldWide
With online, its open market, even if your potential customer is on the other side of the world, you could sell and provide value to them with digital products.
With your own website or marketplace platforms, you could reach and sell your digital products to any corner of the world with internet access.
Opportunity to Upsell
If your digital product is an ebook, you could upsell them to a video course. From there, you could upsell to group coaching or 121 coaching calls.
There is no limit, and depending on your product, you could create any related products or high-ticket products with more value and sell it back to your customer.
You don’t need a distributor or retailer. You could sell your products directly to your customer from your website with some tools and systems.
Start Selling From Day One
Once your product is ready, you could start selling to your audience.
Even better, if you have an existing audience and you are going to create a digital product for them, you could also run a pre-launch offer and sell your product.
Leverage Existing Audience
Most of us would have been connected with hundreds of people via social network already, why not use it.
If the digital product you plan to create matches your existing network, start talking about it on your social account, and build your narrative to sell your product future.
Since there is no office space or resource involved, your cost will be very low.
So your profit margin after other costs will be very high. The more you sell, the profit percentage will be higher.
When it comes to digital products, almost 70% of the time, the products will be timeless, so irrespective of the market or situation globally, you could sell the same product for decades.
If your product is more related to the trends or platform, then you might have to make the most out of the trend wave.
Your Product Your Pricing
You are the boss, it’s your product, and you can fix any price you want.
Depending on the value you the digital product delivers to your audience, you could keep your pricing from 1$ to even 30k$
You could earn not only from your digital product but also by referring to other people’s products, and you could earn a commission.
Let’s consider your digital product is ‘Reduce Body fat in 7 days,’ and you cover all fitness and exercise to reduce body fat. Analyze what products are related to your title, and it could also benefit your customer. It may be protein powder or a specific food/vegetables, you could leave an affiliate link to those products inside your course, so when your customer clicks and purchase those products, you earn a commission.
Collaboration & Joint Venture
To promote your digital product, you will create a lot of content, and you will get a lot of inbound leads and inquiries.
You may feel threatened by other experts in your niche. Still, if you think about it, there is enough customer in the market for everyone so that you can sell and serve your product irrespective of the competition.
Better than competing, collaborate with them and create joint ventures to complement each other and grow together.
Automate & Sell 24*7
There are so many tools available, which you can subscribe to for a low monthly fee and automate your complete sales cycle.
Once you automate the sales process, you could make money even in sleep. Many entrepreneurs are doing it already.
If you need any help building your digital product or sales process, click here to chat with me and let’s discuss further.
Feel free to share your views in the comment.