Posts Tagged: business monetization
10 Steps To Creating a Profitable Digital Product
Many business owners and bloggers realize that creating their own digital product is the best way to leverage their website and help their customers. I wanted to walk you through the process of creating your own product. I will also list some suggested resources so you can have all the tools at your finger tips, even if you are on a budget!
How to create a digital product
1. Identify your ideal customer
The first step is knowing who your ideal customer is. You must be able to picture this person in your head. You should know them so well, you know what kinds of words they use when they are talking to their friends. Do some digging and learn as much as you can about your customer before developing any product.
2. Solve one problem or pain point
Every great product solves one problem. Your key to a good product is to know your customer so well that you know what keeps them up at night. Those are called ‘pain points.’ If you can find a problem that they would pay to solve, you have a winner. Start by asking, can I make something easier, faster or automated to solve this problem?
3. Decide the best way to deliver your product.
There are lots of ways to deliver a product. If you know your customer, you can develop something that fits their lifestyle. If they are busy, you may create audio training so they can take it on the go. If there is a lot of information, you may need to develop a book. You can even add worksheets, checklists and resource sheets. And of course, you can create a video training. You can use white boards, power point presentations, or many various ways to create an exciting product that talks directly to your ideal customer.
4. Create your product
Start with an outline. If you are not sure where to start, see what others have done by reading a table of contents in a book from your area of specialty. Once you have a strong outline, record or write each section one at a time. Spending just twenty minutes each day can help you create a great starter product in less than a month. Just do something to create your product each and every day.
5. Create a sales page
Let’s not get bogged down in the details. The easiest sales pages use the AIDA method which stands for Attention, Interest, Desire and Action. Get the attention of your customer. Create an interest in solving their one problem. Create a desire to want what you have to offer. Finally, tell them what action they need to take to get your product. It really is that simple.
6. Create a way for customers to buy
Now that you have a product, customers need to be able to purchase it. It can be as easy as creating a ‘buy now’ button on Paypal. Create the button and paste the code on your sales page below your call to action. When they purchase, they should be directed to your page where they can download your product.
7. Create an incentive or scarcity
Everyone likes to get a good deal. Create a high value for your product. You can add a bonus checklist to summarize your process. You can even create a report based on the research you did when creating your product. The more valuable this incentive is the more likely people will hurry to purchase your product for fear of losing the incentive. If you really want to get your customer to take action, create scarcity. Only allow your bonus to be available for a short amount of time or you can have the bonus only available for a certain number of people.
8. Spread the word
Use social media to tell others about your product. Do interviews, create graphics, use banners or just write up some compelling questions to tell others about your products. You can make it as simple as an interview video by having a friend ask you questions about your product. Just set up a camera, or smart phone and record. You can make better videos later when you start making money and can afford to hire a videographer.
9. Take care of your customers
This step is often left out of training programs that I have seen. When you create a product and someone buys from you, they are trusting you. Do your best to deliver a ten times value on your product. That means if they pay twenty-seven dollars for your product, they should receive two hundred seventy dollars of value from the product.
Don’t forget to send them a follow up email asking about their experience. Send them unannounced bonuses and create a deeper relationship with them. There is a lot of money to be made when you understand the needs of your customers and listen to what they have to say.
10. Automate the process
Lastly, create a way to automate your process. For instance, you can create a webinar (recorded online seminar) where you point out the problem and give a few suggestions. You then ask them if they would like to find out more and better ways to solve their problem. You end by offering them your product for a special price since they are watching your webinar. (Remember AIDA!)
I have a mentor that recently said, “just move forward on your goal everyday. Just do what you know and learn as you go.” If you have that attitude, you can always find a way. With Youtube, there are all kinds of free tutorials, just look for the information you need to know at the time. If you need some specific help, I enjoy helping people develop products that help their customers and make money. I would love to help you out. Just contact me here.
Here are some other helpful articles:
- You CAN Develop A Digital Product (VIDEO)
- Connecting with Customers
- 7 Steps to Marketing Your Business
- Using Content to Gain More Customers
Note: some of these links are affiliate links, but I would never suggest something I have not personally used and believe in.
BlueHost: If you don’t have a website, I suggest starting with some good affordable hosting. I have used these guys for years. They have top notch customer service. (find out about BlueHost) If you need help designing your page or getting started, contact Digital Success Advantage for a great deal.
Genius Marketing Pro: If you are on a tight budget and want an all-inclusive system, this is it. These guys really care about helping you and provide lots of on going free training. This product include an autoresponder, page creators and lots more. Plus it is under one hundred dollars! It is a great deal and it is worth reviewing. (Click here to learn more.)
GetResponse: Everyone needs a good email autoresponder if they want to be in business online, and this is one of the best. (Unless you go with Genius Marketer.) GetResponse offers great plans, it includes a free landing page and survey function. When you use my link, you get a $30 credit!
MailChimp: MailChimp offers email autoresponders, without a lot of bells and whistles. They even offer a free plan, so you can get started without any money.
CopyBuilder: If you have all the tools you need, you may need help writing your sales copy. This system takes you through the entire writing process. It is like hiring a copywriter to talk you though your sales copy, but much, much more affordable. (Check out CopyBuilder.)
Note: I mention autoresponder above and followed up with an article about it here.