If you’ve been trying to make money online, you probably heard this line multiple times…
…You need to create your own product!!!
Most marketers know that there’s lots of money to be made by creating and selling their own digital products. Affiliate marketing works fine, but creating and selling your own products is even better.
If you know how to get traffic to your offer, you’ll get to keep 100% of the profits from the sales you make. You can also recruit affiliates to promote your products and skyrocket your income.
Once you have the knowledge on product creation, the possibilities are endless to grow your online income.
But keep in mind, there are a few fundamentals that you must follow to succeed at digital product creation.
Is there a market for the product you create?
This is without a doubt the most important factor of them all.
While you may be a creative mastermind, trying to invent a new digital product that will sell like hot cakes is definitely more difficult than improving on existing ones. Don’t try to reinvent the wheel, see what’s currently popular and is selling well – and emulate these winning products.
Spend time researching and make notes on the products that are selling well and think about how you can improve them. You’ll create a similar product about the same topic, but with a different angle. This is where your creativity comes in place. You MUST have a unique selling point that makes your product stand out in the marketplace.
Spy on your competition
Watching what your competitors do, will help you navigate the marketplace and understand why some vendors excel and some fail. Study their products, sales copies, sales stats (if available) and so on. Read through their customer reviews and see how you can improve the products. If you create a product that gets rid of customer dissatisfaction, you’ll have people lining up to buy your product.
So many newbies fail here and make the mistake of trying to create a 5000-page magnum opus that aims to fix ALL problems in that niche.Take it easy. You’re not writing a dictionary. The best way is to target one specific problem and provide a perfect solution. Need to lose weight? Here’s a weight loss guide with a 5-step plan.Want to build a garden shed? Here’s a manual with 25 garden shed plans and instructions you can use today.
Specific problems and specific solutions. That’s the secret to creating valuable digital products that don’t overwhelm the reader.
Create a customer profile
Your digital product isn’t the holy bible. It isn’t supposed to be for everyone. You must create a product for a specific type of customer. You’ll need to construct a customer profile before you start working on your product.
For example, if you’re creating a weight loss product, is it going to be for women? What age group are you targeting? Is she a stay-at-home mom or a busy career woman? Will she have a lot of time to exercise or will she need quick workouts? So many questions and so few answers. What do you need to do? Simple. You join forums where your target market hangs out. Spend time reading their questions, issues and comments. This will make you understand their problems and you’ll have an idea of whats going on in your market. Now you can create a product that will be better than their best friends advice.
Structure your content
This is where you create your product. I don’t have to tell you that you should produce the best possible product that you can. Aim for excellence and NOT for perfection. Your content should be split up into bite-sized chunks. Your book shouldn’t be one long never-ending paragraph. Create shorter compartments dedicated to specific topics. If you’re using video, don’t use a 1-hour long video but break it down into 6 easy to digest 10-minute videos. Most people have the attention span of a housefly, so your content should be short enough to hold their attention, but long enough to give them the information that they actually need.
Provide your content in different formats
Nowadays PDFs alone are not enough. Some people might prefer reading while others prefer watching videos. There is even an audience that likes to listen to audios. Provide your digital product in different formats (text, audio & videos) so that you won’t exclude any potential customers. Of course, you can choose to sell your audios and videos at a higher price in the form of an upsell or upgrade.
Know your pricing
You’ll need to set the price for your product to what the market is currently willing to pay. If you overprice it, you’ll eliminate your changes of success, and those who did buy may feel like they’ve not gotten their money’s worth.
If you under price it, you’ll be devaluing your own product and leave money on the table. It’s best to look at what’s currently selling well and ask the same prices. Occasionally you could offer a discount in order to get more attention to your offer.
If you have these 7 fundamentals in place and you have a great product to sell, you’ll then need to market it well. But that’s a whole different topic for another day. For now, get the product creation basics right and you’re halfway there.
Still here? Then you must be really excited to start creating your own product.
Don’t know where to get started? Don’t have the spare time to create all the content yourself…
Then check out this two amazing products below that will save you countless hours of your precious time and that will enable you to produce the digital product of your dreams without writing a single word yourself.