Digital products are intangible goods—like eBooks and Masterclasses—that are electronically delivered to consumers through software or download. Part of a multibillion-dollar industry, selling digital products has become an easy way for entrepreneurs and business owners to capitalize on their skills, services, and existing products.
So, what exactly are digital products?
In this comprehensive mini-guide, I’ll define the term and break down what you need to know about this lucrative industry, as well as give you all the tools needed to start creating and selling your own brand of digital goods.
…And while you’re here, don’t forget to register for my FREE + EXCLUSIVE online training, ‘Teach Me The Tax Game’ to learn how to increase your income with a new career in the tax industry, and potentially make $100K in just 90 days!
Defining ‘Digital Products’
As I mentioned above, digital products are defined as intangible goods that people consume electronically. They can be sold at physical retail locations or online and include any product that is transferred via the Internet.
For example, your favorite podcast? A digital product. Online training courses for entrepreneurs? Digital products. Downloadable templates and artwork? All of these things are digital products and anyone with access to the internet can easily create and sell them.
Digital Goods vs. Physical Goods
Unlike physical products such as books, basketball cards, clothing, or cars, digital goods aren’t products that you can physically touch. They exist primarily online and are much less expensive to create and distribute than their tangible counterparts. They can also be updated or changed quickly, making it easy to stay technologically current and on-trend.
(More) Advantages of Selling Digital Products
There are three main benefits of using digital products over physical ones, or at the very least, offering digital products to complement existing physical ones.
- Greater profit margins: Digital products don’t have continuous fees so you’re able to keep a larger percentage of your profits.
- Cost-effectiveness: Digital goods have no physical storage, overhead, or inventory costs associated with them.
- Adaptability: Digital products are super adaptable because you can incorporate them into your business’s branding and marketing strategy at any point of your funnel. You can choose to give them away for free, sell them as your primary source of income, or use them as marketing tools to build your audience—it’s completely up to you!
Five Popular Digital Products To Sell Online
1: Educational Online Training Courses
You know what they say, “Knowledge is power!” More people than ever are looking to improve their lives by learning new skills and online training courses make it incredibly easy to do!
The best thing about them is their versatility; you can give eBooks away or charge for them. They’re also perfect for explaining a professional process or telling a story. Even better is that you can distribute them across several online platforms and easily update and modify them when you need to.
3: Digital Templates
Using platforms like Etsy or Upwork, freelance graphic designers, content creators, web designers, human resource specialists, and anyone else can create digital templates for presentations, social media, cover letters, resumes, eBooks, certificates, website themes, and more.
A digital coaching program utilizes parts of both online and in-person training. It can be a business coach, a wealth coach, or any kind of coach who is able to incorporate digital products into their business model that allows the public to participate no matter where they are or what time it is.
5: Digital Art
Stock photos, custom graphics, and b-roll video footage are all great digital products that digital marketers and content creators can create to generate income. Platforms like Shutterstock and Unsplash make it easy for entrepreneurs to offer free and paid media.
How To Sell Your First Digital Product
I think I’ve made the case—don’t sleep on digital products! If you have an existing business or want to start something new, why not consider going digital?
I’m ready when you are.
Register today for my online training course: How To Sell Your First Digital Product, where you’ll learn exactly what goes into the digital product creation process, what mistakes to avoid, and expert tips for creating a successful product that people can’t get enough of.
…And don’t forget to secure your spot for my FREE + EXCLUSIVE online training, ‘Teach Me The Tax Game’ and learn how to get started in the tax preparation business and make $100K in just 90 days!