Creating a digital product that they could sell is every new creator’s dream. Digital products are an amazing way to add a revenue stream.
The beauty of digital products is that they allow you to package knowledge you already have or skills and services you already performed into a product that you can build once and sell countless times. That allows you to save a lot of time, a lot of overhead and reach a lot more customers.
What is so special about digital products?
- They’re a low investment.
- They’re more profitable than physical goods because you don’t have to worry about shipping or replenishing inventory.
- You don’t have to deal with the hassle of constantly producing stock, storing shipping, or any other logistics.
- You can automate the delivery, and you can serve your niche at scale by providing valuable information.
- Not only that, but the shifted digital business models and online education is a powerful market factor working in your favor. eLearning for example is projected to be worth $331 billion by 2025.
What should you create?
You don’t need to be an expert in what you do in order to create a digital product. You need to be two years ahead of the people you are teaching.
Think of something you have learned in the past two years. Chances are other people also want to learn the same skill. You can teach them through your product.
People prefer to learn from someone who is a little ahead of them rather than from experts. Experts are too far ahead in the game. Beginners can’t relate to them.
Make a list of the things you are good at. Things people ask your help for. It could be — how to create a website or how to choose a good board game to play when you have friends over.
Make a list.
Then choose one thing that you can work on straight away.
Once you have done that, let’s get started.
How to create a digital product
The first thing that you need to do when creating a digital product is to answer a very simple question.
What problem can you solve and what opportunity can you provide?
At the core, there are two main reasons people purchase a product.
- To move further away from pain
- To unlock a benefit.
In either case, these people are seeking to improve their lives meaningfully. So what you need to do is create a problem statement.
A problem statement is a concise description that highlights the gap between the barriers your target market is facing and their desired end state.
The reason you want to do this is so that you clearly articulate what the idea is and why it is useful in the context of the marketplace.
Writing a problem statement is actually quite simple.
It should be more like a paragraph that a sentence. Start by stating the desire. Then point out what is stopping them from fulfilling that desire. Then propose how they can fulfil their desire and how your product is going to help them reach that.
Last week, I created a digital product. The problem statement for that was:
Creating a digital product is every new creator’s dream. But most of them don’t do it because they don’t know what problem they should pick, how to create it and how to write the sales letter. They either keep postponing it. Or they start creating it, and when they get stuck, they give up.
My guide can help you create your first product in three hours. It will help you write the sales letter and select a platform where to publish it for repeat business.
Do you see how the problem statement helps frame and articulate my digital product idea and why it is valuable in the market?
Then I stated how my product was going to help them solve their problem.
This guide can help.
Written in a short and succinct manner, this short guide gives you all the information you need on:
• What to create as your first product.
• How to create it.
• Where to publish it.
• How to improve it.
• How to write a sales page.
Examples of products.
No matter whether you’re making software, a course or a digital download, don’t skip this step.
I have created a guide that can help with the entire process. You can download it here for free.
Hope it will inspire and help you with writing your first product.