Digital product business: The digital product industry is booming, and new businesses are popping up every day to take advantage of these opportunities. In fact, we predict that the digital product sector will grow from an $8 billion industry in 2018 to a $30 billion one by 2021.
There are plenty of ways you can leverage this trend to start your own business. You don’t have to have a technical background or previous experience in tech or e-commerce to launch your own digital product company. Our How To Start A Digital Product Business guide will introduce you to this exciting opportunity and walk you through the first steps as an independent vendor.
How To Start a Digital Product Business: A Step-by-Step Guide
When you hear the phrase “digital product business,” what comes to mind? Maybe something like an app or an e-book or a virtual reality experience. In other words, something digital. That may be accurate, but that’s really just scratching the surface of what this kind of business can be. A digital product business is any company that creates and sells some sort of intangible product online. You don’t need to be an engineer or coder to get started with this type of company—just a willingness to experiment and some patience while you find your way.
What is a digital product business?
A digital product business is any company that creates and sells some sort of intangible product online. Some examples of digital products that you could create and sell are: – E-books – Online courses – Software – Websites/landing pages – Mobile apps – Audio programs – Video programs – Live events/webinars – Membership sites
Build a foundation before you launch
Before you get started with creating your product and building your business, there are some things you should have in place. Even though you’re selling an intangible product online, you still need to be able to deliver it. If you don’t have the right infrastructure set up before you launch, you could frustrate and lose potential customers. To get the ball rolling, here are a few things to take care of: – Set up a company. This can be as simple as getting a DBA (Doing Business As) and home-based business insurance. – Find a way to accept payment. Credit cards are a must, and you should look into options like PayPal and Stripe if you’re selling online. – Create an email list. This can be as simple as a signup form on your website. – Get some basic marketing and analytics set up. Don’t go overboard when you’re just getting started, but make sure you have some type of data to guide your marketing efforts as you go.
Decide on your digital product type
As you’re brainstorming ideas, you’ll want to think about what type of digital product you want to create. There are a few things to consider when you’re making this decision. Of course, you want to be sure that there’s a market for the type of product you want to create. You can start narrowing down your options based on what skill or expertise you have to offer.
Come up with an idea
Now, you need to start actually thinking about how you can put your ideas into action. This is a great time to get out a notebook or start a document on your computer to jot down any and all ideas you have. Any of the product types above are fair game, but you’ll want to narrow down your ideas even further and start to think about the specifics of what you want your digital product to be.
Find your target audience and get to know them
To create a successful product, you need to know who your target audience is. You can’t just make something and hope everyone will buy it. You need to have a clear idea of who you’re making your product for so you can make something they’ll actually buy. Not only do you need to know who your target audience is, but you also need to know what their pain points are. You need to be able to show your potential customers that you understand their struggles so they’ll be more likely to buy what you’re selling.
Create your product
Depending on the type of digital product you’re creating, there may be different steps to follow. Here are a few ways you can create your digital product: – Outline your expertise and create an e-book or course: This can be as simple as outlining your expertise, recording yourself talking about your experience, and then turning your recording into an e-book or online course. – Start a blog: Start a blog that focuses on a particular topic and is relevant to your target audience. This can be a great way to create content to sell, especially if you’re able to tie it in with affiliate marketing. – Put together a website or resource that is helpful to your target audience: This can be as simple as a list of resources or links that are helpful for your target audience.
Launch your product
It’s finally time to launch your product! Now is the time to really start marketing to your audience. – You should have already been communicating with your audience to build anticipation for your product. You can do this with a mailing list, social media, or any other marketing channels you have at your disposal. – Focus on quality over quantity. Instead of trying to launch a bunch of products at once, focus on putting more effort into one quality product launch. – Be consistent with your marketing efforts once your product is live. It’s not enough to just launch your product and hope it sells. You need to keep marketing to your audience and reminding them about your product so they can buy it.
Now that you know what a digital product business is and what it takes to start one, it’s time to get started. This guide has given you a general overview of what it takes to start a digital product business, but there are so many ways you can go about it and so many ways you can tweak this guide to fit your needs and interests. There are also many types of digital products you can create, so don’t feel like you have to stick to one of the categories listed above. Instead, get creative, use this guide as a starting point, and make your own path to success.