The rush of excitement you feel when you’ve created your first digital product is pure joy!
It took hard work and focus to harness your expertise to create a product, not to mention working up the nerve to actually put it out there for the world to see and consume, and now you’re ready to take the next step!
How can you make that product work for you?
Below are stratgies to ensure your product is a success and continues to generate revenue to you and your business.
Follow Up With Your Customers
Your list of paying customers is one of the most valuable assets your information business has.
Make sure you capture your buyer’s email address at the point of sale.
Shopping carts and shopping cart platforms may do this for you.
Then start following up with your customers.
Make sure they know how to download and use your product.
This will significantly reduce your refund rate and create trust.
Then start making other offers and share great content with them.
These offers can be other products you create and release, or they can be things you’re promoting as an affiliate.
This follow-up alone can substantially increase the profitability of your information product business.
Create An Entire Product Funnel
Creating your first product is a good start, but it’s just that, a beginning.
As soon as your first product is finished, it’s time to think about what your customers need next.
Don’t worry, now you have the skills and confidence to do it again!
It helps to map out an entire product funnel that goes from that initial small and low-cost product to high-end information products and coaching offers.
Take your customers on a journey with you and help them grow.
Here’s an example of a simple product funnel for a flower shop business owner. It starts with simple, lower cost guides and then moves into more involved and thus higher priced products.
- Why Your Flower Shop Needs An Online Presence (this could be a free lead generator)
- Capturing Your Customer’s Email Addresses And Keep Bringing Them Back Through Email Marketing
- Tapping Into The Power of Groupon And Other Online Coupon Guides
- A Simple Guide To Social Media For Local Business Owners
- How To Draw In New Business Through Facebook Advertising
- Setting Up A Website And Online Shop For Easy Ordering And Flower Delivery
- Group Coaching – Grow Your Online Presence And Increase Sales For Your Flower Shop
- One On One Coaching – Improving Your Bottom Line With Online Sales
- VIP Coaching Days – Intensive, 3 Day Event, to analyze every part of your online business and come up with a detailed action plan for you to implement.
Do you see how this product funnel moves customers from a free signup to the first low-cost info product, through a series of more involved and higher prices products?
You’re not going to sell someone on your higher priced products the first time they find you and your information business.
Instead, you guide them through this product funnel, show them that you know what you’re talking about and can help them.
As trust grows, and they start to see results, they’ll be ready to spend more and more.
The Magic Of Cross Sales
Of course, products don’t always have to get more and more pricey and involved.
Another good strategy is to make cross sales.
Think of related, similarly priced products you can create or find and offer to your existing customers.
Think about what else they need to know or learn.
Keep working on more new products and offering them to your client base and your target market in general.
As your customer base grows so will the cross sales you make.
The email follow up we talked about earlier is a perfect place to make these cross-sale offers.
Implement An Affiliate Program And Work Out Some JV Deals
Now is also a very good time to set up an affiliate program and invite others to promote your product.
The most time-consuming part of running a digital product business is marketing your products.
As a rule of thumb, you want to spend 20 percent of your time creating the products and 80 percent selling them.
Having affiliates do some of the marketing for you helps you make more sales overall and frees you up for more product creation.
JV or joint venture partners are people with a large existing presence with your target audience.
Consider creating a special offer for them, or giving them a bigger cut of the profits than regular affiliates to entice them to mail for you.
Consider Creating Memberships Or Coaching Programs For Recurring Income
Last but not least, consider generating recurring revenue by offering a digital product that your customers will pay for month after month.
They sign up, and the payment automatically comes out once a month.
This could be a membership where they get access to all your info products and training programs, it could be a service where you create their monthly newsletter and email marketing campaign for them or provide them with templates and ideas, or it could be a coaching program.
Get creative and see what you can come up with that people would pay you for as a monthly membership.
Above all, keep working on new products, improving your sales and download pages, and continuing to look for new ways to reach your target audience and send more traffic into your product funnel.
That first digital product is a great start, but it’s hard to make a decent income with one product.
Instead, look at it as the start of your very own digital product empire!