If you've been trying to monetize your ideas or expertise into digital products or programs, you're not alone. The digital age has changed the way we work, plan, and learn. Today, more and more experts, thought-leaders, and entrepreneurs have built highly lucrative businesses online.
It's no wonder; digital education encompasses the freedom most entrepreneurs crave while providing real-time impact and influence.
There is not a right or wrong, better or best digital product to start your digital product business. You may choose to try one exclusively, or all three at the same time. It is truly a matter of personal preference.
However, your first consideration should always be the quality of the information you are providing, the results you are delivering, and who can best benefit from it.
With that in mind, take a look at three of the most profitable digital products you might consider adding to your toolbox.
1. Digital Downloads
A digital product is a great way to introduce your services to your demographic. The goal of a digital product is to "convert" a high-quality lead into a paying customer by offering a high value, low-cost product that can help you build trust and credibility as an expert in your field.
Digital products are generally easy-access, digital downloads like execution plans, ebooks, infographics, etc. and cost less than $30.
Digital downloads may not be a massive moneymaker for your business, but they can provide an excellent opportunity to upsell more profitable products and services you offer.
The goal of your digital product is to prove to your audience that you know what you are talking about and that YOU are the perfect expert to help them reach their goals.
2. Digital Courses
Digital courses are a fantastic way to build your business. One digital course, when done correctly, can single-handedly put you on the map as a leading authority in your field.
Digital courses are generally delivered via audio or video platforms and focus on achieving one or more results.
Digital courses are also a great form of passive income for your business in that you only have to create the content and record the video one time. That same video can sell over and over for years without you having to do anything else.
What you choose to charge for your digital course is entirely up to you. However, you have to keep in mind who your target market is and what they may or may not be willing to pay for your digital course. The range for most online courses can run anywhere from $99 - $3500, and yes, they can be extremely lucrative.
Another good thing about digital courses is they can be "dripped" or delivered over time. Dripping your digital course will allow you to record one or two training modules and then start the process of branding and selling it before you are complete it.
By dripping your course content or providing the content in timed intervals, your students will receive the training modules giving you ample time to complete it. This is a great way to start earning money before completing the entire training course.
3. Digital Coaching
While digital coaching isn't technically "passive" income, it is another excellent way to build your business acumen online.
Digital coaching can be conducted one-on-one or in a group setting. What makes digital coaching so unique is that you can tailor it to fit the needs of you and your clients.
Digital coaching can include digital downloads, digital courses, and interactive coaching. You can choose to have your clients do most of their assignments in advance or training independent of you, then meet once or twice a week to answer questions and assess their progress.
You can deliver digital coaching in a group setting. You can have as little or as many "live" sessions as you want.
Based on the three examples I've shared, you, too, have an excellent opportunity to sell your knowledge online by creating digital products.