Why You Should Start Selling Digital Products Now4 minute read
As technology advances and our lives are shifting more and more towards an online environment, digital products are growing in popularity and in demand.
For centuries our economy was mainly focused on trading physical products and services. And in the past decades, physical products have taken over the internet with eCommerce.
Lately, a new market has emerged and is growing rapidly: digital products.
What Are Digital Products?
Digital products are "intangible" goods that exist in digital form, without a physical component. An eBook, a video or an online tool are all examples of digital products, but this category really includes anything that can be accessed in a digital form.
While digital products existed since the internet was invented, we are now starting to see more and more companies and entrepreneurs building a business around creating and selling digital products - and for good reasons.
Digital products have become so popular that many influential entrepreneurs, bloggers, speakers, and public figures have already taken advantage of this trend by publishing content in the form of PDFs, eBooks, podcasts, and videos, both free and paid.
Here are some examples of digital products you can create:
- Online Courses
- Membership Sites
- Video downloads
- Event Recordings
- Coaching Sessions
- Online Communities
- Artistic Products (Illustrations, Photographs, Designs...)
- Online Tools
- Add-ons to other products
Benefits of Selling Digital Products
Creating a business around digital products has many benefits, especially if we compare it to an eCommerce store or a physical product business. Here are the main benefits of choosing this business model:
Low-to-Zero Initial Cost
There is no initial investment required to start selling a digital product. The only potential costs you may have are to create your digital product, which highly varies depending on the product you choose, and the cost to promote it and possibly host it online.
But all of these costs are nothing if we compare them with starting an eCommerce business or opening a physical store. There are no production, inventory storage, or shipping costs.
Compared to a brick and mortar store, with digital products, there is no cost for rent, electricity, staff and so on.
Once you have created your digital product and opened your Heights Platform account to host it, all you need to focus on is promoting your business!
High Flexibility and Control Over Your Business
With digital products, you have the freedom to create a product as you like: you get to set the price, decide on its content or structure and how to promote it.
If you were to sell a physical product, you would have to limit yourself to the rules of the manufacturer and price it according to your competition. Not to mention that your product would only be immediately accessible to customers in your local area, while it takes time and money to ship a physical product on the other side of the world.
Depending on the type of digital product that you want to sell, you can also create a digital product independently. You can get as creative as you want and build your product by your own rules, at your own pace.
High-Profit Margins and Leveraged Income Opportunities
When you are selling digital products, you are not trading your time for money. In other words, the time and investment you undertake once to create a digital product can offer you unlimited earning potentials in the future.
This is called leveraged income. Once you launch your digital product, let's say you create an online course, you have the ability to reach thousands of customers who can purchase your course and access your content.
As lessons in an online course are pre-recorded and you are not offering one-on-one coaching, the hours you spent creating your online course now can generate recurring (leveraged) revenue, as your efforts are not directly tied to your income.
Another financial benefit that comes with selling digital products is having relatively high-profit margins compared to selling physical goods. With almost zero manufacturing costs, you will be generating more revenue. Almost everything that you earn in sales from a digital product will contribute to your profit.
Easy to Scale
Selling online allows you to reach a broader audience and potentially sell your digital products to thousands of people, just a click of a button away. There is no physical barrier involved, such as any shipping cost, time, or inventory.
This makes it easy to reach your ideal audience and make an impact in their lives, whether they live next door or thousands of miles away from you.
On top of this, digital products have the added benefit that they last forever.
Unlike physical products, digital products cannot deteriorate or break. Sure, their content can become outdated over time, but as the creator, you can easily update your digital product or create a new one without abusing your resources.
You are Creating Something Unique That Comes from Your Passion
When you write an eBook, record a video or create any type of content, you are creating a one-of-a-kind product.
It is highly unlikely for someone else to create the same exact digital product as you. Different from physical products, each digital product is unique. This is because you are the creator of that particular product: you are the one who wrote the eBook, recorded the video, created the template and so on.
Since you are the creator of the digital product, you probably are extremely passionate about the content or product itself. Building a digital product from scratch requires you to invest a large amount of your time.
This allows you to spend your time focusing on your interests and passions.
Convenient For You and Your Customers
From your potential customers' point of view, digital products are certainly more convenient compared to traditional physical ones.
Once a customer clicks on the "purchase" button on your page, they automatically receive their digital product. There is no shipping time or costs involved!
The only thing your customers need in order to purchase your digital product is an internet connection.
Selling digital products is also extremely convenient for the creator. Aside from what we already mentioned about not being tied to manufacturers and initial costs, you could start a business with digital products from anywhere in the world. As long as you have your laptop and a good internet connection, you are good to go!
How to Sell Digital Products on Heights Platform
Heights Platform is not limited to creating and selling online courses. It also provides the perfect place for you to showcase and sell your digital products.
Whether you are an online course creator or not, you can add digital products to your Heights Platform page and sell them to your audience.
You get to completely customize the style of your page to reflect your brand image and colors. Once you start getting sales, Heights shows you detailed analytics about your customers and their purchases.
If you are an online course creator, The Digital Product feature lets you sell supplemental products and add-ons to your online learning program, allowing you to further monetize your teaching content, and includes features to help you manage and track everything you need for these kinds of purchases.
You can upload and sell as many digital products as you like, and optionally offer them together in packages with online courses, membership sites and online communities!Create Your Online Course Today