One of the top reasons wantrepreneurs cannot create premium digital products that sell is because they waste time, effort, and money on creating solutions to problems nobody has or not enough to warrant sustainable demand. Trust me, I’ve been there; and now, I can help you change that.
Before you run off with you “a-ha!” moment and scrape more into your savings in developing the next Fakebook that nobody wants, slow down, catch your breath and clear your mind. Let’s start with some research to validate your idea first. Remember, you’re not Wal-Mart, the best shot at penetrating a market is to pick a niche. Do it an inch wide and go a mile deep.
Validation is important because its undeniable proof that there is a need for your offering. It’s great to hear the cheers of encouragement from friends and family, but it pales in comparison to that of a potential early adopter, aka actual paying customer with the wallet and CC digits out.
Two major things validation saves you is time and money.
It could potentially be the initial funding you can use instead of burning through savings and/or loans and you’re not wasting away coding a product nobody will buy.
Validation is a testament to measurable value.
Don’t go to your friends for advice, unless they’re part of the audience you intend to target. It’s great if you think you might have a great idea, but be critical and look for the chinks in the armor. Be proactive in anticipating why it may not work and what you can change to improve on it.
Say you want to create a course on making extra cash off your spare room with AirBnb. Before anything, let’s do the research and see if anyone is already making money with this: your competition. If there’s nobody doing it, you either have a great head start in dominating this market or there isn’t one.
I went over to Udemy and did a quick search to find that there is one guy making a killing at the time of this publication. His course is “Hacking Airbnb” and has thus far sold 3942 online students at $199 for a total of $1,178,658! Keep in mind that his hard work was done in the beginning and the video courses run automagically.
Now I’m not sure exactly how he did it, but I can point you in the direction even my simple search has already given us a glimpse of the market in this niche.
Start with your idea, go on over to a few other sites, type in their search fields, and see if anyone else is already doing it:
Define Your Offer
Figure out exactly what it is you want to offer. How much time will it take you to create the course? What is the potential benefit to your target audience? How much do you want to sell it for? Don’t price your offer on your overhead. Base it off the value you’re offering to the customer. If the tools you had to use cost you $10, but offer a potential ROI of $100 to your customer, don’t sell it for $20; be bold and go for $50.
- PDF – Go on over to Google Docs, write up your content and “Save as PDF.” Boom! eBook.
Say you want to offer a video course at $199+ but have little authority in a validated market. To warm up your traffic, offer a lower “tripwire” entry price point. For example, can you offer an eBook at $10 with valuable content that can gear your early customers to take the plunge and up-sell themselves to your premium product or service if that lower risk investment paid off?
Sell Your Premium Digital Products
- The fast and easy way to sell any digital product is with Paypal;
- To take it up a notch and show more professionalism, go with GumRoad;
- To sell digital products such on a subscription model, Stripe has excellent tools out of the box to get help facilitate the process and reduce sales funnel drop out rates.
It’s up to you if you want to use online course markets like Udemy and Skillshare, for a percentage commission or sell them directly with GumRoad or Stripe. Just stop creating products nobody wants! It’s not all about the idea. There are other factors such as timing, demand, your team, and methodology to have a better understanding of the path of least resistance.