4 Tips for Creating a Digital Product That Can Make You a Tidy Profit It has no physical form, and therefore little or no development cost; but a 'digital product' like an ebook or audio cost can earn you a bundle.
By Syed Balkhi Edited by Dan Bova
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In the past, creating your very own product may have seemed like a pipedream. There was so much work involved in building a product, not to mention the fortune often required just to get a product to market. But not anymore.
Related: Research Finds Digital Goods Area a Tougher Sell Than Entrepreneurs Think
Now, anyone can create a digital product and make money online. One of the biggest perks of creating this category of product is that you create it once and sell it over and over again.
So, what does a "digital product" mean? It means a product without a physical form. Consider these examples:
ebooks and pdf guides
video tutorials
audio courses
templates
WordPress themes
images and icon sets
stock photos
These products are low-cost to create because you don't have to deal with shipping or manufacturing costs or a lengthy development time. The product is also all yours, so you get to keep all the profits. Plus, while creating it is super low-cost, it has the ability to generate you a ton of money.
Before you dive in head-first, however, make sure your digital product will be successful. Check out these four tips for creating a digital product that sells.
Related: The Top 8 Digital Trends to Watch in 2017
Choose a winning digital product.
The first step is to choose the right digital product: What good will it do you to spend your time creating something that no one wants to buy? That's why you've got to create something that solves a problem for your audience.
To determine what niche will sell best, look at what your audience comes to you for, now. Do they come to your blog for budgeting advice? If so, consider creating budgeting templates. Is your most popular blog post a beginner's guide to email marketing? Then create an ebook guide for email marketing.
If you don't know what the pain points are for your audience, look at your website analytics or consider asking your visitors by adding a survey or poll to your site. Analyzing what your audience is most interested in from you will help you come up with a digital product that's irresistible to them.
Make your product visually appealing.
Just because you're creating a digital rather than physical product doesn't mean it shouldn't look good. Consumers buy with their eyes; if your product looks impressive, they'll be more likely to want it, and even to pay for it. According to a study on Science Direct, when a product's design is powerful and impressive, consumers are less sensitive to its price. So, make sure you spend time to create visually appealing product images.
Now, you might be wondering how to create images for a product that isn't actually tangible. For most digital products, you don't want to post a photo of the product itself, but instead visually demonstrate a glimpse of what the user will be getting. For instance, you could create a little mockup of what's included in a guide or workbook, as in the example below.
Image source: Melyssa Griffin's Pinfinite Growth blog
Establish and promote your expertise.
If you're thinking of creating your own digital product, you probably already have your own website and a blog. If not, you need them ASAP. Because, of course, not many people will want to buy a digital product from some mystery person online. A website and blog will establish you as a thought leader in your industry and help build trust between you and your potential customers.
And trust is key to generating sales of your digital product. In fact, according to the Harvard Business Review, when trust is high, people are much more likely to take risks and make a purchase.
So, start blogging on a regular basis and make sure your blog posts relate to your digital product. If your digital product is a course on Pinterest marketing, write about Pinterest marketing. This will show your potential customers that you know what you're talking about. Don't forget to promote yourself across social media too; and consider guest-blogging on other popular online publications to broaden your reach and further prove your authority in your niche.
Collect feedback.
After you've created your digital product, it's time to send it off into the world ... or is it? Before you let your digital product loose for people to buy, first do some testing, and collect feedback. It would be a disaster to release your product, only to find out it doesn't meet expectations. To avoid disappointing your customers, make sure first that what you've got is a hit.
Consider offering some of your biggest fans the chance to preview your digital product and then collect their feedback. Updating a digital product is easy, so take your audience members' feedback into account. If they suggest adding another element you may have overlooked, you can easily add it. By getting feedback, you can ensure you're putting out the best digital product possible.
Related: The Road From Product to Experience for Luxury Offerings
Over to you.
When you first launched your website or blog, you might never have thought creating a product was in your future. But with these tips for creating a digital product that sells, you can add "digital product creator" to your resume and watch your revenue grow.
