How to Make Your Own Digital Product

Digital products are the way a lot of products are going. They’ve been around in the computer business at least since the first personal computers were produced. And they’ve been available in retail markets since at least CDs became popular (before that they were probably technically magnetic tape products).

But since the internet, they’ve appeared everywhere.

Which means you may be thinking of making your own digital product or even a range of them.

I’d encourage that – it’s fast, fun and can be profitable!

Probably the easiest digital product to create is an audio one.

The software is free – Audacity is available for Windows, Apples and Linux – and decent quality microphones are cheap enough. The Plantronics DPS400 one I use cancels out background noise and won’t break the bank.

Then all you need to do is decide what you’re going to make your digital product about, write a script or an outline and then start recording.
That probably sounds too easy. But in essence that’s all there is to making your own digital product.

Of course, there are lots of steps inside each of those main parts. The most critical is deciding what you’re going to include in your new product. Generally, you should aim at teaching one thing well for each product you create.

There are a couple of reasons for that:

  • People generally prefer specific information rather than “jack of all trades” information
  • It usually commands a higher price

Think about what you pay for in the way of digital products. If it’s console and video games, you’ll buy the latest blockbusers, not the compendiums. The same goes for books – you’ll buy a method to lose 7 pounds in 7 days much more readily than you’ll buy one that teaches you how to eat a balanced diet without going over the top on calories. Even though they would probably give you the same end result.

The same goes for your digital product. Find a need – or actually a “want” – and fill it. There’s a crucial difference between needs and wants.

Maybe a third of the population here in the UK are overweight. But that doesn’t mean they’re all ideal candidates for a digital product teaching them how to get healthier.

You need to drill down to those who not only need the information you’re selling but have a big enough need to say “I want that now”.
It’s also a much easier sale. So before you spend time making your digital product, ask yourself whether or not people will actually want what you’re creating.

Then go ahead and produce it, package it up with a nice sales letter and a download page of some sort.

Then drive traffic to it using articles like this one, posts on your website, videos on YouTube. And as many other methods as you can come up with on a regular basis.

Once you start getting some traffic and sales, concentrate on the two or three methods that are working best. But that’s getting ahead of ourselves – you need to actually make your digital product first!

Benefits of Digital Products for Buyers and Sellers

Digitization and the introduction of digital products have had a very big impact on the way we lead our lives. The massive increase in the demand and use of digital items like computers and software has paved way for the creation of a completely new market that is profitable for both the sellers as well as the buyers. The following are some of the benefits of these digital items that are valid for buyers and sellers alike.

Automated Business

These products are mostly sold online and thus, they do not require a warehouse to store them. For the sellers, it means that they are able to save up storage costs, which is among the biggest concerns in selling physical products. Since the storage costs are close to none, the digital products’ seller is able to offer his products for a much lesser price than that offered by a physical products’ seller, thus increasing his chances of getting more customers. As for the buyers, the availability of the products online means that they do not have to go to the shops to buy them, but they simply have to order them online and they will be made available to them as downloads if it is software programs or will be shipped to them directly to their homes if it is some sort of computer accessory.

International Access

One of the best advantages that the digital products business has brought to the sellers is international access. With internet being the primary mode of business, a seller of digital items can reach out beyond the physical boundaries of his country and can sell his products to the people living in other countries of the world. Since he does not need to set up a shop in a different country to start his business there, a seller of digital items can use just his website to expand his business to an international level. From buyers’ point of view, international access is one of the biggest positive features of the digital items business. The buyers no longer have to wait for the opening of a new brand’s shop in their country before they are able to buy its products. They just have to log onto the website of the digital products’ manufacturer and get their orders sent to them online.

Freedom

Freedom is also one of the benefits that the digital products business has offered to both the customers and the sellers. For the customers, buying digital items provides them the freedom of choice. They are able to choose their product without having to worry about the time spent in the process and also conveniently from their homes. Moreover, the customers are free to shop for these products from anywhere in the world without restrictions. As for the sellers, digital products provide them the freedom to set up the business the way they want. They do not have to conform to the standards that are set for the physical products’ business. Thus, they are capable of expressing themselves in a better manner than the physical product sellers.

Keeping the above-mentioned benefits in mind, it is safe to say that the digital products are proving to be extremely beneficial not only for the sellers, but also for the customers.

5 Ideas For Digital Products To Sell Online

Digital products are the quickest, easiest and most profitable products to create. A digital product is something that a customer can download instantaneously to their computer when they buy it. It can be a report, eBook, video series, online tutorial or even a membership website.

The greatest advantage when you create digital products to sell online is that once you have created them, you can sell them time and time again. In order to find new ideas for digital products, you don’t have to reinvent the wheel. You just have to uncover unique ways to make it roll better.

1. Ask Your Customers

How do your customers like your current products? Is there something that would like to see more of? Send out simple online survey to the people on your database. Ask them what their current problems are and where they are struggling. You’ll probably see one or two common themes cropping up in the answers. Use that information as your guide for creating and selling a new digital product.

2. Convert Physical Products Into Digital Products

Are there ways to convert one or more of your physical products into a digital offering. For example, if you sell fashion accessories, could you create a video course on make up tips? Or, if you sell fitness equipment, could you create an eBook on weight loss? How can you streamline your product or a service using digital media?

3. Take A Look At Your Competitors

Look into other businesses in your niche and see what they are doing to promote their business. What digital products do they offer? What do their audience like most about their products or services? How can you apply those likes to your products or services?

4. Use Social Media

Social media marketing can expose your business to an entire new audience. Create a free eBook or report that provides value and distribute it on social media and ask people for their comments. As you get comments you’ll see what questions come up and you can create a follow up version with more details for people to buy.

5. Interview An Expert

You don’t have to be an expert in your chosen niche to create a digital product. But experts can be found and you’ll know who they are. Ask them if they would be prepared to be interviewed about a particular issue in your industry. Tell them that you want to create a digital product (eBook, video, report etc) from those interviews. The advantage to the expert will be the exposure that they will get from being included in your product. The advantage to you is that people in your niche will want to know what the experts have to say. It’s a win-win!

Price Points For Digital Products – What You Need to Know

Having your own digital product is an excellent concept because it allows your buyers to instantly gain access to your product without the disadvantage of having to wait for it to be delivered via mail. They also gain access to the information right away so that they can instantly begin putting it to work for them. This is a huge advantage especially if you’re offering a “how-to” type of product or offering a product where you’re teaching your buyer something. Digital is the way to go not only do you gain something out of it by getting instant sales with very little effort, but the buyer also gains by not having to wait for the product. They can begin using it as soon as they pay. Think about this, imagine you are selling a marketing product to other online businesses. You know how quickly the internet changes. Imagine offering them access to proven tools and strategies that they can instantly use to grow their business.

If you’re offering a very good product with a strong offer, I bet most of those businesses would not hesitate one second to buy from you. They’d want to instantly put into action your strategies right away so that they can begin making more money as soon as possible. Digital products would allow them to do this. The instant download would allow them to implement what it is you teach within minutes and not have to wait a week or two for your product to arrive in the mail. That one or two weeks of waiting could cost them hundreds or even thousands of dollars simply because they’d be losing time – the time they could of spent implementing the strategies you teach with your digital product.

Of course, you’ll also have to price your digital product well in order to gain sales. So, what’s the best rule of thumb for determining the price point for a digital version of a tangible product? If your tangible product is let’s just say $997, what should you sell the digital version for? Well, the first thing you need to realize is that if you have a tangible product, and if you can create a digital version, this can work to your advantage.

What you can do is strategically create two different price points. For the tangible product that you’ll send them in the mail (which will take them a bit longer to receive), but they’ll have the convenience of having the hard good with them anywhere they went. They could comfortably read it on the sofa, relax at a local cafe or take it to the beach. They’ll have the convenience and comfort of the hard copy. So, you could offer it to them for $997. A lot of people place more value on hard tangible goods.

You could then offer those people on your list who refuse to buy a discount of 50% if they decide to purchase the digital version. So, you’re offering it to them for $497 – a $500 discount off of the retail price because you’re giving it to them digitally. That’s what I recommend since you’ll be able to make sales off of those customers who initially refused your offer because it seemed too expensive to them. The digital version gives them the option to still gain access to the product although they won’t have the advantage and convenience of the hard good. That’s actually how I did it on one of my product offerings.

What I did was I sold this package for $997. I made the offer online. I said, “…hey, this package is $997.” And then if they said no to it, what I did was I dropped it down to the digital version and they got it for half-price and they got it instantly! And I just realized I should’ve done that for all of my product offerings because that’s just quick digital cash! I’m just hitting myself right now for not using this strategy on all of my products, but better late then never.

So, if you want to tap into a market that may not have the ability to pay for your initial product offering, if you have a hard good consider a digital version. You’ll be able to gain access to cash that would have otherwise been lost. Look at all of your options and look at your market from every angle. There may be opportunities that you never knew existed.