How to Create Digital Products to Explode Your Revenue
Brick and mortar stores are now disappearing, filing bankruptcy, or losing their client base. The in-person experience is shifting online to e-commerce, and if you have a physical store, you may need to consider transitioning your company online.
Transitioning your business online does not remove your other services. Think of it as an expansion into a new market. Research has shown that at least 80% of people make online purchases. This is a good enough reason to make the switch!
Now, if you have decided to make the switch, here is what you need to know about transitioning your company online.
1. Create a website and a store
Most businesses already have a website. Use that real estate to drive traffic to your products. Platforms such as Shopify, Facebook Shops, Big Cartel, and Google have great e-commerce options. Their platforms integrate seamlessly into your website. Another option is to use platforms such as eBay or Etsy to sell your products online. However, most people are now shifting from physical products to digital products. We’ll talk about digital products in a minute.
2. Effective marketing
Of course, a transition is not easy. You’ll want to target new audiences and announce to your existing audience that you are now conducting business online.
Incorporate effective marketing strategies such as email marketing, affiliate marketing, or video content to get more visibility and let people know about your business.
Be more present on social media. It is a very powerful tool that can reach a vast audience. Use it effectively, so your online store has sufficient business.
3. How to sell digital products
A digital product is intangible, and you don’t need to stock up or keep producing. This product can be purchased without any physical presence. Here are some digital products you can sell:
- Online courses
- Templates and tools
- Music or art
- Sell your expertise or a service
Now that you understand the products you can sell, here is how you can sell digital products.
- Pick a product you want to sell
- Spend time developing and packaging the product. This will be time-consuming, and you will have to be ready to put in a lot of effort and time
- Do some market research and set a price
- Provide them with your online store that we just discussed
Implement beta testing. Offer samples or a testing period of the product in exchange for detailed reviews. You can also be creative and create contests or partner up with influencers to get the word out and attract more people to your digital products.
Check out our digital store
We enjoy teaching Entrepreneurs SMART strategies for their business. Head over to our website and check out our digital store. To have an idea of how digital products work, you can check out the eBook and our courses on our website. Head to www.cfoforwomen.shop
Remember, every dollar counts.
CFO for Women
We help women-owned enterprises improve their decision-making and boost their bottom line.