Creating and selling digital information products is a great way to add a steady revenue stream to your business. They are inexpensive to make, and there’s no inventory to store or keep track of.
The only problem is that it takes a good bit of time and effort to create them in the first place. Often your largest time and resource commitment is the initial product creation. It should come as no surprise then that the most important part of the product creation process is coming up with an idea that will sell.
While there is no guarantee that you’ll come up with a bestseller every single time, there are some things you can do to hedge your bets.
Focus On Problems and Solutions
Most of the best-selling information products help us solve a problem. This could be how to get the baby to sleep through the night, how to cook dinner in 30 minutes or less, or how to drive traffic with inexpensive Facebook ads.
In each of these cases, there’s a problem and the digital product offers the solution.
Think about your target audience and the problems and challenges they face. How can you help them solve that problem? The more urgent or painful the problem, the easier it will be to sell the finished product. Look at what those around you are doing.
There’s no need to reinvent the wheel, and there’s nothing wrong in with spying on the competition to come up with ideas. Piggyback on their efforts, or come up with a better version of what they have to offer.
Test Before You Create
There are a few different ways to test a product idea out before you sit down to create it. The first and easiest method is to find a similar product to what you are considering developing and promote it as an affiliate.
If it sells well, you can come up with your version, with a twist on what you’ve already shared with them.
Another idea is to presell your product before you create it. With this, you come up with the general idea and flesh it out just enough to grab your potential customers’ attention.
Set up a sales page and a buy button, letting them know that they will be able to look over your shoulder while you create the product, or at the very least let them know of the delivery date.
You could even create the first chapter or part, so they have something to download immediately upon purchase. If you make enough sales, you create the rest of the content. If you don’t, you refund the money you’ve made and move on to something else.
No matter what you do, be sure to do your due diligence before you invest the time and energy to create your digital products.
3 Options For Selling Your Digital Products
Digital information products are by far my favorite way to monetize my websites and generate income. Not only do they work well for just about any niche and are easy to create, but you can also sell them in a variety of different ways.
This means that one digital product can end up creating multiple streams of income for your business. Here are three of
Sell It On Your Site To Your Audience
Once you’ve put the finishing touches on your product and it’s ready for sale, the best place to start is through your channels and to your existing audience. You already have a relationship with these people.
They like you, and they trust you. Ideally, the product you created is precisely what they want and need.
Set up a sales page and put up a buy button and start sharing it with your readers. You can blog about it, link to your sales page from articles and blog posts that are a good fit, and of course, email your subscribers about the offer regularly.
Set Up An Affiliate Program And Broker JV Deals
When you’re ready to branch out and grow your reach, getting affiliates and JV partners on board to help you promote your product is a good idea. Think of it as the next step in your promotional efforts.
The first step will be to set up an affiliate program so you can offer commissions to your partners. Then approach other people with a presence in your niche
and ask them to promote you.
When they make a sale, they get a percentage of the purchase price. For digital products, 50% to 75% commissions are the norm. That may seem a lot at first glance, but remember these are sales you wouldn’t have made otherwise.
Use A Third Party Platform
Last but not least, you have the option to sell your digital products through a third party platform. Popular options include JVZoo, Clickbank, video platforms like Udemy, and even the Kindle and Apple Bookstores.
The idea here is to branch out and tap into unexplored markets by getting your product in front of more people.
The biggest challenge with these platforms is getting the ball rolling, and making enough sales that your product rises in the ranks and is seen.
Expect to do a lot of marketing yourself in the beginning and then some ongoing marketing to make sure you keep your best seller spots.
If you can create enough interest in your products, this can be an excellent way to grow quickly and rake in a bunch of sales.