Do you want to create a digital product from scratch?
Digital products continue to change consumers in different ways. People see e-Commerce as a worthy alternative to traditional shopping in physical stores.
The shift from physical goods to digital products looks promising, but you must understand what they are and make them the right way.
Continue reading below for a breakdown of digital products and how to build and launch one.
What is a Digital Product?
A digital product is an intangible asset you can sell online. It can be a piece of media you can distribute online without replenishing any inventory.
Digital products may come in the form of digital files you can stream or download. These include videos, PDFs, MP3s, templates, and plug-ins.
Because they’re digital, they have many advantages over physical goods. Since there’s no physical inventory, digital products have lower overhead costs. You need not worry about any shipping expenses.
They also yield higher profit margins because there are no recurring costs. Digital products are also flexible and versatile. You can sell paid subscriptions for exclusive content or licenses to use your products.
However, digital products also have downsides. Your primary rival will be free content, which attracts consumers on a tight budget. There’s also the risk of piracy theft, which costs the movie and TV industry $29 billion annually.
You may also encounter selling restrictions. Sales channels of some of the leading social media platforms only allow selling physical products.
Start with an Idea
Before you can sell digital products, come up with a solid idea for your type of content. Create a core team with a digital product manager and brainstorm for ideas. Some forms of digital products are less bothersome to sell than others.
If it’s your first time, start with informative and educational content. These are easier to peddle than digital entertainment like music.
What kind of skills can you share with others? For example, if you know how to speak a foreign language, offer digital lessons. It also applies if you have video editing skills.
If health and fitness are your forte, build an exercise app. Interestingly, the health and fitness app market will likely grow to $18.7 billion by 2030.
Identify Your Target Audience
Validate your proposed digital product design and idea by finding your target market. Your excitement won’t take you far if there’s no legitimate demand for your product.
Research your prospective market by going to Google Trends. Look for topics that draw a lot of public interest and see if creating digital content around them is viable.
Use the Google Keyword Planner tool in Google AdWords. Check the monthly search volume of keywords and phrases you want to use.
Next, create a persona of your ideal customer. Determine the age, gender, educational attainment, and financial prowess of your buyer. Identify the specific struggles and how you can help address them.
Create a Waiting List
Create a waiting list of potential customers to validate your idea. Give an email to the people on your list for a digital product overview.
At the same time, create a landing page on your website introducing a sample of your product. Keep the page simple and user-friendly. Monitor the activity on the landing page to determine if it generates interest.
The people on your waiting list will be the first ones to enjoy your pre-selling offer. You can give them discounts to encourage them to try your product.
Before your product’s launching, build your audience by giving out some free content. It will attract visitors to check the landing page and sign up.
Determine the Price
Consider a pricing point for your product. Different factors affect the price point of digital products. For example, you’ll need to do a lot more work in a $2,000 course than a $20 eBook.
Another is the profile of your target audience. Digital products have niches, some of which may not fit your market’s average budget.
When finalizing a price point, consider the quality of your content. How much effort will you put into the product’s production process? Does your product come with bonus features?
Develop Your Digital Product
If your audience showed noticeable interest in your landing page, start the product development. The production process depends on the product you wish to create. For example, if your product is an eBook, hire a qualified writer.
Are you creating an online course? If so, start recording the video before finding an editor. You’ll find plenty of online editors on UpWork at friendly rates.
Don’t forget about the technical aspects like product design. Find a trusted digital production expert to ensure your product is glitch-free.
Listen to Customer Feedback
Track customer feedback and use their comments to make necessary adjustments. Thankfully, digital products are easier to update compared to physical ones. Take note of customer complaints and improve the product’s weaknesses.
Formally Launch Your Product
Consider setting a formal launch date after refining your product. Collaborate with bloggers and influencers likely to benefit from it.
Launch a series of emails to build up excitement. Release articles and video content about the product and the market’s reception.
Use your social media platforms to spread the word faster. Encourage your followers to share your blog posts and videos to create more traction. If you have an extra budget, invest in paid advertising on Facebook and Twitter.
Continue monitoring customer feedback and update the landing page for any changes. Once enough profits come in, develop another product using the same process.
Discover More Interesting Topics
Now you know more about digital product concepts. If you have a project in mind, you can start profiling your market and develop a marketing strategy.
However, finding reputable collaborators is your priority. Focus on skill and integrity to ensure a smooth and successful launch.
Read about other topics by checking our different blog posts. We share articles you’ll find helpful and informative.