What is a digital product?
A digital product is anything you sell online that isn’t ‘real’ in the physical sense yet has value for the customer. A digital product may be downloadable documents, templates, video courses, membership websites, workshops and more. Some are super easy, and some are a little bit more complex.
There is a bucket-load of money waiting to be made.
Digital products present an excellent opportunity for businesses to create a new revenue stream. They provide accelerated growth and help you reach a new audience.
It sounds like a lot of work
It’s easy to dump the idea into the too hard basket. But bear with me; you may be surprised how achievable having a digital product is.
atpilates.studio needed to expand their business beyond simply instructing clients at their Echuca location. So, they have recorded and uploaded videos onto their website exclusively for members to take classes. Making their lessons accessible in-person and online was a perfect solution to the financial hardship brought on by lockdown.
Let's dive in ... tips for launching a digital product
Research & Investigation
Before you do anything else, survey existing customers to get a good feel of what would help them right now.
You may post a question on Facebook asking what your followers would most benefit from or even a survey on your website.
Perhaps your sales team instore could ask customers what further support is from home.
Also, investigate your competitors and what they offer.
Ask questions like:
- have they already made a similiar product available online?
- can I make it different or better?
Fine-tune your concept
You will need to choose a product and develop a plan to launch it, but don’t get bogged down in designing the product just yet.
You may initially want to do an online video but decide an E-book is more achievable in the immediate future.
Again, the product must help your target audience solve a problem they’re struggling with. You want customers who purchase your product to achieve a result that improves their lives and business. During fine-tuning, talk with various contributors such as designers, web developers and marketers.
Create the product
Now is the time to put the hard yards into creating your product. At this stage, you may want to outsource some of its production and work with a partner. Who you partner with will be determined by what you are doing. Do your research. There are plenty of fantastic sources of information, such as LinkedIn Training or Adobe.com.
Slow and steady wins the race, don’t rush. My mum used to say, ‘you’re like a bull in a china shop!’ because I was always so keen to try new things I’d rush into it, making avoidable mistakes. Though perfecting is an impossible goal, excellence is always a good foundation.
Pre-sell to a test audience
Introduce the product and all of its benefits to a select few of your potential customers. This pre-sell phase will ensure that there is enough interest in the product. Often when introducing a product in the pre-sale stage, a generous discount is offered. Pre-sale will get some initial revenue, ensure the product is viable and provide a list of early-bird customers who can provide feedback and testimonials. It’s also a perfect opportunity to test how your product will perform in the real world and then tweak your strategy before launching to a broader audience.
Set up delivery and automation
After you create your product, you will need to fine-tune how you deliver it to your audience. It could be a downloadable file, or it could be a whole membership platform. Automation is really important as this is the “hands-free” factor that allows you to sell while you sleep and is worth discussing with your Web Designer.
Gather feedback and testimonials
After your initial bunch of pre-sale customers have experienced your product, you’ll want to focus hard on collecting feedback and testimonials.
Any feedback will improve the product and instigate making updates and changes.
Every product has teething issues, don’t be scared off by this, but instead offer those who give you insight into your product future discounts and convey your appreciation for their feedback and its value in improving your product.
Testimonials will be crucial social proof that you should use on your sales page and marketing messages.
Enhance your sales page and launch
You will want to finalise the sales page and launch the product. Any new testimonials you received should be front and centre.
Update your product based on feedback from your initial customers.
Using a launch window with a discounted price can help you still get some early sales.
Many hands make light work
The launch of any new product is exciting! It has a real buzz. When it is well thought out and well-paced, it can be a massive advantage to your business.
As I mentioned earlier, you may want to outsource some aspects of developing your product to a larger team. At Hello Hudson we can help you along the way. We offer Graphic Design, Web Development, Brand Strategy and Copywriting. Drop us a line, and we can even have a free chat about your big idea and how you could tackle it.