How to Increase Your Business Income Selling Digital Products

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increase your business income by selling digital products

You must have heard people tell you that you can increase your business income by selling digital products and you are not quite convinced how true it is.

It happens to the best of us most times.

Before I started rolling in money with digital products for my offline business, I was faced with such questions as; “what are the types of digital products?” and “What are the most profitable digital products?”. I also asked myself what digital products sell best.

The questions were many.

I even had other questions as: “Can you make money selling digital products?”, and “Where can I sell digital products for free?”

I aim to answer some of those questions from a place of experience and not “textbook knowledge” but first, we’d have to figure out what digital products are.

What is a Digital Product?

A digital product is the software version of any product or service that would offer some form of utility or provide a solution to a problem facing the user.

Digital products have created a new income stream for business executives who were struggling with their finances.

It has also become the mainstay for some online entrepreneurs who seek to create one product and sell it to thousands or millions of buyers anywhere in the world.

The beauty of digital products is that you just have to do the job once so you can reap the benefits even while you sleep.

To go further, let us discuss how best for you to increase your business income by selling digital products.

I trust that if you read to the end, you’ll gain new insight on how to boost or increase your business income by selling digital products.

Who Are Your Clients sell digital products: how to Increase Your Business Income Selling Digital Products

To Increase business Income Selling Digital Products, Find Out Who Your Clients Are.

The very first point of call for any kind of business is to define who their customer is.

A clear definition of your customer base would make it easier for you to create the best kind of products that would solve the most pressing need your customer has.

Do you know who your ideal customer is?

While starting my digital printing firm, I had to clearly define what kinds of services I was willing to offer, what problems those services would solve, and who has those problems most.

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You can decide to go the reverse way by figuring out what challenges people have so you would know what product or service to create for them.

Whichever way you go, if you do not define who your ideal customer is, down to their gender, age group, where they hang out the most, and what problems they have, you would find it very difficult to create and increase your business income by selling digital products.

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What Solutions Do Your Clients Need?

This goes a long way in helping you figure out what digital product to sell.

Some clients may have more than one problem you can solve but the tricky thing is in deciding what solution they need the most.

If you have the best offer and sell to the wrong crowd, you’ll merely be scraping bye but if you have the right offer for the right crowd, your income would increase drastically.

What solution does your client need the most? Do they need a gym more than they need to know how to burn those calories at home?

The Covid-19 pandemic redefined the nature of work and sales. While so many businesses closed down, others were booming.

This has brought it to our knowledge that so many businesses can do better when they have an online expression.

Your business can do better when you find out what challenges top the priority for your clients so you can create the solutions they need the most.

types of digital products

To Increase business Income Selling Digital Products, Find Out What Type Of Digital Products Would Suit Them?

There are so many types of digital products but what type of digital products would suit your clients the most.

It is not reasonable to create an ebook for a client that would relate well with a video course or a podcast.

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Our first action was to find out who our ideal client is and that would help us immensely in finding out what digital products would suit them the most.

If you have millennials who are always on the go, then you should probably think of audio-based digital products.

If your audience has enough time to spend learning a craft or receiving whatever service you offer, then you should either consider a video course or an eBook.

The nature of your business or service plays a role here.

If your solution can be translated into a coaching or membership service, then why not?

The deal is in finding out what nature of digital products would make more sense to your customers.

make money selling video course

How to Price Your Digital Products

This is the big question when it comes to selling digital products.

I had this question myself. It is funny to know that a $100 product can be sold at $20 by an amateur digital products creator or business executive.

Several factors define how you should price your digital products.

Let us look at a few of the tips I shared during one of my coaching sessions.

  1. The efficacy or efficiency of your digital product

How effective are your digital products? How about the information in your eBook? Are they of deep research and experience or some downloaded document from some of these PLR websites?

Whatever kind of digital product it is, the effectiveness helps to determine how much you would sell it. You don’t expect people to buy for $500 what they can download for free online. Do you?

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  • The nature of your digital products

EBooks and coaching sessions don’t sell at the same price. Video courses and podcasts do not sell at the same price.

The energy expended in creating your digital product should play an important role while determining how much to sell them if you want to increase your business income through digital products.

  • The purchasing power of your clients
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How much your clients are willing to spend buying the solution you are providing through a digital product is one of the biggest factors that determine the price of your digital product.

The thing is not that you are selling a digital product but you are selling solutions to nagging problems through digital products.

If you have deep pocket customers, then you should consider increasing your pricing because they would see your products as inefficient when you price them lower than it should be.

  • Your belief in your products

Do you believe in the solution you are providing? Do you believe that your digital product is all your client needs to solve their problems and live an improved life?

Then, get up the price reasonably!

  • Your boldness to charge your worth

A $40 product can be sold for $400 or $4000!

The difference is in how bold you are while selling your digital product. The efficiency of your product would make you bold enough. Your belief in your product would make you price a $40 product at $400 and still sellout every time.

If you know that the solution to the challenges your clients are facing lie in your product and not in anyone else’s, them get bold enough and sellout!

I have used this countless times. I have sold the same product at 10 times the price.

It is your turn now.

Increase Your Business Income Selling Digital Products

Conclusion

Your business income can increase by ten(10) times if you plug into selling digital products.

The most interesting part of making money through digital products is that you only need to do a good job once.

You should put in a good effort and dedication while creating your digital product so you would not need to constantly upgrade them.

Digital products are a sure way to increase your income and diversify the flow of income into your business. I have seen my business income increase by the dollar since I started selling digital products.

You should plug into digital product creation.

What business do you do? What kind of digital products are you selling?

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Godswill Iboi

Rich content as always, am always glad and filled with values after going through your contents, keep it up

John

Great post Noble. I like how you walked through the pricing decision. I would suggest adding a step to validate your product idea with a MiniBlog on a free platform before investing the time and money needed for a self-hosted WordPress full blog.

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