Creating digital products is one of several lucrative ways to make money online. Although the idea of creating digital products might seem daunting or impossible to the newbie, technology has made it increasingly easy to create and sell digital products today, with little or no prior experience needed. An amazing benefit of digital products (such as ebooks, apps, plugins, courses, etc) is that they can be delivered or distributed electronically. Therefore, no physical products or shipping is required, and this implies little-to-zero overhead costs.
Ebooks, for example, are arguably the easiest digital products to create, and millions of ebooks are sold online annually, which represents approximately 20 percent of the publishing market in the United States alone, with revenues exceeding $8 billion in 2018.
Due to the emergence of devices like the Kindle and Kobo, the popularity of ebooks has skyrocketed. Because of this new era of ebooks, self-published authors are now getting the recognition they deserve. Authors, if they decide to go this route, no longer have to go through the hassle of finding a publisher.
This is huge, and apparently it’s possible to make substantial amounts of money by creating and selling your own digital products online.
Generating Fresh Ideas for New Products
So to make money selling digital products, you first need to generate fresh ideas. Thereafter, you go through the process of writing, creating, and marketing the products online.
You’ve probably heard the saying that “there’s nothing new under the sun.” Whether or not such a statement is true, depends largely on you and your creative juices. To generate fresh ideas for digital products that will be valuable to your customers, and potentially be financially rewarding for you, there is no need to reinvent the wheel. By simply discovering unique ways to make existing solutions better or work more effectively, you’ll gain leverage and achieve tremendous success quickly.
Here are 5 things you can do to generate new product ideas…
Whether your business is a storefront or your business is exclusively online, digital products can fit into your business model.
1. Pen down your ideas
This is always the place to begin. Get everything out of your head and in a space where you and others of your business team can analyze, pick apart and reassemble not only your offerings but also theirs in order to come up with a workable list of products to present to your target market. Include any burning interests and avenues that you are passionate about. Someone’s thoughts could spinoff into a secondary business.
2. Leverage social media
Your current subscribers, customer base, or social media audience can be used as a crowdsourcing tool. You can set up a Pinterest board, for example, where customers can create pins reflecting what they would like to see as your “next big idea.”
3. Poll your customers
If you’re already in business and have customers, carefully examine your current subscriber and customer base to know whether they like your current products. Are there other products or add-ons they would like to see? It might be essential to poll your customers online, on your business blog, and in the store. Set up an online survey that can be accessed through email and text. Use discounts as incentive for completion.
If you do not have an existing customer base, an online survey will also be helpful in generating product ideas.
4. Ethically ‘spy’ your competition
There might be other successful businesses within your niche market from which you can ethically glean some ideas, simply by examining what they are doing to succeed and grow their business. Find out what their audiences like most about their product, and see how their feedback can be applied to your customers.
5. Turn physical products into digital ones
Another unique way to generate product ideas is to discover a way to translate one or more of your physical products into a digital offering. For example, you can turn physical (hardcopy) books into eBooks. As digital products, eBooks are a great way to allow people to move about with their favourite materials without the need to carry a physical book. Apply the same strategy to other physical products, and see whether there might be some that you can turn into digital products.
Besides ebooks, there are other digital products you can create and sell online. These include music, photography, videos, and online courses.
In summary, you’re at liberty to explore as many idea generating strategies as possible to aid the brainstorming process and to keep your creative juices flowing. This way, you’ll not lack fresh ideas to create digital products that are valuable to your customers.
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