Creating and selling digital products is one of the best business models on earth, and easily one of the most profitable ways to build your business online.
I have personally been able to generate over $2million in sales of digital products and, following the systems and strategies that I teach, my students and clients have collectively banked over $10million.
Digital products allow you to stop trading your time for money. Instead, you can invest some time to create something once and then sell it over and over again.
We’re talking about any kind of product which people can purchase online and download to their computer to help them solve a problem in their lives, or improve their skills in a certain area.
You can create digital products around almost any niche topic you can think of, with literally thousands to choose from. In our business, we sell digital products about:
Dating and relationships
The most successful online marketers are all making their money by creating and selling their own digital products.
Just stop and think:
“How many digital products have YOU purchased over the past year? Or even over the past few months?”
And you’re not alone.
Every single day, literally hundreds of millions are being spent, all around the world, on digital products – making it a multi-billion dollar industry.
Fortunately, there is STILL more than enough room for you to join us in this ever-growing game and take a slice of the profits for yourself.
Imagine if you were to create a simple digital product, which sells for $27.
Then you build a process that sells an average of 10 copies per day – on autopilot, regardless of whether YOU are working, or not.
That means that you would make $270 per day, which is $98,550 per year… with ONE product.
No inventory to hold, no expensive premises, no staff and no postal materials, because there is nothing to ship. It’s no more difficult or expensive to sell 1000 copies of your product than to sell 1!
And there’s nothing to stop you making another 5, 10 or even 100 products and doing the same thing. Digital products are the pinnacle of passive income!
Ready to start selling digital products? Then let’s dive in…
There are 7 primary categories of digital product that you can create – and they sell like crazy.
There are others, but these are the ones which are most popular and generate the vast majority of online income.
In this post, we’re going to look at each of them in a little more detail, to help you decide which you’re going to create.
Written eBooks and reports are really the original digital product and started this entire industry.
It’s very easy to take the system or concepts that you want to teach and break it down into sections. Each section becomes a “chapter” in your eBook.
Once your work is complete, you can have it proof-read and save it as a PDF document, which your customers can open and read on almost any device.
eBooks are easy and cheap to create. You just need some kind of Word Processing software, although they can easily be outsourced to a ghostwriter who can create the content for you.
You can format your eBooks to make them look attractive and professional with different fonts, styles or colours, and you can include diagrams, links, etc.
When you have finished your eBook, you can either sell it as a straightforward PDF or you could format a version for Kindle, iPad or other e-readers.
eBooks typically have a lower perceived value than some of the other digital products we’ll discuss in this post, but they make fantastic free giveaways for building your list.
An eBook would also be a great starting point when you’re making your first digital product.
Video products are becoming easier to make as technology becomes more accessible and affordable. They are probably the most popular digital products, right now.
Video is very flexible and can consist of on-camera videos, screencast videos (recording the actions that you’re taking on your computer screen) or slideshow style videos (like PowerPoint presentations).
Interestingly, video courses typically have a very high perceived value. You could take the same amount of content from an eBook or an audio program, package it into a video course and sell it for a significantly higher price.
If you’re looking to teach technical information, then video programs are a great way to go. It’s easy to demonstrate the content that you want to teach and your customers can just watch what you do, and then copy it for themselves.
Creating video training is a little more difficult than an eBook. You’ll need to put in some practise to become comfortable delivering your content and to make it look and sound professional.
Audio courses are an older form of digital product, but they are making quite a comeback and have become pretty fashionable again.
Customers like audio programs because it’s easy for them to listen to the training in the car, on a plane or… anywhere!
There isn’t a great difference between the process of creating an audio course and a video program.
It’s up to you whether you want to:
– write out a full script, which you’ll read word-for-word
– just create a list of bullet points highlighting your key points, which you can elaborate on as you talk
That really depends on how well you know your content and how comfortable you feel “winging” it. There are no rights or wrongs here. You can always edit out any mistakes that you make.
If you don’t feel confident enough to record your own voice then you can always outsource it to a professional voiceover artist on an online directory. You can easily find these by searching on Google.
Webinars have the highest perceived value of all digital products, even though the content may be identical to an eBook or video program.
It’s astoundingly easy to sell a series of live training webinars (anywhere from 1-10 webinars) for a price tag of $197, $497, $997 or more, with 10-100 customers joining you on the program.
They may not attend every webinar, but you can record them and deliver the recording to anyone who missed it or need to see the replay.
Webinars create a very strong connection with your customers with personal interaction. Your customers can ask you questions and get your feedback, live on the call. This is very powerful.
You can even sell a webinar class before you have created any of the content. Build a sales page to sell the program and get people to buy it. Then create the training webinars afterwards.
When the live webinars are over, you can package up the recordings and continue to sell them on an ongoing basis.
Most of the primary webinar software programs are quite expensive, although the income potential is certainly high enough to make it a worthwhile investment, if you are serious about it.
There are also some cheap/free options, such as Google Hangouts, which have made live broadcasts more accessible to marketers with a lower budget.
Software is a HOT selling digital product right now with a wide variety of applications that you can create.
These include: WordPress plugins, desktop software, cloud-based programs and more.
Fortunately, you don’t have to know a single thing about coding or programming apps, because you can easily find a whole host of skilled, talented developers who can build the software for you.
That means that you just need the IDEA for a software program which will help to accelerate, automate or improve something that your customers want to do.
Most good software solutions are born from a NEED. Think about your life and your business. Consider the problems that you have faced and how a piece of software could help you. Perhaps THAT solution would help other people too?
Then you can post your software idea as a “job” on one of the main outsourcing directories, where developers can bid for the work.
After carefully assessing the applicants, you can shortlist the ones who appear to be the best, interview them individually and pick the right one for you.
Working closely with your software developer to turn your vision into a great-looking, fully-functional program, which will fulfil a definite need.
You will need to be careful about selecting a developer to ensure that they have the skills and knowledge to create your software effectively and the communication skills to understand your requirements.
It’s also important to strike up an ongoing relationship, so that you can continue to support your product permanently.
Small changes in online programming can have devastating consequences for your software, so you’ll need a developer who can continue to work on your product to keep it fully functional.
Software is a brilliant way to minimise the work that you have to do, but make maximum profits.
Your job is entirely about identifying a software idea which will solve a major problem in your customers’ lives and then working with a developer to make that solution a reality.
The two BIG objections that I hear from new marketers are that they “don’t know enough to create an info-product” or that “no one would want to buy a product from them, or care about what they have to say”
This is never true, but creating an interview product is a very easy way to overcome this objection. What’s an interview product? Well it literally does what it says on the tin.
You find an expert in your chosen niche, interview them (using an application like Skype), record it and save it as an audio file and BOOM. Product is complete!
A lot of marketers believe that interview products don’t sell anymore, but that simply isn’t true.
I created a monthly membership site, where the members received 2 interview recordings per month with different experts. I built it from zero to $6,000+ per month in residual recurring income within 3 months.
One of my students, Carl, was able to launch a series of 7 interviews and made over $10,000 in a single week.
Interviews are a very powerful and easy way to make great products which audiences love.
Let’s say that you spend an hour on Skype, interviewing someone else. That’s a pretty fast way to make a product, right?
All you need to do is prepare some questions which you can ask your expert. Think about the problems and obstacles that people in your niche are facing and build out your questions from there.
Try to add your own value to the interview too, by giving your opinion and your own ideas, on top of what your guest expert says. This will make it a much more “rounded” product.
Check out my “Interview Product Profits” program and discover my full blueprint for making awesome interview products which sell like crazy (save 85% on the regular price too!).
Online consulting is definitely the most lucrative form of digital product (okay, it’s actually a “service”, which requires you to put some work in to deliver it, but the money you can make from it, definitely makes it worthwhile).
Once you have a strong foothold in your niche and have built up your authority, you can start offering consulting and coaching services.
This is where you teach your content via:
– Group Coaching: where a small group of HIGH-PAYING clients join you on a weekly webinar for a pre-agreed number of weeks, and you work closely with them, looking at their situation and helping them improve it.
– One-On-One Consulting: where you speak to your clients individually on a private Skype call (weekly or monthly) and work with them to help them achieve their goals.
For group coaching, I’d usually look at charging $5,000 – $12,000 per person for an 8-15 week program. For one-on-one consulting, I’d typically charge $25,000 for 8-15 weeks.
You might start your business by selling low-price eBooks or video programs, but eventually you can narrow down to the wealthiest customers you have and then run a sales process to sell them high-ticket consulting.
The 7 product ideas that I have outlined in this post are not mutually exclusive, and it’s never an “either/or” situation.
There’s nothing to stop you from packaging several different types of product together into a multimedia product.
Of course, certain topics and and niches are more suited to a particular type of product, but you can often “multi-purpose” your content.
For example, let’s say that you were to…
Step 1: Create a video training product
Step 2: Strip the audio from the videos to create an audio version
Step 3: Have the audio transcribed into an eBook
Step 4: Hold a couple of live Q&A webinars for customers
Step 5: Interview some other successful people on the same topic
You’ve now produced a 5-part training from the same core idea and the same topic.
Your training is now MUCH bigger and it will be perceived by your customers as a more valuable product (which they will pay more money for).
They can now study your course in different ways, depending on what suits them best.
Here is a simple example of how you can easily combine different types of product into a larger course, maximising the money that you can make from it.
Obviously you don’t have use ALL of the different categories of product, you can simply mix and match them, depending on what you find appropriate.
That brings us to the end of this blog post. I hope that you’ve found it useful and inspiring to kickstart your own digital product empire.
If you have ever found yourself feeling “stuck” trying to think about what product to create, I’m sure you can already see that the possibilities are endless… limited only by your imagination.
My plan is that this post will not only prove as a jolly good read, but also as an ongoing resource.
Chances are that, as your business grows, you will probably use a number of the ideas from this blog post and create several different types of product.
After all, building a consistent, scalable business online is really all about producing multiple streams of income. Once you have your first product online and generating profits, it’s time to move onto the second, then the third, and so on.
Why have 1 profitable product when you could have 5, 10 or 100? The more products you have, the more money you stand to make – provided you see them all through to completion.
So, keep this post bookmarked somewhere safe and you’ll be able to refer back to it whenever you plan to start creating a new digital product.
Just a quick scan of the information you’ve just devoured will give you a surge of ideas for exactly what you’re going to make, and how you’re going to make it.
What should you do now?
The primary thing, of course, is to take action and start working on turning your ideas into a reality.
Reading this kind of training material is never going to make you rich! Only taking action on what you learn can do that.
You need to start aggressively taking MASSIVE, CONSISTENT and DAILY action on the things that you’re learning.