You want to become a digital entrepreneur, but are unsure what kind of product you can offer. Thankfully, the internet is now chock-full of digital products you can monetize faster than ever. Read on to learn about eight different types of digital products to sell to start your digital business.
Types of digital products:
Why you should be focusing on developing various types of digital products
Digital products can come in various formats, like courses, websites, creative assets, and tools created and distributed via digital format. In other words, digital products are now the cornerstone of how the vast majority of information and entertainment is now consumed across the planet.
For example, digital courses can be about anything: how to play a given musical instrument, how to use software, how to prepare good fishing baits, how to prepare to study abroad, how to train your dog, how to edit videos, how to better plan your finances, are all fair game. If you can think of it, then it can be a course.
And this is the beauty of developing digital products and selling them online. You are only limited by your imagination when creating profitable digital products that can scale according to user demand.
What your niche is and how passionate you are about what you are developing will be the main engine through which you find success in the online world. And there is plenty of success to be had as entrepreneurs and creators worldwide have taken to the internet to find high levels of profitability for what they can provide on an everyday basis.
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If this topic has raised your curiosity, keep reading and get to know the eight digital product types that succeed most in the digital world.
Ebooks or Digital Books are popular products because they are the simplest to create, distribute, and be consumed by your clients. With Google docs, you can quickly write your Ebook and save it in PDF format or ePub, the most common format to commercialize this kind of content.
Advantages of choosing the Ebook as your digital product:
- Instant delivery to the client: there will be no headaches sending your product to the consumer. It is possible to automate the file delivery, and the client himself will download the Ebook.
- The client can access the material anywhere, which makes studying it easier.
- Once the Ebook has been saved on a phone, tablet, or computer, the Internet is not necessary to access it.
What’s more interesting is that eBooks can provide an avenue for passive income for months and years. All you need to do is continue to market the eBook with your other initiatives, and you could have money rolling into your bank account without any additional effort.
Videos can be highly successful when they involve charismatic personalities and quality production materials that can be bought relatively cheaply. A straightforward way to create a monetizable product in the format of video lectures is to prepare a friendly environment to teach the proposed topic.
Nowadays, almost everyone has a cellphone that can capture high-quality video, so the barrier to selling these digital products is shallow. The key here, and a significant differentiator between content creators and tutorial developers, is the lighting they use and the audio equipment they access.
If you don’t do well in front of cameras, you can invite an expert to discuss the subject. Invest in a lapel microphone or a directional one, so your audio is clear. You can also produce your videos in an interview format and make the recording part of your digital product.
Video lessons are ideal for materials that need some demonstration, such as cooking lessons. Learning is much easier when students have visual examples of what to do at each step. With remote work, an established phenomenon globally today, selling video lessons can be highly profitable with the proper preparation.
Screencasts are the fastest and easiest way to create a video. For those who don’t know it, screencasts are videos filmed from a computer screen. They are perfect for courses on how to use software or a website. People who are comfortable with software programming or video editing techniques can take advantage of these screencast products by offering their expertise to users of a product and packaging them as lessons that can be learned daily, weekly, or monthly.
Audiobooks are books narrated and compacted (usually) in MP3 format. Once you already have the content, audiobooks are pretty easy to produce; you need to have a quality microphone and a place isolated from external noise. The advantage of audiobooks is that people can put them on their smartphones and listen to your book as they complete their daily routine tasks. Several authors have succeeded by turning their physical books into audiobook series and selling them on Amazon and Audible.
Podcasts are some of the most recognizable forms of digital products today. The barrier to entry of creating a podcast is shallow, and the content that can be produced from it is virtually infinite. Take two people, sit them down in a room, add a few microphones, and press record. Additionally, you don’t need a dedicated room now as they can be recorded through applications like Zoom. Essentially, a host in Germany can interview a guest in China while an individual in the United States can listen to the interview on their phone as they take the train to work. To make the podcast even more profitable, you can have subscribers sign up for perks that give them access to additional content and more “behind-the-scenes” material.
Member Areas, Member Programs, or Memberships are websites restricting bonus content to authorized members who pay a fee or subscription cost to access it. The subscription model allows the individual to create a source of recurring revenue by segmenting a library of premium content. Locking content behind a gate also allows you to host digital events that can only be streamed instead of downloaded. This kind of product is ideal for private clubs and online coaching programs that utilize newer streaming technologies to fulfill real-time program member needs. If you provide member services through educational courses, you can release modules with the frequency you desire and at certain gated content levels. To create a member area for your course or digital product, learn more about Hotmart Club.
Whether a musician or a filmmaker, the modern digital age has provided more avenues for wealth creation and profitable actions than ever before. Because of this, more creative people have been given a platform and livelihood in the last ten years than in the last one hundred years combined.
In addition to the traditional product selling and membership gateways discussed above, these artists can license their digital assets to others and receive a commission or royalty for every product sold using their creative work.
While it is easier for artists to get themselves out there than ever, this comes with the additional caveat of more “noise” for the potential target audience. As a result, creators need to be extremely sensitive to their marketing and the niche they wish to pursue to generate the highest returns possible.
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People are looking for a way to make their day-to-day lives more manageable. A template can be anything from email marketing funnels to home design and architecture. Calculators can speed up the decision-making process for determining when it comes to investing without having to shell out more money for a professional services team that will do the same thing. These are so effective that we had to develop them ourselves.
Why are these types of digital products better than physical ones?
If your goal is to make as much money as possible with the least effort, then investing your time and energy in developing different types of digital products will be your best bet. Digital products can scale according to how many people have a demand for your product. This can be controlled through your marketing efforts across social media and search engines. Plus, the products can be made relatively simply at home. This means they have a shallow “barrier to entry.” Want to make a course? Put your iPhone on a ring light, get a lavalier microphone, and hit record. Want to develop a membership site? Hire a freelance web designer and drop in your content.
The scalability and network effects of social media combined with the relatively low barrier to entry mean that creating digital products also has a faster time to profitability.
Work smart and work hard
If you have the knowledge to share with others about a particular subject or a novel that you wish to bring to the world, then you have the means to create a fantastic digital product. While it may sound easy, the quality of the content itself should be very high. Your effort must be on par with top performers if you want to turn a buck.
That being said, if you are willing to work hard to create the best product you can make, we’ll be there to help you at every stage of the way. We’ve even created a checklist you can use to build your business from the ground up.
The digital world has created many opportunities for people from all walks of life. No matter your interests or the virtual products you wish to sell, you can be sure there is a market for you. Take this advice and start selling today!