5 Reasons why you should create a digital product for your online business.

Jun 28

Creating digital products has a lot of benefits. From e-books to online courses to apps, podcasts, printables, and templates, nearly everyone uses digital products. While digital products require dedication and creativity to design, the rewards are worth the effort. That’s because digital products generate passive income, which means once you’ve created the product and launched it, the hard part is over and from now on you’ll just be gaining income from it.

Because they generate passive income, digital products can allow you time off to travel or spend more time with your family. Designing digital products is considered remote work, meaning you can do it from anywhere and set your own hours. It’s ideal for creatives and designers as well as for single or working mothers.

Digital products are also great exactly because they’re digital, not physical. That means you don’t have to store them anywhere or deal with delivery and mailing or risk them getting damaged or ruined. They are a minimal investment for potentially great rewards.

Read about the five most common digital product myths so you can get past them and get closer to creating your digital product dream. But there are also so many more benefits to creating digital products. Read on to be inspired to create your own digital product:

Reason #1

Helps you reach more people

When you have clients come into a brick and mortar store or even order a service from you online, you have a limited clientele by nature. Digital products, however, are affordable and allow you to reach a broader audience. Not everyone will be able to afford your design services, but nearly everyone will be able to afford your digital products.

In this age of DIY, people love to gain knowledge so they can apply it themselves. By selling your knowledge in the form of an economical digital product, you empower more people to find solutions on their own. This casts a wider net for your brand and will allow more people to get to know your talent.

Reason #2

Establishes your expertise

Creating a digital product helps to establish you as an authority on something. If you’re good enough to design your own digital product, that means you must be pretty good at what you do. Have you created tools or programs that have made your life easier and solved problems? If they worked for you, they can work for other people, too. Whether you’re teaching an online tutorial or designing printables, by offering your own digital product, you are sharing your knowledge with the world. Through your digital product, you’ll be able to demonstrate that you have a great system and you’ve proven that it works. Now you’re allowing others to use it so they can benefit from it too in the form of a high-quality digital product. You’ll be seen as an authority to other creatives and designers who are buying your digital products to learn from you.

Reason #3

Generates new leads

If someone uses your digital product and it solves a problem for them and enhances their success, just imagine how much more likely they will be to hire your services. A digital product can be a great springboard for warming up new clients. Clients will become familiar with your creative vision and brand through your products, basically serving as advertising for your business. Before they commit to hiring you, people can get a taste of your talent and style through your digital products. I know this works as a great lead generator from personal experience. Many people who bought my digital products ended up enrolling in my courses and hiring me to create their product lines.

Reason #4

Allows you to earn more

When you work 1:1 with clients, there are only so many clients you can take on each month without burning out. And your income is essentially limited to the number of clients you can take on. But, with digital products, the work you put in keeps generating results after you launch it. This has so many benefits like allowing you to enjoy more downtime to regenerate your creative juices or to establish a more sustainable work-life balance.

Even better, designing a digital product gives you the luxury of being able to cherry-pick your customers. Now you won’t have to take on any client just to make ends meet. With your passive income generated by your digital product, you’ll be able to choose only the best clients and work on projects that really interest you. This will improve the quality of your work and push your reputation into a more elite category. You’ll be able to charge more for your work and scale your business. That’s a win-win!

Reason #5

Generates passive income

When you’ve created a great digital product that’s useful for a lot of people, the potential to generate significant passive income increases. But, in order to get to that stage, you need to make sure there’s a market for what you’re offering. Poll your existing clients to find out what kind of products they want/need and what pain points they want you to address. Find out if they would buy a digital product you created and how much they would be willing to pay for it. What form would they like it to take? Do they prefer an ebook to an online course?

Once you’ve done this research, you can then design the digital product that people are asking for. The more complete your research, the more successful your marketing and promotion campaign will be when you’re finished. That’s because you will have designed a product that you know people want and now all you have to do is share it with them by creating a solid sales funnel and enjoy the recurring passive income you’ve earned.

Final thought!

Have you been thinking about designing a digital product for your business? With all of these benefits, there’s no doubt that it’s worthwhile. So, what’s stopping you? If you need that little extra push to get you started, I have just the thing for you: a new online course Digital Products Secrets. Check it out in order to get insider tips for your new career as a digital product creator.