Have you been thinking about ways to expand your business in 2017? Maybe you want to start making some additional income on the side?
Adding digital products or some people call them info products to your business mix is the perfect way to bring in a little ‘extra’, I never refer to digital products as ‘passive’ income as I don’t believe anything worthwhile is passive, but the beauty of a digital product is that you aren’t trading ‘time for money’.
With a digital product, you do all the work up front and then you are able to sell the product again and again and the goal is to ‘make money while you sleep’. I sell online courses teaching people how to create their own websites, and I woke on the weekend to find that I had a new student enrollment, it is an amazing feeling.
The below blog is a summary of the steps, if you would like access to a 1-hour workshop training recording of this topic, an audio version of the workshop and the details on each step to get you started. You can sign up by clicking on the image below to gain instant access to these goodies.
So let’s talk about what is meant when we say ‘digital product’.
Digital products are described as items that are “stored, delivered and used in electronic format.”
Now the steps to creating a digital product will obviously differ depending what sort of product you decide on, the below steps will be valid for most digital products but would need to be adapted. So for the purpose of this blog, I am going to refer to an info product mostly, for example, online courses (which is what I specialise in) or an eBook or information deliverable of some sorts.
Here are some common types of digital products that you could create.
Pick a topic
Pick a product type
What will solve your client’s problems
How can you help them with an A to B transformation
What will make your product stand out
Do a mini plan to map it out
What you will need to prepare
What timeframe you will do it in
The costs & skills involved
What will your marketing plan be
#3 PRODUCT RESEARCH
Do market research, gauge your audience interest:
Do a survey (survey monkey)
Use the Facebook Poll function
See what products your audience are wanting to buy
Check out the competition
Give them a taster and see if they respond:
Write a blog post about the topic +
create a content upgrade like a cheat sheet
Do a pre-sale landing page for the product
and ask people to sign up if they are interested
Price your digital product:
Think about your target market
Review what your competition are charging
Understand the ‘value’ of the solution you are providing
Create your product
Write your product landing page copy
Create images or graphic mockups of your product
Create your sales landing page
Decide what platform you will use:
Will you set up an eCommerce shop on your website
A simple PayPal button
Or use a 3rd party platform
Tell everyone about your digital product
Implement a marketing plan
Decide if you will offer a taster for free
Use social media
Let your email database know
Host webinars or workshops around your product topic