If you are trying to find more work-life balance and want to find a way to earn a full-time income while working part-time hours, digital products could be your new best friend!
Digital products, such as eBooks, online courses, and downloadable resources, can be created once and sold repeatedly, providing a steady stream of passive income.
The benefits of selling digital products are numerous – they require low upfront investment, have no inventory costs, and can reach a global audience.
Here are some tips to help you get started:
Listen to Your Community
The best thing to do is find out what your community wants and deliver it to them in a digital product. Think about what problems or obstacles your readers keep complaining about and design a product that solves this issue.
For example, one graphic designer realized that her audience felt intimidated by Canva. She knew her followers would love Canva once they discovered what it could do. So, she created a special course and marketed it as an introduction to Canva. She received many compliments on the product and it sold very well.
Decide on the Product Format
Once you know what topic would appeal to your community, it’s time to consider the format. With some products, this may be obvious. The graphic designer knew that her audience would prefer over-the-shoulder videos where she showed them what to do.
However, not every product needs to include video. Your course may best serve your audience if it contains three audio MP3s and a few simple worksheets. Focus on delivering the information in a way that makes it easy for your customers to absorb.
Keep in mind that your product can be a mix of text, audio, and video, too. For example, a financial blogger created a “Get Out of Debt Starter Kit”. This kit included three videos with transcripts for those who preferred to read. She also saved the audio of her videos as MP3 files, so her customers could listen on their smart phone.
Consider the Price Point
The next thing you want to consider when creating a product is the price. One product creator launched a course on building a website. Her target audience was stay-at-home moms who were looking to start an online business so she charged only $17.
Later, the product creator re-branded the course and sold it to executives that wanted to build their own blogs. It was the same content, but now she sold it for $97. Her audience expected to pay more and viewed a product for $17 as too inexpensive to contain good information.
Don’t be afraid to experiment with different products and see what your community likes. Once you know what your tribe wants, start working on your next one. Soon, you’ll have a huge library of digital products for sale!
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