Social media marketers worldwide are adding more income to their business with a digital products
If you've been managing client accounts for some time, you might be looking for alternative ways to diversify your income. You'll probably have heard people talking about passive income and wonder how you can get started.
But the truth is, passive income isn't a thing! And digital products certainly are not passive in the true sense of the word. Sure, you create them once and can theoretically sell them forever. But a lot more goes into successfully selling a digital product repeatedly.
And selling a digital product isn't for everyone; there is a lot you need to know before going down this route.
If creating a digital product is on your mind, here are a few things you need to know:
- Before you create your digital product, ensure there is demand for it. Spending time validating your idea is vital to its success.
- If you don't launch your digital product well (with a launch strategy), you'll be leaving money on the table and find it difficult to build up excitement for it in the future.
- Consistently selling an evergreen digital product takes great thought, time and strategy. And you might need to invest in paid ads to get the sales you dream of.
- Think about the price point you want to achieve before creating your product. That way, you'll create something of relevant value and will be less likely to underprice it when launching.
- Consider where this digital product fits within your business. What do you want people to do before or after buying it?
- When setting your prices, factor in the tech needed to deliver the product – look at our tech recommendations for ideas.
In this episode of JFDI with the two Lauras, we discuss how you can get started by adding a digital product to your business, and we share:
➾ What is a digital product?
➾ How we launched our first digital product, The Social Media Managers Toolkit and what we'd do differently if we were to start again.
➾ Important considerations to take into account with digital products.
➾ How to get people to buy it when it's available all the time.
This episode is part 2 of a mini-series about scaling your business. In part 1, we discussed scaling with an agency.
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