Today I was perusing a Facebook group I’m part of about blogging and someone posted that she realizes that she should create a digital product as part of her monetization strategy.
Someone posted in response saying that although it’s a good idea to create a digital product, affiliate marketing should be the top of her priority as that’s a very easy and stable passive-income-way to make money from a blog.
Now, I know for a fact that this blogger (who is lovely) makes 90% of her monthly blog revenue though promoting affiliate products and a large proportion of that is through the Amazon affiliate program.
I do agree that you should start off by promoting an affiliate product as it is indeed the easiest way to earn a passive income.
However, I don’t think that anyone should be persuaded not to create a digital product of their own.
I decided not to get into this conversation as I wouldn’t have been able to get my point over well enough in one post.
So while I do think that you should start monetizing your blog or business by promoting an affiliate product, here are 7 reasons why I think you should create and sell your own digital product:
#1 More Stable Than Affiliate Marketing
It’s so easy to make money from affiliate marketing but only if you get your whole strategy right. However, I still firmly believe that you definitely need to create your own digital product too, because at the end of the day you don’t own the affiliate product which means you have no control over your income from it.
The product owner could easily take it off the marketplace or change the affiliate commissions – which I have seen happen a lot.
Plus, you only get a percentage of the sale of the product whereas with your own digital product, you get 100% of the sale.
#2 Shows Your Expertise
If you really want to have a strong and stable business online, then you need to showcase your expertise in your niche. And what better way to do that as with a digital product.
You get to show off your expertise and get paid for it and your customers are happy because they have had their problems solved and/or got their outcome – all down to your digital product.
It’s a win-win!
#3 Updates, Addons
Because digital products aren’t tangible, they are so easy to update.
All digital products can easily be updated and re-uploaded to your blog/shopping cart software/course software etc. and that’s it!
In addition to this, you could also add a bonus to your digital product if you decided that after the last ‘update’ you want to up your price a little bit. By adding a bonus to an update, it gives a greater perceived value .
#4 Upgrade To Higher-Priced Product
Say that you created a simple 50-page ebook priced at $27 and it sold like hot cakes, you could upgrade that same information into an online course. You would of course have to add more content, but once you have a course with videos and powerpoint slide presentation tutorials, you could easily sell that same (but expanded) information for $297.
Fancy steady, recurring revenue? Create a full membership site which has expanded even more on the same information as the online course you created.
Charge $37 per month for your membership site.
#5 Create Once & Sell Over-Again
This is why I just love digital products.
Yes they are hard work to create, I won’t lie about that. But it’s this thought that has kept me creating digital products for over ten years now.
The thought of:
“Just keep pushing on Claire, you only have to create this once and then it will sell for months and even years to come 24/7″.
Of course there’ll be times when you want to give up, especially when creating an online course or a membership site because they take a lot of time and resources to create.
But if you keep the above thought in your head (obviously replace the ‘Claire’ with your name :)), then you will have created an online asset that you will be proud of and that will make you an income for as long as you want it to remain online.
Which brings me nicely onto…
#6 Automate for Passive Income
You need to automate the digital delivery and shopping cart checkout in order for you to be able to sell your product 24/7 – even while you sleep!
This is so easily done today what with all the technology and SAAS (software as a service) available.
For example; I love, love SendOwl for the digital delivery of ebooks and monthly subscriptions. I’ve used it extensively in the past to sell my individual ebooks and I’m in the process of using it again as the shopping cart for my two new courses and my monthly membership subscription.
SendOwl Digital Delivery Tutorial
This is how you create passive income. Yes, you’ll still have to market your business, but you will be able to make sales without trading any of your time for money as you would do with a service-based business.
#7 Create a Digital Product Suite
This is the little side-subject where I get really excited about!
It’s very hard to reach your income goals with only one digital product – you need a digital product suite.
What I mean by that is that you should have at least three different digital products selling on your website or blog. This gives your visitors and current clients a choice as to what they want to learn according to what stage their at.
This goes back to #4 above, ‘Upgrade To a Higher Priced Product’ because once you start creating digital products in different modalities (ebooks, courses, memberships etc.), then you also cover all the different learning types of your potential customers.
- Not all of your target market will want to learn from an ebook.
- Not all of your target market will want to learn from an online video course.
- Not everyone will want to commit to a monthly membership program.
Do you see how you need to create a variety of digital products on different modalities?
You have to try and cater for the masses because:
- Your potential customers will all be at different stages*, and
- We all like to learn in different ways.
*What I mean by ‘different stages’ is that your target market will be at different stages in their own ‘journey’ to find the solution to their problem or find the outcome to what they’re looking for.
I hope you can now see how important it is for you to create a digital product in your business so you can start reaching your income goals and do it without trading any of your time for money.
Start creating passive income with digital products + automation!