Learn how to sell digital products so you can take advantage of this low hanging income opportunity!
What if you could create a best selling product that never runs out of stock that you never have to manufacture, ship, or even touch? It sounds too good to be true, but savvy digital business owners are creating digital products and earning from this revenue stream with little upfront investment.
How to Generate Passive Income
If you would like to sell digital products to supplement other business income, the first steps are deciding on a product and creating a solid marketing plan.
Types of Digital Products
Need some digital product ideas for your business? While there is no such thing as 100% passive income since all of these ideas will require some upfront investment of either time or money, these ideas require little upkeep to sell over and over!
eBooks and Guides
You can create eBooks, guides, or other short form informational documents by curating existing information in a PDF or ePub file, or write a short eBook from scratch. If your audience is looking to learn about a specific topic, offering this information in one place in an easy-to-read document at a low cost is a great place to start.
Printables are documents that your audience can print on demand and use in their daily lives to stay organized, achieve a goal, or for entertainment, including well-designed checklists, project planners, shopping lists, or even coloring pages for kids.
While the price point is lower than other digital products, printables have an excellent ROI if you create an in demand product and market it well to achieve a high volume of sales.
Everyone is creating a course nowadays! No wonder—online learning is trending because it’s so convenient to learn new skills for business or for fun, and it’s incredibly profitable for the instructor because you can charge a higher price point depending on the course.
You can host your course on a third-party website like Skillshare or Udemy where the company will promote your course but the earnings will be lower, or self host your course using a service like Teachable where you can set a much higher price but the cost of entry is higher as well. There are benefits and drawbacks to both choices.
Software and Apps
If you are a programmer or can hire one to create a piece of software (or SaaS—software as a service) or a paid app for your business, this digital product could be highly lucrative. The start-up costs are much higher than other digital products and this type of product requires routine maintenance and updates, but it could pay off in the long run.
So you’ve decided on a digital product and how to create it, but if no one knows about it, you won’t get any sales!
You could list your digital product on a third-party website that will add it to their search engine and possibly even promote it in exchange for a portion of sales, but you will still need to do your own marketing to reach optimal sales numbers.
The best digital marketing plan will vary depending on your business, but most successful digital products convert through a combination of sales funnels in email marketing, SEO, social media, and paid ads.
We Can Help
Have your digital product ready to go, but don’t have the time to dedicate to marketing it? Our team can help you create and execute a marketing plan for your product so you can start bringing in revenue in the background.
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