What It Really Takes To Make A Digital Product Business Work
It’s not all sunshine and daisies running an online course and digital product business. While these digital offers are far more scalable and leveraged than 1:1 service provider or coaching work, there’s still a lot that goes into having a successful digital product business.
In this blog post, I’m sharing a truthful glimpse at what it takes to really make a digital product business work. Especially if you’re a solo entrepreneur, side-hustler or have limited time and energy for your business - this is for you!
The Power of Digital Products
Before we get stuck into the details about how to run a digital product-based business, let’s take a look at why you might want to add these leveraged offers to your business.
Picture this: You create a valuable resource once, and it can be sold over and over again without requiring much additional effort. That's the magic of digital products like courses and templates! They have the potential to be game-changers for solo entrepreneurs with limited capacity.
Here's why:
Scalability: With digital products, you can reach an unlimited number of customers worldwide. Your impact is not limited by physical constraints.
Leveraged Income: Instead of trading hours for dollars, digital products allow you to earn leveraged 1-to-many income. Say goodbye to the limitations of time!
Flexible Work Schedule: As a solo entrepreneur, you have the freedom to work at your own pace and schedule around your energy levels.
There are also no ongoing deliverables to create like you’d have with a membership, no ongoing calls or meetings like you might expect with a group program and no hard deadlines like you’d face with coaching or done-for-you work.
However, digital products and courses aren’t for everyone, so let’s take a look into the essential elements you’ll need to make your digital product-based business a success!
Embracing Your Unique Selling Point
In a crowded market, standing out is crucial especially when selling something like a template or training where you won’t be hopping on a sales call in order to close each sale. Embrace your unique selling point (USP) and leverage it to attract your ideal audience.
Here's how:
Identify Your Strengths: Take stock of your skills, experiences, and passions. What sets you apart from others in your niche?
Tell Your Story: Share personal anecdotes that connect with your audience on an emotional level. Authenticity breeds trust and loyalty.
Solve Specific Problems: Narrow down your target audience and focus on solving their pain points with your digital products.
Offer Value: Go above and beyond by providing exceptional customer service, bonus materials, or ongoing support. Delight your customers!
This will form the basis of your positioning and messaging and make your digital products stand out.
Planning for Success
Success doesn't happen by chance; it requires effective planning and time management. Here are some tips to maximize productivity without burning out:
Set Clear Goals: Define what success looks like for your digital product business. Break down your goals into actionable steps.
Prioritize Tasks: Identify the most important tasks that will move the needle forward and focus on those first.
Time Blocking: Allocate specific blocks of time for different activities, such as content creation, marketing, and customer support.
Delegate and Outsource: If possible, delegate tasks that are not in line with your strengths or consider outsourcing to save time and energy.
Working effectively is essential for long-term success, because even if the products you create are “set it & forget it” the ongoing customer service, marketing, and sales efforts require consistency.
Simplifying the Creation Process
Creating digital products can feel overwhelming, especially when you have limited energy. However, breaking down the process into manageable steps can make it more achievable:
Chunking: Divide the product creation process into smaller tasks or milestones. Celebrate each accomplishment along the way!
Batching Content: Create content in batches to streamline your workflow. For example, record multiple video lessons in one sitting or write several blog posts at once.
Templates and Frameworks: Leverage existing templates and frameworks to speed up the creation process while maintaining quality.
While it can be tempting to lean on AI to speed up your offer creation process, do be careful that you don’t miss out on the unique perspective and positioning that you identified as your USP!
Leveraging Automation and Tools
As a solo entrepreneur with limited capacity, automation and tools can be your secret weapons! They help streamline your business operations and save you time and energy. Here are some options to explore:
Email Marketing Platforms: Use platforms like ConvertKit to automate email sequences, welcome emails, and sales funnels.
Social Media Schedulers: Schedule social media posts in advance using tools like Buffer or Hootsuite to maintain an active online presence without constant manual effort.
Customer Support Chatbots: Consider implementing chatbots to handle frequently asked questions and provide instant support.
Nurturing Your Community
Building a supportive community around your digital products is essential for long-term success. We’re aiming to build your online fan club who will be repeat buyers and save you from having to constantly hunt for new subscribers in order to make sales!
Here's how you can foster engagement, feedback, and customer loyalty:
Create a Private Facebook Group: Invite your customers to join a dedicated group where they can connect with each other and receive exclusive content. I love having a Client & Student Only Facebook Group to support my customers and add extra value to my digital products and courses!
Engage with Your Audience: Respond to comments, emails, and direct messages promptly. Show genuine interest in your customers' progress and challenges. A good way to find out what your audience thinkssurveys is by conducting regular surveys which can also help identify potential marketing and product ideas!
Encourage User-generated Content: Ask your customers to share their success stories or creative ways they're using your digital products. This builds social proof and inspires others.
Effective Marketing on a Limited Energy Budget
Marketing doesn't have to drain all your energy or resources. Get creative with these strategies that work within your limitations:
Social Media Tactics: Focus on one or two social media platforms where your target audience hangs out the most. Engage authentically, share valuable content, and collaborate with influencers.
Collaborations: Partner with complementary businesses or influencers in your niche for joint promotions, guest blogging opportunities, or podcast interviews.
Email Marketing: Build an email list and nurture it with valuable content and exclusive offers. Email marketing allows you to reach your audience directly without relying on algorithms.
Overcoming Challenges
Running a digital product business comes with its fair share of challenges. Here's some practical advice for overcoming common obstacles:
Self-Doubt: Remember that everyone starts somewhere. Embrace the growth mindset and focus on continuous improvement rather than perfection.
Imposter Syndrome: Recognize that imposter syndrome is common among entrepreneurs. Surround yourself with supportive communities and mentors who can uplift you during challenging times. This has made all the difference for me as it can be quite lonely navigating business by yourself!
Setbacks: View setbacks as learning opportunities rather than failures. Adapt, pivot if necessary, and keep moving forward.
Balancing Self-Care and Business Growth
As you pour your energy into growing your digital product business, don't forget to prioritize self-care. Your energy, effort, and enthusiasm shows through in your marketing, sales, and offers so please don’t underestimate how important prioritizing yourself is to your business success!
Here's some of my best advice to keep on track as you grow:
Set Boundaries: Establish clear boundaries between work and personal life. Schedule regular breaks, vacations, and time for hobbies or activities that recharge you.
Seek Support: Don't be afraid to ask for help when needed. Consider hiring a virtual assistant or outsourcing tasks that drain your energy.
Practice Self-Compassion: Be kind to yourself during challenging times. Celebrate small wins, acknowledge your progress, and remember that it's okay to take breaks when necessary!!
Conclusion
Ready to turn your passion into profit? Start by identifying one actionable step from this blog post that you can implement today to move closer to building a successful online course or template business. Rome wasn’t built in a day and neither was your business, so take it one step at a time and be gentle on yourself as you go!
