Today we’re going to be talking about how to add an additional $1000 to your brand using digital products. I’m going to break it down into three simple steps. This is from one of our Coffee Talks.
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Head over to brand creators/digital to sign up for my on-demand workshop. It’s designed to help you create an MVP product quickly and how you can test the product very easily without spending weeks or months developing it.
Let’s get right to learning how to add a $1000 revenue stream with a simple digital product. I used to think about how many digital products I would need to pay for a specific bill. It’s a way for you to see what that product would do to help your life right now.
What would it be like to remove your mortgage payment or went? It helps make it more simple and allows you to take things one step at a time. Your revenue stream will grow as you add products and order bumps.
How to Make $1000 Per Month with Digital Products (6:24)
To get to $1000 per month all it would take is a $9.99 product and sell 120 of those in a 30-day window. That breaks down to about four sales per day. The best part about digital products is that your making 90% revenue and only 10% is being used to create, deliver, and host the product.
I hope that makes you see that it can be more simple than you might think. There are so many different ways that you can sell your product and get to four sales a day.
Step 1: Create a Simple Digital Product (9:21)
An e-book is an awesome digital product to start with. We’re not playing with an inventory number so you can always run a really nice promotion and lower the cost when needed. We have plenty of room to play with margins. There are different price points. For e-books, you can go from 99 cents to $19.99. It’s important to get your first digital asset ready to sell.
A template is also a great way to be able to offer as a digital offer. I’ve also seen these sold on Etsy or eBay. Yes, you will pay a little bit for their fee but you do have some room to decide your margin on those. You can also create a video series from doing a workshop that you hosted and create a digital product from the workshop that you can sell as an evergreen product.
You’ve got to make the end goal clear so your audience knows what to expect. Some things that you could sell you may already be doing you just need to package it as a digital product and get it ready to sell. Always be thinking about how what you’re learning could apply to your own business.
We need to get clear on what we’re going to sell and create it fast. It should take you no more than 2 weeks to create it. If you already have all the content ready to go it should only take you a week or less.
Step 2: Run a 5 Day Promotion For Our Email List (17:25)
We have the product create for people to purchase and now we need to learn how to sell it. Before the promotion starts you’ve got to let people know that it’s coming. Your first email should come 3-5 days before the promotion starts and let them know why you’re excited that your new digital product is coming.
You also always need to have a deadline. People will just put it off if there isn’t a deadline. This could be a deadline for the price, quantity, or with a bonus going away after a few days. This helps get people to act and gets them excited to take action. You’ve got to know the reason why before emailing your subscribers so you have a clear call to action and direction.
From the start, you need to create the runway far in advance. You can even have your subscribers help you to create your product as you go along and once you’re ready to launch they know that it’s coming and have been apart of the process and are more likely to purchase it.
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Take-Aways From Today’s Episode
- How to Make $1000 Per Month with Digital Products (6:24)
- Step 1: Create a Simple Digital Product (9:21)
- Take Action Crew: http://takeactioncrew.com
- Coffee Talk: https://brandcreators.com/coffee
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