Digital or virtual products are products or services that do not have a physical form. For example, music, ebooks, videos, photos, stock images, games, apps, etc. These products have no physical existence, instead, you can use them virtually.
In the age of the internet, selling these items is becoming a billion-dollar industry. Most of the money is invested in this economy. The online virtual market is now worth $ 15 billion.
It has many benefits over physical products. Unlike physical products, virtual products are undamaged in nature, have no storage costs, and do not run out of stock. This article will tell you how to start selling virtual products online.
How To Create And Sell Digital Products Online?
Digital products such as e-books, online courses, audio products, downloadable templates, software, and more are more attractive due to their lower manufacturing costs (your initial investment is your time and skill) and their inherently measurable nature.
Despite the fact that over 300 million new websites are created every year, there is enormous competition to attract the attention of the people in almost every subject area you can think of. And over time, that is likely to change.
Making money online is not a game like placing some banner ads, running affiliate links, and getting sponsored content from your favorite brands. Sure, all of these are viable monetization strategies, but that is not where the real money will flow in the future.
You need to consider how you can sell digital products with your business. If you have valuable skills, think of ways you can package your services in the form of do-it-yourself online courses. If you are an experienced designer, perhaps more of your junior colleagues will be willing to buy templates from you. If you are an expert in any field, I guarantee there are people who will pay for a quick learning experience through digital guides and instructional videos.
For me, selling digital products is a very lucrative online business. Once you create products they are infinitely scalable, have almost zero affiliate costs per unit you sell and if you do a great job promoting your products you can get top rank in organic search results and bring in new ones. Very low-cost customers.
In his seminal book The 4-Hour Workweek, Tim Ferris wrote, “Information products are less expensive, faster to manufacture and longer to copy for competitors.” Digital products are a platform for countless successful entrepreneurs to make a name for themselves.
8 Steps to Creating and Launching Profitable Digital Products
Of course, like any business with real value, you cannot succeed overnight. Must work hard first. Here are my eight steps to launching profitable digital products:
1. Verify your digital product idea
I often talk about the importance of verifying your business ideas, because this is something I have failed so badly in the past. Think of it this way: there is no need to expend your energy for days, weeks, or months to build a product that no one really wants.
There are thousands of self-published books on Amazon that usually sell only a few copies to the author’s friends and family because they are on a vague topic that large audiences are not interested in finding out.
Always research your market before you start creating any digital content. I start with Google Trends and search for interesting topics that can create digital content. After you enter a specific keyword phrase, Google Trends will show you the popularity of that phrase over a period of time.
The next tool that will help me verify the potential success of a digital product is the Google Keyword Planner that is part of Google AdWords. It allows you to analyze the monthly search volume and predictive competition on specific keyword phrases.
If you can find a combination of high demand and relatively low competition, it represents a great opportunity to create and sell products related to that keyword phrase – if you have the right strategy and more than other options. Can provide value.
As long as you are careful to make sure it comes from unbiased sources, do not be afraid to ask for feedback. The opinions of your friends and family often do not reflect 100 percent honesty.
Search online for relevant forums and social media groups and check out these 6 best websites to get unbiased feedback.
2. Set up a waiting list
People love expectation. Setting up a waiting list is one of the best ways to verify your digital product idea, as you will quickly see how many people are interested in driving targeted traffic to your signup page.
It does not matter how good it is if no one knows about your product. Your email list is one of your most valuable assets, so it’s best to create your list with potential customers.
I recommend that you start by creating a simple landing page on your website before building anything related to your upcoming digital product idea. It gives you a way to test the waters with this product concept, start getting index through search engines and lead your existing audience. Here is an example of a very simple landing page I used to test the authenticity of an online course on starting a business while working full-time. Learn about SEM.
If someone on your online course concept, downloadable product, or service is interested enough to provide you with their email address, you know that it is a good idea to purchase your digital goods after they have streamed live. Enough interest.
3. Start building your audience with free content
Once the landing page on your site is ready to collect email addresses, you should start by giving people reasons to visit that page and sign up.
Start by creating some high-quality blog content for your site and creating a targeted list of potential companies, brands, and influencers interested in sharing your content with their audience. People on the list you create are also more likely to publish guest posts that you already know are prioritizing their audience. I use BuzzSumo to identify these distribution possibilities.
Guest posting is the best driver for new traffic and waiting list sign-ups for my digital content. Since you have determined your niche in the first stage of this process by verifying your idea, it is time to explore other, more successful blogs that cover the same niche.
Analyze these blogs and pitch ideas for posts you can write. Make sure your pitches are similar to the ones they already cover, but unlike the pieces, they have previously published.
If you are just starting out with your online brand, you will need to create some pitches before you can be approved, but you will eventually be able to get some guest posts, and then you can use these to create more leverage.
Most blogs allow you to add a short biography and some relevant (non-spam) links to your post.
However, you want people on your list to keep you at the top, so make sure you have occasional new content on your blog – shoot at least one solid post a month.
4. Design your digital product
Once you have created an email list or a large social community (after shooting for at least a few hundred to a thousand people), you need to have regular traffic to your website, which will help you in your business. Most of the time is spent building digital products. And get quick feedback from your community.
The idea at this point is to start changing your preference away from guest posting and gradually improve the quality and frequency of posts on your website. You now have enough readers to justify writing posts frequently, so focus on ranking for your target keyword phrases, bringing visitors to your waitlist, and selling your online course in advance. Give. Check out this amazing case study to see how Brian Harris earned over $ 220,000 at his course launch.
Whether you are ready or not, it’s time to start building. For many, this is the hardest part of the whole process – actually creating a digital product – because it is a very new experience at first. However, the important thing to remember is that once the material is created it can be reused.
You may find that your audience responds well to online courses. Nathan Barry shared his experiences in creating digital products and found that if you are an expert in a subject, most of the audience will want you to teach them. If you can teach people valuable skills, they will be happy to pay for it. Consider trying paid webinars, group coaching sessions, and gated sections of your website as relatively easy-to-implement monetization options with more detailed blog content.
Finally, look ahead to your manufacturing process and examine how you sell those digital products from your website. What tools do you use to set up a landing page? What do you use to collect payment? Do you collect customer data? Where do you store order details? Be sure to try Selge, which is specifically designed for this type of scalability.
5. Add feedback and adjust your product
If you want to be successful with your digital products, you want them to grow with your audience. Listen to the response of your audience. It is much easier to upgrade to a digital product than a physical product and your customers will appreciate receiving the updated versions. If they see that you are constantly adding value to what you buy, they are more likely to buy your next product.
If you are doing any kind of online coaching or course, I recommend that you run the beta group through your course first and improve it by the time you are in the process of building your course.
The Pre-Launch Group also offers your students the opportunity to apply their strategies. This will give you some great testimonials to show on your landing page once you start the world.
When Teachable co-founder Conrad Wadowski set up his lucrative course Idea Class, he aimed to set up a course that would allow people to walk through the process of developing their own online courses. They can also upgrade to personal coaching at a higher cost.
For the course to be successful, he needs real people to test it out for him and see if it really provides the value they are looking for. That feedback gives meaningful testimonials to improve the course and use it as your sales copy and marketing points.
6. Install the right monetization tools on your website
Once you have reached the level where you can monetize your website, you want your site to run as smoothly as possible. This means you need to add some tools.
If you operate a WordPress site, there are some essential plug-ins that will make your life a lot easier. Here are some of my favorites:
OptimizePress is my favorite WordPress template. It’s great for creating high-quality landing pages, implementing new activities, and publishing blog content. For best WordPress themes click here.
7. Target and engage strategic launch partners
You need to make your digital product launch a big event. It will excite your audience, motivate you and the promotion will bring you a high conversion rate and more new customers I guarantee.
The more you can do to engage other influencers, brands, and bloggers in your field, the better. If you can partner with someone who has a significant following in your audience, think about your outreach if they are interested in such things.
If you can partner with someone else in your industry who can promote your product launch (usually with an affiliate commission fee per sale), that’s a successful situation for both of you.
8. Start with your audience and expand from there
Launching your digital product is only the beginning again. This is a completely new starting point, requiring a completely new focus on your activities. From here, you can scale it all up.
You want to set up a sequence of emails to increase the expectation of your current audience. This is one of the basic reasons why it takes you so long to create an email list in the first place. Focus on scheduling at least three to six emails that work in three strategic steps:
- Showing problems to your audience
- Provoke the problem
- Providing solutions to them (your digital product)
- Once you have started a digital product for your personal community, it’s time to start blogging
- about your guest blogging (about topics related to your new product), adding more affiliates with the same audience, and blogging. It’s time to keep up and make it even more awesome. The content aims to drive more organic traffic to your website.
If you have a large social community that can help boost your conversion rates, now is also the time to tinker with paid ads on Facebook and Twitter and drive sales directly from your Facebook page.
After launching your digital products into the wild, you will start to see which channels are attracting more new customers to you. You may find that posting a guest more often than publishing on your own site makes better use of time. Perhaps running a Facebook ad campaign would be too lucrative.
Keep testing, learning, and multiplying your success until you are ready to design your next digital product to suit the needs of your new audience.