TYPES OF DIGITAL PRODUCTS

Types of digital products

Digital products come in all shapes and sizes. In fact anything that is downloadable or that you can access online through a payment gate away is a digital product. The icons below depict a few types of digital products. But below these you will get a detailed description of the digital products.

Explaination

What is a digital product?

Digital products are the exact opposite physical products. You can smell and touch a physical product. Digital products are different. You can it and unless you download depending on what it is you can touch it.

As a beginner digital products are easier to create than a physical product. You also don’t need to worry about shipping with digital products. Once you create it then the product is available for everyone regardless of where they live.

That’s the beauty of digital products. Another benefit is it takes little to no money to create a digital product. 

Selling digital products

What digital products can I sell?

There are a whopping over 60 types of digital products that you can sell. But below I cover some of the most popular and cost effective digital products.

1. Design Bundles

Design bundles are great assets if you are graphic designer. These are brushes, patterns, icons and anything that a designer would need to make their design pop. 

Jingsketch created a pack of brushes for photoshop and depending on what the designer wants. They either pay for all or select the brushes that they want. 

2. EBOOKS

Ebooks aren’t dead. It is actually expected to grow by 3.2% by 2025. If you have a blog this is a great way to repackage it and make money from it. 

Jenn Leach created an ebook and put it up on Gumroad. She has made a substantial profit from it. Last year, she created the ebook. And she made over $1400 from making money from gumroad. 

3. Templates

Templates are one of the most profitable things to do especially for people who believe they aren’t tech-savvy or they struggle creating aesthetically pleasing graphics. 

Last year, Etsy reported that it brings in 500,000 monthly views. Etsy and Creative Market are the best places to sell your templates on. 

4. Website Templates

If you know your way around coding and java script then creating a website template would be ideal. You can sell it on sites like Creative Market or on your own website create upsells (related products that you can sell for a bit more money) around it. 

5. Subscriptions/membership

Another thing you can do is sell a subscription or membership. It can be anything. If you don’t have a course then you can digital downloads like PDFS or even journals. There’s a lot of money here if you can do the proper way. The great thing about this option is that it doesn’t rely on you going month after month to find clients. 

What need to do is retain the subscribers that you already have. One way you can do this is make it community based like adding a Facebook group. 

benefits

Benefits of digital products?

Digital products are the exact opposite physical products. You can smell and touch a physical product. Digital products are different. You can it and unless you download depending on what it is you can touch it.

As a beginner digital products are easier to create than a physical product. You also don’t need to worry about shipping with digital products. Once you create it then the product is available for everyone regardless of where they live.

That’s the beauty of digital products. Another benefit is it takes little to no money to create a digital product. 

Here are some other benefits

So, from the inforgraphic you gathered that they are a lot of benefits. The biggest is the potential to making money online. But here are a few other examples.

• Spend less time working on creating the product. 
• Have direct way of communication with your audience
• Digital products last forever and it will never break down
• Work from anywhere
• The internet is big so you can reach anyone everywhere
• Opportunity to flex your creative muscles
• Low overhead – you don’t have to store this in a warehouse. It will remain on your laptop or on your website
• Personal freedom and life-style
• Help more people
• Profit margins are irresistable

Online Marketplaces 

Website platforms 

A to z guide to selling digital products

How to sell digital downloads?

This guide wouldn’t be complete without knowing how to sell a digital download and start making income. Here are four steps to do that.

1. What are you going to sell?

This first step is by far the most critical step you have to take in determining what you are going to sell. You need to know your audience like you know yourself or a loved one. Figure them out. Understand what makes them tick. Here are a few ways you can do this.

• Who is your direct competitor? Research their audience. What do they give their audience and what don’t they? Find the middle ground.

• Do free work for them – the easiest way to get to know your audience is doing free work for them.

• Speak to them directly – Find out what the needs and desires are. Can you fulfill that need with your product?

• Join Facebook groups – Find out what people want by going though the posts.

• Read product reviews – You can do this on Amazon or on your competitor’s Facebook pages. Find out what they liked and didn’t like about the product.

• Forums – Forums are really helpful in understanding what people need and how to help them. The best forums you can search through are Reddit and Quora.

2. Make your digital product

The next step is just as important. You need to make your digital product. There are three important questions you should ask yourself why you are making your digital product.

• What format will it be? There are several formats of digital products. It can be a PDF, template, an audio, webinar, zoom recording and the list goes. Knowing this before hand can save you so much time.

• What can your audience expect from the product? What is the key takeaway your audience will get from the product? What problem will you be helping your audience solve? What is the benefit they will get from the product? When you know this it will be easier to make the product and again this saves time and makes it for efficient while making the product.

• What can you add to the product – Will you add an upsell (a more expensive high-end product often made to elevate the audience’s success,) a downsell (a cheaper product that will also elevate the audience’s success,) cross-sell (a complimentary product.)

3. Price your digital product?

Pricing can make or break your product. If you price your product too low then people are unlikely to want to buy. However, if you make it too expensive then it might not be affordable for your target audience. So it’s important to understand how to price your product. 

• Look at your competitors? Look at how your competitors are pricing their products. Their pricing model will be a great indication for how you should price your product. Then you should find a middle ground. For example if priced their digital product at $299. Can you charge lower until you have built a name for yourself then you can increase it? So you can price your product at $99 to $199. Though this does depend on the product and the value your product will bring.

• You can ask them? Problem with asking your customers is that you don’t want to let this influence how you price your product. You can ask your audience how much they paid for similar products. If you don’t have an audience you can ask look at Google to check products similar to yours. 

• Value based pricing – Value based pricing is when you consider all the benefits your product has and you use this as a factor to price your product. If the value of an Ebook is $49 then you can’t charge $99. Your audience will never take you seriously again. Though what you can do is take that $49 product and combine other digital products. This will increase the product. So you can turn the $49 product to $199. 

4. Launch your digital product

The last step is to launch your digital product into the ether. Though if you want a quick way to get testimonials, feedback and reviews then you should beta test your product.

• Beta testing – This means that you share your product with people so that they can test it before you release it. The product can either be discounted or even paid, most of the time it usually is free. 

• Email Funnel 

A email funnel is a set of emails that you send your customer or the audience so that they get to know more about you. First there’s the awareness stage where they are starting to know who you are. As you send more emails they engage more with your content by reading your emails, posts, listening to your podcast, watching your videos or even following you on social media.

The next stage is consideration. This is when they start considering the marketing emails you send them. Some will even buy your products. This is stage four. After that is the loyalty stage where they will eagerly look forward to your products and services in the future. This only happens if you have managed to bring them down your email funnel.

The email funnel is supposed to make it easier to make money so that you don’t have to constantly work for your money. Instead your money works for you.

• Landing page

Your landing page is your sales person for your product. It is here where the magic.  This is where you explain more about your product. Your potential customers can also sign up for the product if you haven’t released it yet. Or purchase the product if it is ready.

High converting landing pages contain the following

1. A bold headline or promise
2. A high quality image of your product
3. A description of the benefits of the product
4. Social proof – reviews, feedback, testimonials
5. A strong call to action and pricing information

• Share your product

Once you have your email funnel up and running and you are collecting emails now is the time to share your product. You can do this of course with social media or even your email list. The more you share your product the more money you will make.

When you are confident in selling your product you can do ADS so that a wider audience can get access to it.