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It’s no understatement that digital products have changed my life. Before I started my blog as a hobby a few years ago, I had no clue what a digital product was. Sure, it sounds self-explanatory but I really had no clue and I had no clue that I regular person like me could make money from them.
I always figured other people could create and sell digital products because they were special and talented — they had something I didn’t. And that’s why it took me FOREVER to try my hand at digital product creation. And I honestly wish I had just gotten out of my own way started sooner.
There are so many different ways that you can make money from selling digital products online. Basically, if you know how to do something, you can package it up as a digital product and sell it.
And there are so many different ways you can “package it up.”
I’ve actually gotten this question quite a few times in the past, so I thought I’d directly address it on the blog. In this post, I’ll be sharing how you can decide on what type of digital product you should create.
But first, let’s go over WHY you should be creating one!
Why you should sell digital products
If you’re an online business owner, digital product creation should definitely be on your radar and there are quite a few reasons for that.
One is that you can earn income passively. So after you make the product once, you can sell it over and over again. Passive income is money that your business generates where you’re not working actively on it! Like maybe you make a sale while you were napping or while you were on vacation.
Another benefit of digital product creation is that you don’t need physical inventory to sell the product. You could create tons of products without having to look like a hoarder filling up your home with things waiting for them to sell.
And lastly, if you provide a service, by selling digital products you can reach people who otherwise might not have been able to afford your services.
Now that you’ve decided whether or not digital products are right for you, let’s dive in and talk about how you can decide which type of product you should create.
Which type of digital product should you create?
There are so many options! Ebooks, online courses, masterclasses, templates, workshops, printables, spreadsheets and so much more.
Before you decide what type of product you’ll create, you need to know what the topic is of your product — what problem will you help your audience solve?
The way to figure this out is to make sure the topic is something:
- you’re both passionate and knowledgeable about
- your audience has expressed is a problem for them
- that is in demand
So you can’t just create something just because you want to. You need to have the need for it.
The best way to do the research is by directly asking your audience! My favorite thing to do when I contemplating a new product is by sending out a survey to my email list. You can also use the poll feature on Instagram Stories (psst! Don’t forget to follow me on Instagram)
- Related: How To Make Money Blogging in 2020
If you don’t have a large enough audience or a small email list, you can head over to Facebook groups where your ideal customer hangs out and see if you can do some research there.
The format of your digital product
After you have your idea ready to go, you need to come up with which format you’ll be putting it in. It has to make sense for your ideal customer.
If you’re teaching something that would need a visual component to understand the tutorial, you should package it up as a workshop, masterclass, or video — not an audio file!
It has to be in line with what your audience is looking for and it has to line up with how much time and money they are willing to spend to solve the problem.
Are they looking for a quick win? Something they can fix within a couple of weeks?
Or is their problem a longer journey that could take months to resolve?
And do they have smaller budgets? Or are they willing to spend a bit more money?
Based on that, you can decide whether or not you should create, for example, a short ebook or a more extensive online course.
If your ideal customers are beginners in a certain topic, they might have smaller budgets and they might be looking for a fast way to solve their pain points. If they are a bit more advanced, they might be interested in a more informative and thorough course, workshop, or masterclass.
Remember: Digital products are not “one size fits all”
It is encouraged to scope out the competition and see what types of digital products are in demand. This will help give you some inspiration on how to move forward. However, digital product creation is not one-size-fits-all! Just because someone is super successful with an ebook doesn’t mean you HAVE to create an ebook as well.
Follow your gut and do what feels best for your business!