How easy is it to launch your own digital products?
You have read about affiliate marketing. How about selling your own products? You only get a percentage of profit when you market other people’s product, launching your own digital product allows you to capture the full profit. In this post, I discuss the steps for a successful product launch to earn passive income online.
Passive income “is generally defined as a stream of income earned with little effort, And it is referred to as progressive passive income meaning there is little effort needed from the individual receiving the passive income in order to grow the stream of income. Examples of passive income include rental income and any business activities in which the earner does not materially participate during the year.”
“Linear active income refers to one constantly needed to stay active to maintain the stream of income, and once an individual chooses to stop working the income will also stop, examples of active income include Wages, Self-employment income.”
1. Research Your Market and Product
Won’t it be great to launch a digital product based on any idea and enjoy massive sales? You bet it is, but that would be a risky move. Before creating your product, you must do market research. This is to ensure that you don’t end up creating a duplicate or a shiny product that nobody needs. You can start your research with a google search and follow it up with website and traffic analysis of your competitors and potential partners. With this step, you will screen out useless or saturated product niches and discover your target users’ goals.
2. Build Your Audience
This step helps you get targeted users who are interested in your product. Create a landing page for your product idea where you can offer free giveaways to visitors in exchange for their email address. If you get enough subscribers for your pre-launch product, chances are that people are very interested in your digital product and would buy when you launch.
To get subscribers, your landing page needs traffic. A free way to get traffic is guest posting. You research popular websites and influencers in your niche and pitch them a guest post idea that is relevant and valuable to their readers. Paid tools such as Google Adwords and Facebook adverts can also be a good source of traffic.
3. Build Your Digital Product
If you are a beginner, building an actual product can be the most challenging part of launching. To create a quality product, a lot of research and creative thinking need to go into your product creation process. Digital products can take many forms including eBooks, courses, themes, software and so on. You already narrowed down a viable product from the research step and you will find it easier to build a product where you have relevant expertise.
4. Install Distribution and Monetization Tools
Depending on your type of digital products, you will need different tools to facilitate sales and management. WooCommerce and Stripe allow you to process payment for digital products on your existing website. If you are creating a video course, Udemy is a great platform for organizing your course module and processing payment in one place. Membermouse, a WordPress plugin, helps you create a password protected membership site. For common products such as ebooks and guides, you can use Clickbank for selling and recruiting affiliates.
5. Create Buzz
One more thing to improve your launch success is the pre-launch buzz. It is best started weeks before launching. You can leverage your relationship with partners and influencers to get the word out there about your product. Remember to build anticipation among your existing subscribers.
Create content on your website and drive traffic to it using giveaways such as a chapter in your ebook or a preview of your course to get more user emails.
6. Make a Big Launch
The big launch day has arrived! Email influencers and your subscribers about the launch. If you have a vibrant social media group, update them about your product launch. Then, relax as sales roll in on autopilot. Product launch doesn’t end with the actual launch, plan ahead for post-launch marketing. You will need to keep promoting your product even after launch using reviews and testimonials from your customers. Customer feedbacks can also serve as a helpful resource for updating your digital product.
Following the steps discussed above will improve your chance of having a successful product launch. It can be tempting to jump from idea to product. Don’t! That is a recipe for wasted time and money. You need a plan to create a quality product and market it to your customers.
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Are you stuck in the product launching cycle or have launched a digital product in the past? Share your thoughts, questions or experience in comments below.
To Your Amazing Future,