When you hear the word “Asset”
It is very easy for your mind to go to things like cars, land etc.
And you probably haven’t gotten to the point where you can buy as much of these things as you feel is enough.
However, there is a kind of asset that you have already that you haven’t gotten around taking advantage of.
And that’s knowledge.
Since the advent of the Internet, people have made millions from selling information.
And while you might think that you have nothing to sell.
I believe it is more about you not knowing what is possible than not really having anything.
You see, it is very easy for you to recognize the value of physical assets or skills without realizing any process that helps you achieve certain life goals can be packaged in one way or the other.
I know a medical student who runs a successful business.
It is something rare because medicine is a very hectic course to study and gives little time for anything else.
But she was able to build up her business as a side hustle.
And with time she recognised that achievement as an asset and created a course on how to build a side hustle.
Fellow students like her and even people who work a 9-5 career started buying her course.
You see, it is easy to feel that you have nothing to offer when it comes to creating digital products but all it takes is looking inwards to find out where your strengths are.
if you do this well, you would be able to create a new income stream for yourself or even your first income stream if you haven’t started making money in any capacity.
And like I said, it can be anything.
I know a first-class graduate who runs training sessions for people who are preparing for A level and O level exams.
And you don’t even need to have a first-class to do this.
Enough of the talk, I am not here to motivate you but to give you a model that works.
The Psychology Behind Digital Products
The first thing that you need to understand is the core problems that are solved by digital products.
And it is the fact that digital products enable you to clone yourself effectively.
There are a lot of people out there who needs your knowledge but teaching them one on one is hard to scale.
Imagine me coming to your house to read out this article from a scroll anytime your request it.
How many people do you think I would be able to read out this post one on one for?
But I have published it on my blog and thousands of people can read it without any hassle.
You don’t have the time required to teach everyone that needs your product one one one.
With digital products, you would get to the point where you can divorce your earnings from the amount of time spent teaching something.
It goes beyond dropping quotes about earning while you sleep, you actually need to work out how to put that in place.
How to Postion Yourself for the Digital Product Economy.
There are three core things that you need to create the right digital products.
If you have ever created or tried to create a digital product without success in the past, you probably defaulted in one or more of these things.
There is one thing that you have to understand.
The fact that we live in a period of time where people buy digital products doesn’t automatically mean that every digital product that you create will do well.
There is one thing that you need to realize – People buy Painkillers, not Vitamins.
So what does this mean?
In school, you learnt about the Importance of Vitamins to the body.
You know that vitamins are good for the body and help improve eyesight, make bones stronger etc
But you have never taken a trip any day to the pharmacy to buy Vitamin tablets.
The only time you buy Vitamins is when something else takes you to the pharmacy and you just pick up some vitamins as an added purchase.
However, the moment you have headache or body pains you move immediately to buy painkillers.
Vitamins suffer low sales not because they are not important, they don’t drive the kind of urgency that painkillers drive.
You need to adopt the same mindset when it comes to digital products.
People won’t buy your digital product because it is quality content, people would only buy your digital product if it solves a major problem that they are facing currently.
And for everyone that has that urgent problem, there are more people that are also facing such problem that would buy your product once they come in contact with it.
Marketing is the process of connecting with people who have pains that you have painkillers for – Ajulu
Now to the three things that ensure a successful digital product campaign.
- An Engaged Audience
- The Right Feedback Loop ( Content + Surveys)
Now let’s take them one by one
An Engaged Audience
The first start to creating any digital product is building an engaged audience.
Now you might be asking.
Can’t I just create a digital product and run ads to sell it.
Yes, but you won’t be able to achieve the same level of success as someone who creates by building an audience.
You see for every product, there is something that you believe that people need and there is something else that they actually need more.
You won’t know that if you don’t interact with your target market first.
A simple thing that can help you realize this is emojis
I chose to use it because it is something that we all use every day when chatting.
There are certain emojis that have come to have different meanings from what the creators intended them to signify.
And the creators have no power over this.
Creating and interacting with an audience helps you understand your prospective customers more.
It also lowers the cost of gaining new customers as you won’t have to run ads to drive initial sales.
Another key advantage is that it helps you to upsell more products over a longer period of time.
One huge thing that a lot of people underate is community-driven products before I create any course or guide, I interact with my audience through AMA’s and surveys.
If you already have an audience then you can skip to this step and start finding out the kind of product that you can create for them.
But all in all, these things have helped me pinpoint the greatest issues that people are creating so that I can create the right product for them.
Remember, it is better to sell painkillers than vitamins.
If you need more details about community-driven products and also how to create an engaged audience, read my guide on creating community-driven products.
The Right Feedback Loop
There is one fundamental internet principle that you need to learn and understand.
The more you tell people what you are working on, the luckier and more successful you get.
You don’t need to build in isolation.
You have a tribe of people who need whatever it is that you are trying to create and the sooner you call on them the better.
The more I create content around my niche, the more I get responses and feedback from people.
Questions are a signal for what you can extract value from, and even after I answer these questions, I still dig deep and find out the deeper things that people may need help with.
Running a survey with Google forms that contains questions that revolve around problems people have when it comes to your niche would give you lots of insights on the right kind of content and digital products to create.
In the beginning, you won’t get much feedback but the more you do this and create more content, the more feedback that you would get.
Sometimes people wait to see if you are truly serious with what you are claiming to do.
And a very important tip that very few people will tell you.
When it is time to create your digital products, always use a presell system.
Personally, I never create a digital product without preselling it first.
I announce the product, create a sales copy that states the solutions it provides based on the feedback that I have gotten from my audience and then I start marketing.
I normally set a sales target for my first batch of sales.
Depending on the price of the digital product, it can be 20, 30 or 40 slots.
These slots are also discounted to reward early adopters.
Once I sell out this first slot, that’s when I actually sit down to start creating the course or guide because at this point I am 100% sure that people need it.
Don’t fall for the trap of spending weeks creating a product that no one may actually need.
Create a strong feedback loop and run with it.
Of course, you can’t do this in a vacuum, you need to choose a platform to create a community on.
It can be Facebook, WhatsApp, Twitter etc, but this principle works no matter the platform.
If you want to learn how to do this on WhatsApp, you can get my WhatsApp Domination guide.
It has helped hundreds of people build and monetize a community on WhatsApp, you can use the coupon code “SuperDay” to get 20% off (first 20 people only).
The guide also comes with a complete module that would teach you all you need to know about creating digital products.
I have talked about the roles of presells when it comes to driving sales.
But after the course launches fully, you would need to keep on driving sales for the digital product.
That’s where your product comes in.
If you actually created something valuable, selling it won’t be hard because the first set of people that bought the product would start seeing results.
And once you start sharing those results, it signals to others that your product actually works and sales come in.
No one is better at selling your product than a satisfied customer.
But testimonials are just one part of the equation.
Another sales strategy that you can leverage is Affiliate Marketing.
Over the past five months, over 40% of sales for my digital products have been driven by Affiliates.
Making use of Affiliates enables you to borrow trust and attention from others.
Also, you can make use of Third-party platforms like AppSumo to drive sales for your product.
Appsumo is a global platform that enables creators to sell their digital products and tools.
They have over 1 million customers signed up on their platform and listing your product there gives you access to those customers.
The beautiful thing about AppSumo is that they help you market your product using Instagram and Facebook Ads without any added cost to you.
I have been a partner since last year and my product have been selling without hassle on their platform.
If you would love to become an Appsumo partner, fill out this form and I will get back to you: AppSumo Partners
If you don’t have a digital product yet and would love to learn how to create on the right way, get my WhatsApp Domination class, it has a module on Digital product creation – WhatsApp Domination
Creating the right digital product has the ability to significantly increase your income.
Its nature means that you can sell it over and over again without extra costs, unlike a physical product that attracts production costs for every new batch.
I will be writing more on digital products, so make sure to follow me on Twitter to stay updated.
Also kindly help share this post on your social media channels, you would be helping a lot of people.
Follow Me On Twitter: Ajulu
Thank you for sharing.
You are welcome
Thanks for the insight Ajulu… Really love the idea of presell and that’s exactly the route I will take.
You are welcome whitegod. Presells are very important
Everything ajulu writes, there is always bigger points. Pain killer sells more than vitamin….. People don’t look quality they want problem solving things. Thanks a lot Ajulu.
You ae welcome Azeez
Presells and taking the community along in the journey was very insightful. Thanks a lot sir
You are welcome Emmanuel
Wow what a pity i am just reading this a lot of information here.
Thank you sir
It is never too late to start taking the right steps
Thanks Ajulu. I’d have to raise funds and get your book on WhatsApp domination.
It’s a sound investment to make