Is your business primarily offline, and you don’t have any digital products? If so, it’s probably worth considering. Let’s say you’re a personal trainer, conduct corporate training, organize photo sessions, or engage in any other business that relies on face-to-face interactions. In this article, I’ll show you how to add an online offering to your repertoire and how to get started.
But this article isn’t just for beginners in the online business game. Those who already rent a VPS hosting and run an online business and want to expand it will undoubtedly find plenty of inspiration here. That’s enough of an introduction; let’s get down to specifics.
Digital Products. What Are They, and Why Are They Worth It?
Digital products don’t have a physical form. You can’t touch, smell, or shake them. They are primarily various types of files that we send via email or share in other ways. They usually involve selling information, such as data, knowledge, reports, etc..
The most popular examples are ebooks or online courses, but that’s just the tip of the iceberg. There are plenty of options. While these products are popular, that alone is not a reason to create your own digital product. Besides trends, there are several much better arguments.
Diversifying Your Income Streams
Adding a digital product to your offerings provides you with greater security. It means you have multiple income streams and fewer things that can catch you off guard. If traditional products or services start selling less (perhaps due to a global pandemic), you have a plan B. You’re not solely reliant on one source of income.
Increase Your Revenues
More products usually mean higher revenues. Sure, it also means more work, but if your priority is to boost your bank account, expand your offerings. When you hit a wall in your offline business, it’s challenging to raise rates or acquire and serve new customers. A digital product can address these issues.
Financially, such products offer many benefits. You can create them without significant expenses because they don’t require physical production and hefty investments. It keeps costs low while profit margins remain high.
You can also scale your operations. If your earnings depend on showing up in a specific place and time, digital products can free you from that constraint and help you reduce the time spent on work. They are location and time-independent. Whether you sell 10, 100, or even 1000 units, your effort and involvement are similar.
Open Up to New Markets
Online products attract an entirely different customer base than your current one. Many people cannot access your offline offerings, often due to factors like location. Sometimes, even if the topic is the same, different target groups utilize different forms. Businesses may prefer in-person training, while online courses are popular among individuals.
Ideas for Digital Products with Examples
There are plenty of ways to make money online, the possibilities are vast. It all depends on your industry and clients, as well as your experience, skills, and personal preferences. Check out the list below and seek inspiration.
Do you know everything about your industry? Are you familiar with the latest trends and key players, or do you have a vast network? Others are willing to pay for such knowledge. You can prepare a report on a specific niche topic or take a broader approach.
- Report on the future and trends in the PR industry.
- Compilation of 50 technological innovations in the packaging industry with contact information for manufacturers.
What kind of compilation, summary, or report can you prepare? Do you have any knowledge, thanks to your expertise or experience, that isn’t readily available to everyone?
Have you devoted a significant amount of time to investigating a particular subject? Have you tested various options and, after many hours, found solutions? Some people are willing to save time and energy and utilize your work.
- List of verified providers of cheap VPS hosting in San Diego, CA.
Is there an aspect of your work you’ve invested much time and effort? Focus primarily on areas related to acquiring information and knowledge. Can it be turned into a document and shared with others?
Well-written, versatile texts that can be used with minimal modifications are valuable. Someone can use them in emails, as translations, or as sales copy.
- Job announcement templates for various positions.
- Conversation scripts for the customer support department.
Can you write a ready-made text that will be useful with minimal adjustments and personalization on the client’s end? Or have you spent a considerable amount of time preparing texts that you can resell?
Document templates, but in a pre-filled or partially filled form. A common example is a contract template, but they don’t have to be exclusively legal documents.
- A well-prepared collaboration offers a template tailored to your industry.
- A brief template that helps identify client requirements and needs.
In your industry, are there situations where ready-made templates are used? Can you develop and provide them?
Procedures and Guidelines
You can also create a step-by-step description of how to do something that requires specialized knowledge that is not readily available (e.g., acquiring this knowledge requires years of experience, building relationships, etc.).
- How to import products from Africa duty-free.
- How to save 20% on property tax.
- How to prepare a server for Minecraft.
Do you have any knowledge that can be summarized, such as a series of steps, but is challenging to acquire?
Extensive online courses are not the only video format you can use. A few-minute-long format makes sense, too, provided they are niche and specialized.
- Demonstration video: how to correctly perform color mapping in 3ds Max.
Is there any topic you can explain in a short video that is both complex and difficult to acquire knowledge about?
If you conduct offline meetings, they can be recorded and sold in digital form.
- Recording of your in-person training.
- Recordings of mentoring sessions.
- Recording of a session with a client.
Can any of your client meetings be recorded and resold? Can you record how you provide your service and turn it into digital products?
In many areas, especially in the creative industry, you can prepare ready-made resources you can sell.
- Sets of icons and illustrations.
- Photos, recordings, or videos.
- Graphic templates (e.g., social media post templates).
Can you prepare universal files for further use?
With the right approach, you can find an idea for a digital product in almost any situation. It really can be something small. You don’t have to spend months creating a sophisticated course or writing a lengthy ebook. Treat it as an addition, a supplement to your offering, or an opening to new clients.
After this initial attempt, you can always take it a step further or develop your idea into something more advanced.
The Best Idea for Last
We saved the best idea for expanding your business into the online realm for last. While it’s not a digital product but rather a digital service, it could turn out to be a goldmine, especially if you run a marketing agency. Create your own hosting brand tailored to your niche. Check out our offer.
How to Sell a Digital Product?
You already have a file – how do you distribute it now? How should it work from a technical standpoint? The easiest way is to create a simple online store using ready-made tools and link it to your website. A popular solution is to combine cheap WordPress Hosting with the WooCommerce plugin. You can also design a simple landing page yourself.
The criticism regarding such products is that similar content can be found for free. There is some truth in this, so quality is crucial. You need to prepare a product that can compete with free solutions. Do more, do it better, or do it differently. You can’t take the easy way out or offer the same thing as the first page of Google search results.
Every good product regards a specific problem, and digital solutions are no exception here. Target niches and avoid trendy topics because riches are in the niches. Trendy topics are challenging because there is immense competition. Look for problems that no one has solved yet.
The world of digital products offers a vast realm of possibilities for businesses, whether you’re starting fresh or looking to expand your existing online presence. By embracing digital products, you can diversify your income streams, increase your revenues, and tap into new markets.
The possibilities for digital products are limited only by your imagination and expertise. Whether you’re a beginner or an experienced online entrepreneur, there’s no better time to explore the world of digital products and discover the untapped potential it holds for your business. So, take the leap, create, and innovate in the digital realm – the rewards may exceed your expectations.
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To sell your digital products, you can set up a simple online store using ready-made tools and link it to your website. You can also use platforms like WordPress with the WooCommerce plugin or design a landing page yourself. It’s crucial to offer high-quality products that provide value and stand out from free alternatives. Marketing and promotion are also essential to reach your target audience.
Digital products are products that do not have a physical form and are typically delivered electronically, such as files sent via email or shared online. They often involve selling information, data, knowledge, or reports. Creating digital products can be beneficial for your business because they offer opportunities to diversify your income streams, increase your revenues, and reach new markets.
There are various types of digital products you can create, depending on your industry, skills, and expertise. Some examples include reports on industry trends, research findings, ready-made texts like email templates, document templates, procedures and guidelines, niche tutorials, meeting recordings, and ready-made resources like icons, illustrations, photos, or graphic templates.
When selecting a digital product idea, focus on addressing a specific problem or need within your niche. Avoid trendy topics with high competition and target niche markets where your expertise can shine. Look for problems that haven’t been adequately solved yet, as this can help your digital product stand out and attract a dedicated audience.