Selling a digital product: WHAT? WHY? HOW?
Sep 28, 2021 - Views: 635 - Share this post if you find it interesting!
If you are having a fast internet speed connection and a computer, why don’t use consider selling a digital product to earn more money? It can just need a little aesthetic sense, a little patience, or even take advantage of your experience. All based on your resources and make money through the Internet. So, what is it? How to earn money by selling a digital product? We are going to disclose all information clearly in this article below. Do not miss out!
Selling a digital product
What is a digital product?
Generally, a digital product is an intangible asset that is sold/ purchased through the Internet. It exists in a variety of forms such as ebooks, videos, templates, images, games, software, applications, and so on. Those digital products will not need an inventory to store them as well as delivery to customers’ hands. All are conducted online and you just need to make sure your internet connection is good enough.
>>> Use MySpeed to run speed check of the internet
What is a digital product?
Selling a digital product: Pros and Cons
Before starting to do anything, we always need to consider between pros and cons, selling a digital product does too. Let’s take a look at these benefits and drawbacks this job brings in to make a decision.
Pros of selling a digital product
Passive Income: Differ from working in official that means you need to do everything customers order, you are paid for what you make a digital product. You make one product, automate the selling process, and then generate passive income.
Flexible: You can sell from anywhere and to anybody. You may create new items or modify the method you sell your existing ones at any time. – digital items don't limit your options.
Reduced Overhead: Digital product production costs are typically inexpensive, and there is no need to pay a warehouse to keep inventions.
No product management: There is no need to store items, maintain inventories, or assign SKUs.
No Shipping Process: There is no need to choose, pack, and ship items yourself or pay a warehouse to do it for you.
Selling digital items
No Shipping Restrictions: Some physical items, such as beauty, food, and machinery, have restrictions on where and how they may be transported, while digital products typically have no distribution restrictions. Digital products can be sold and distributed all over the world through the internet.
High-profit margins: Profit margins for digital items are significantly higher since there is no need to acquire and manage physical inventories.
Opportunity: Prior to COVID-19, e-learning was quickly expanding, and now more individuals than ever are working and studying from home. As a result, by 2026, the e-learning sector is estimated to be worth $374 billion.
Cons of selling a digital product
Copy issues: Because digital items are distributed online, they are simple to copy, duplicate, replicate, and share with others. There are methods to minimize this, such as utilizing expired links, licensing keys, watermarks, source code protection, PDF stamping, and digital product distribution platforms with product-specific security measures.
Digital product trends
Competition: Because it is so simple to begin selling digital products, competition may be fierce. Furthermore, whatever you want to sell, you will very certainly be competing with others who provide similar material for free.
Lower Perceived Quality: Because digital items exist intangibly, consumers may consider them to be less valuable.
Competing Against Free Items: Consumers are likely to find comparable versions of digital items online for free, therefore you must ensure that your product can compete with what sort of material is currently accessible for free.
Most profitable types of digital products
Begin with a single product that will resonate with and give maximum value to your target audience. There are a lot of types of digital products sold online. If you want to create one but do not have any idea, here are some suggestions for you. They are the most profitable and popular types of digital products.
#1. Online courses
Nowadays, you can see hundreds of online courses with many different topics. This is a huge potential monetizing way. Online courses need some initial effort, such as preparing a presentation or filming a video walk-through. Start with learner outcomes when designing courses: what do you want the learner to know or be able to accomplish at the end of your course?
Create online courses to sell
You may take advantage of your current reputation as an expert to generate interest and leads for your paid digital products. Another way, if you're beginning from scratch, you can produce and distribute free content to generate interest and leads for your paid digital products.
According to a report, more than 220 e-books were sold in 2015, and experts predict that e-books will eventually outsell physical books in terms of sales.
Sell my ebook on Amazon
You may write an e-book on any subject you choose. The best part is that once you've finished the product, you won't have to do anything more like printing, publishing but sell it. It enables you to make passive money over the course of months and years.
Because millions of individuals produce information on the internet every day, there is always a need for distinctive photographs. Stock picture companies like Fotolia and iStockphoto purchase photographs from artists like you.
Sell mobile photography online
Alternatively, you may sell your pictures through your own websites. Many fine art photographers choose this path in order to avoid having to split their revenues with established markets.
Major labels no longer have a monopoly on what music is listened to by the average consumer. Indie musicians are able to make a good livelihood completely by selling their own compositions.
Sell music for commercial use
You may record your own music and sell it wherever you choose. As a creative, having the flexibility to develop your own musical skill while maintaining creative control over your work may be wonderful.
Templates are becoming more popular. People seek the fastest way from point A to point B. Templates may be used for a variety of purposes, including interior design and music creation.
Selling website templates
You can be creative with these assets, but make sure they provide more than the free examples accessible on the Internet. Your templates should be so excellent that you wouldn't dare to give them out for free.
The list goes on because there are a lot of other existing formats of digital products. All are potential monetizing. They can be Educational products, Membership sites, software, applications, coaching packages, or swipe files, etc. Each person will have different advantages and based on that to make his own decision.
How to sell a digital product?
As you see, selling a digital product results in a lot of benefits. Do you want to take part in it? Let’s find out “how to sell a digital product?”. Having an idea that impresses you is so good, but if you want to earn money from it, you'll need to go through a process of brainstorming, research, and validation.
How to create digital products to sell online
To begin, generate ideas and write down all that you think. Don't be too harsh on yourself. Good ideas may come from bad ones, and vice versa. Effective brainstorming is not to overthink.
Brainstorm before doing anything
You can think about some questions below to get ideas:
What information, skills, or experience you might share with others?
What are your hobbies or interests you can talk about all day?
Can you produce digital items to supplement your physical products if you already have a business? For example, if you sell skateboards, could you create an online course that teaches individuals how to enhance their skating abilities?
What are the values you've developed your company on, and what are the themes that are linked to them? For instance, if you offer sustainable clothing, you might develop a course that teaches your clients how to live a more sustainable lifestyle.
In what ways could you create a close customer community? You may host a virtual guided wine tasting session if you sell kitchen equipment, for example.
Aside from brainstorming mainly depends on what you think, you also need to do some research on what customers think, need. Look for consumer trouble issues connected to your product, industry, or ideals, as well as things they enjoy or get passionate about. This presents excellent commercial prospects to provide value in the form of an instructional product.
Where can you do research?
Facebook Groups: Taking part in Facebook groups for every specialty and demographic conceivable. That time, you are able to learn about what your potential consumers are interested in as well as their problems.
Join Facebook messenger group to do some research
Forums: Similar to Facebook groups, forums for hobbies and groups in your business might help you discover more about what people want and need in your sector as a whole.
Product evaluation: To gain ideas, read the reviews for your items as well as the products of your rivals. These might originate from product page reviews as well as standalone reviews on blogs and other websites.
Blog entries and comments: To gain even more ideas, browse the blog material that your community could be reading, as well as the comments. For instance, if you offer car components, look for automotive blogs
Before devoting too much effort to an idea, you should evaluate it and ensure its viability. The last thing you want to do is spend a significant amount of time or money in a new business without knowing it has a high chance of succeeding.
How to validate your idea?
To find out how many people are looking for phrases related to your concept, use Google's Keyword Planner.
Check Google Trends to confirm that demand for your concept is increasing – or at the very least stable.
Use social media to reach out to your target demographic and solicit input on your concept. You may also make a poll or survey.
Begin small and iterate. Sometimes the simplest approach to validate a concept is to try it out on a smaller scale with room for expansion. The aim is to get something out there as quickly as possible so that you can put your concept to the test and develop from there.
Analyze raw data before devoting too much effort to an idea
Create and Sell
When you complete validation of your idea, let’s create your own digital product to sell it. Where can you sell your products? You will need a reliable eCommerce platform to sell on such Shopify, amazon, specific platforms for the types of product you created.
For starters, Gumroad is a basic digital product distributor geared toward supporting artists and musicians in selling their work; however, they do offer features that may help other types of digital item vendors.
Gumroad digital products
SendOwl comes highly recommended if you're seeking a digital product distribution channel. They are well-known for their complex and feature-rich software, but in order to utilize them, you must have a blog, website, store, or social network account from which to sell.
If you're searching for a digital product distribution strategy that provides you the greatest control over your branding and the most premium experience for your consumers, WordPress, and Easy Digital Downloads are your best option.
With all information disclosed above, do you have any idea for selling a digital product? This is a good way to make money even you are at home with a fast internet connection. Let’s be free to create your own products.