The Pursuit of Online Entrepreneurship
Podcast Episode 032 – What Is a Digital Product?
What Is a Digital Product?
If you’ve been in the online business space for very long, there’s a pretty good chance you’ve heard the term “digital products” thrown around. I’ve personally been producing digital products for years—they’re a great way to bring in extra income, expand your audience, and provide value to folks in your circle.
But what is a digital product, really?
Turns out “digital product” can mean a lot of different things. For the purposes of our conversation, I’ll be focusing on digital products as they apply to service-based providers. Simply put, digital products are information-based products usually offered online, in a digital format. They aren’t physical products. Rather, they’re products that can be delivered via the internet.
Why You Should Create Digital Products
1. To Expand Your Income Opportunities
I tend to refer to my digital products as Digital Service Products. Why? Because these products allow you to take the SERVICES you offer to your 1:1 clients and create virtual merchandise. This, in short, means you can monetize your time, efforts, and experience in a number of ways. In other words, digital products allow you to keep making money even when you aren’t actively working.
Pretty cool, huh? As if that wasn’t cool enough, here are a few more benefits of digital products:
- Digital products only have to be created once. You might occasionally offer updates, but otherwise, it’s one-and-done.
- You can sell one thing hundreds (or thousands, or millions . . .) of times. There’s no limit, and there’s no additional work created no matter how many times your product sells.
- If you like, you can create an entire business around selling digital products. Passive income is a beautiful thing.
2. To Generate Leads
In addition to being great sources of passive revenue, digital products also make great freebies. If you’re looking to build your list, creating opt-ins with free digital products is a FANTASTIC way to collect a lot of emails very quickly. Just be sure the free product you’re providing is high-quality enough that the people you attract with this freebie will start feeling that they know, like, and trust you as an expert in your field.
Types of Digital Products
The sky’s the limit when it comes to what you can create online! A few popular examples of digital products include:
- Audio Trainings
- Video Trainings
- Graphic Templates
- DIY Printables
- How-To Guides
- Music Files/Intros/Outros
- Stock Photos
- Photo Presets
- Email Templates
- . . . and the list goes on!
Honestly, if you can make it on your computer . . . You can probably turn it into a digital product. For real!
How I Use Digital Products in My Business
As I said earlier, I always refer to my digital products as Digital Service Products because as a service-based business owner, these products help me monetize and share my services in a tangible way. When I first started creating digital products, I began by monetizing things I was already making—for me, that meant checklists and templates.
I use a ton of checklists and templates in my business to streamline my processes. During a conference, a business bestie suggested I bundle these resources together and sell them as a Business Starter Kit online. What?!
I can’t believe that thought hadn’t occurred to me . . . But it hadn’t.
After the conference, I set out creating a jumbo bundle of digital asset templates: social media graphics, channel headers, template posts, thumbnails, workbooks, checklists, you name it. I created templates my audience could edit to fit their needs after purchasing. In the process of creating all this, I learned that I had a knack for creating video tutorials, so I went ahead and added a video that showed customers how to utilize all these templates to make the most of the bundle.
I hit publish on that bundle and never looked back. That was years ago, and today, it still sells over and over again. In fact, it’s still one of my favorite digital products that my business offers.
Wondering how you can start creating your own digital asset templates? WATCH THIS VIDEO AS AN EXAMPLE OF A DIGITAL PRODUCT I CREATED TO SHOW YOU HOW TO easily and quickly design a Facebook Personal Profile Header/Banner using Canva.
Too often, service-based entrepreneurs (consultants, freelancers, independent contractors, virtual assistants, coaches, trainers, and the like) don’t see how easily they can turn their skills, experience, and knowledge into actual, purchasable products. Designing a digital product based on something we already know and can easily teach or share is a simple way to create new revenue streams and grow your business without creating substantially more work for yourself.
The most important thing to remember when creating your digital products is this: Always focus on SERVING and GIVING. How does your product help your ideal client? What kind of value are you providing? When your customers feel like you’re giving them something valuable, they’ll trust your expertise and keep coming back for more.
I hope this episode sparked your creativity and left you feeling curious about ways you can grow your business with digital products. I’d love to know: Do you already use digital products in your business? And if not, what are a few ideas for products you could create? Scroll down to the comments section and let me know!
If you’re interested in a digital product deep dive, here are a few next-steps you can take:
- Listen to Episode 32: WHAT IS A DIGITAL PRODUCT? in full for more details on what we talked about here.
- Check out Episode 11 of this podcast, 5 DIGITAL PRODUCT IDEAS TO SELL ONLINE. In this episode, I really break down my five favorite ideas and explain how you can get started on them TODAY.
- Listen to last week’s episode, Episode 31: HOW TO MAKE MONEY ONLINE WITHOUT STARTING A BUSINESS. I provide 7 ideas for generating additional income without having to actually build a full-blown business, including several platforms where you can easily sell digital products.
Thank you for showing up for me, for yourself, and for your business. I don’t take your time for granted, and I’m so grateful that you’ve chosen to spend it with me. See you next week!
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