I’ve had digital products on the brain this new year. I’ve bought a few, and made a list of more that I want to buy. Most of the time, I’d rather buy a digital product than hire someone for a task. The biggest thing I buy are ebooks – I love them, and I read all the time. My Kindle app is always overflowing.
I’m helping a client right now build out some products so that she has something to sell besides her core service. She has a lot going on, and doesn’t want to do client work anymore. When I first suggested digital products, she didn’t want to build any. Turns out, she wasn’t a big consumer of digital products, and so she thought she had to do live webinars or consulting, that sort of thing.
When I showed her that wasn’t the case, she was so on board, and she’s creating a workbook based course. It occured to me that not everyone knows what they can do besides a service, or a productized service.
There are tons of other articles out there to read about digital products, go read and do some research. I’m writing this article as an introduction I can use to inform my own clients, and discuss my point of view.
So, what is a digital product?
A digital product is a computer file rather than a physical thing. It is a file that solves a need or a want. Most will only exist digitally on your computer unless it’s something you can print.
Some are things that have been created digitally and are sold that way, like an ebook that was written on your laptop. And some are traditional products that have been digitized, like artwork scanned and turned into a printable file.
Digital products can be used again and again. And that means they can be sold over and over
You can create digital products to entertain, inform, and educate. You probably can’t create digital clothing, but you could create digital patterns to sell. I don’t know how you could create digital food, but you could create a digital cookbook with recipes or a video tutorial.
Examples of digital products
Some examples of digital product you could create include (but are definitely not limited to):
- Blueprints and plans
- Videos tutorials
- Online courses with video, audio and text
- Audio files
- printable planner pages
And some examples of digital products out there in the wild include:
- Audible audiobooks
- online college degrees
- Kindle ebooks
- Candy Crush Saga
Why you need digital products for your business
1| Scale with digital products
Digital products will let you scale your business because you create them once and can then continue to sell them on automation. Once the product and sales system have been created, you can sell without your own intervention. This is how you can grow your business!
2| Serve more of your audience
Not everyone who reads your content will be ready to purchase your main product, even if your content speaks to them. Sometimes it’s that they aren’t far enough along in their journey – they haven’t reached the prerequisites for your product/service. Or, they may not have the budget to purchase your higher ticket items.
If you offer smaller digital products, you can get your products in the hands of a higher percentage of your audience. That’s a win-win because you can help more people and bring in more revenue.
3| Build up your product suite
If you’re building a suite of products, having one more digital products can help you easily fill out that suite. People learn and consume information in different ways. From some experts, I like to purchase and read a book. But from others, I like to listen to their talks or presentations. If you use digital products to cover different content delivery methods and different price points, you can reach the biggest percentage of your audience.
4| Low production costs
Digital products cost much less to design, create, and produce than traditional physical products. Anyone can build and sell them – no venture capital needed. I’ve purchased products that were simple Google documents, which are free to create. Since digital products can be sold again and again, you don’t need to store or manage an inventory of them. Even better, you don’t have to track to the post office to distribute them.
5| Steadier cash flow
If you have products that are sold 24/7 on automation, that means people can purchase them 24/7, whenever it’s convenient for them. And that means that sales can come in throughout your month, not just at a launch or at the start of a big project.
This is a bigger benefit than it might sound like at first. If you can sell enough digital products, you can cover your monthly business expenses. And if you cover your monthly expenses without your own intervention, you can be choosier about the clients you take on. You can even take a little time off without destroying your business.
Currently, I help clients create digital products for their businesses. But that’s primarily one on one right now. I’m going to take some of the lessons from this post and find ways to help more people build these products.
Have you thought about digital products for your business? Do you have some now? If not, think about what might be stopping you. I encourage you to start helping more people by putting out a lower cost, easily delivered, digital product.