The advent of modern technology has successfully opened the gates to a seemingly endless realm of brilliant digital products. Over time, these digital product formats have gained fame for several reasons, including their user-friendly interfaces and remarkable ease of access.
For those of you who are new to the term, a digital product is something that can successfully provide information online with the intent to educate its users, solve their problems, or bring around a significant positive shift in an individual or community’s lifestyle. Hotmart is an excellent example of this, as the all-in-one platform offers solutions to help you learn, teach and start a business online. For over 10 years, Hotmart has been creating innovative tools for online entrepreneurs.
With the recent emergence of the online gig economy, we’ve seen many people choose to become online entrepreneurs by turning their knowledge into a digital product. Once the product is ready, these entrepreneurs launch it online, allowing people from across the globe to access their product – for a price, of course.
As a result, millions of individuals have managed to turn their passion and knowledge into something tangible. Creating digital products has also enabled people to make an extra buck on the side or quit their unsatisfactory day jobs. By becoming an online entrepreneur, you have a chance of making enough money to sustain your livelihood by selling digital products and even spending more time with loved ones.
With St. Patrick’s Day just around the corner, this is the perfect time to change your luck! So, if you’ve been looking into kickstarting your career as a digital product producer (or improving your current business), you’re in the right place.
In this article, we will share corporate secrets about the online market for digital products and teach you how to invest in them, too. You’ll also learn about the top digital product formats every producer should offer. (Knowing this can help take your business to a whole new level!)
So, are you ready to learn about the world of digital product formats?
Keep reading to find out!
Find Your Pot of Gold with Digital Products
Creating digital products is a job of the future and can be a great way to sell your knowledge. You can develop them from the comfort of your home, work for as many hours as you like and create your own schedule, and still make enough money to sustain your lifestyle. Digital product creation also allows for easy business scalability. Since you’ll be working online most of the time, scaling up won’t cost you too much.
It also requires minimum investment, unlike most businesses. All you really need is a computer, an internet connection, and the right software to create your digital product. The software you choose to use depends upon your digital product’s format. There are many excellent formats available, including eBooks, video lessons, and subscription products. Selecting a format can help you decide on the right product development software.
Why You Should Have More Product Formats
As a digital product producer, you should be aware of all the different formats so that you can choose one that’s best suited to your product or service. For example, if you’re developing a product to help people learn music, it’s better to make coaching videos instead of penning an eBook about it. Each format requires plenty of research and planning, though, so be sure to choose one that feels worth the effort!
However, the digital product market is a tough nut to crack. So, if you plan on breaking into it, your best bet is to introduce a multitude of product formats. This will increase your customer base because different people enjoy consuming the same information in different formats—it all boils down to their personal choice, and by providing more choices, you’ll be opening up your product to a larger audience!
As a digital producer, you should be fully aware of all your options. Below is a detailed list of top product formats. Use this guide to help you pick the best digital format for your product:
eBooks are exactly what they sound like-digital books! They are widely enjoyed by people from all corners of the world who use them to learn more about their favorite topics. In 2020 alone, the eBook industry brought in over $950 million in global revenue, proving them to be one of the most popular product formats out there.
So, if you’re a digital creator, you should definitely look into eBook publishing. There are many places where you can host your eBook for free, like Wattpad, but these platforms generally do not give monetary returns. So, if you’re planning on publishing an eBook, you best start looking into paid platforms that will give you healthy returns. Amazon’s Kindle is an excellent place to start!
You can also consider publishing these eBooks onto your website (if you have one) or selling them there for a price. However, if you’re planning on doing this, be sure to add a shopping cart option to your website. You must also be able to guarantee potential buyers a safe payment procedure, or else you won’t get any customers!
Video lessons are another popular digital product format. They are best suited to teaching more creative or hands-on topics, like music, art, filmmaking, dance, crafts, technical skills, and so on. So, if you’re teaching any of these topics, consider converting your knowledge into video lessons instead of an eBook.
However, developing a quality video lesson is much more demanding than writing an eBook. In order to open an eBook, all you really need is a writing application and some free time. But when it comes to video lessons, you’ll need to invest a little more time and learn about scripts, cameras, sound equipment… You’ll also need to know about video editing!
It’s also important to film in a quiet place, with a lot of lighting or audio. Video lessons might be a bit challenging, but they can bring even more relevance to your product, adding more value to potential buyers.
A subscription product is where a customer regularly pays a fee to gain access to the product or service. Subscription fees may be billed monthly, annually, or otherwise. Popular examples – both traditional and digital – include newspapers, magazines, streaming services like Netflix, podcasts, music apps, and cable TV.
Such products can be accessed as long as the customer keeps paying for them. A customer may pay for a digital magazine service or for access to a set of video lessons for a fixed period of time. When new videos, texts, or other forms of media are uploaded, the paying customer will gain direct access to them.
Many digital producers prefer to offer subscriptions. Selling a subscription product will enable you to have more stability in your digital business. Remember, though, that subscription products require you to continuously produce and upload brand new content, which is why it’s not recommended for those who are just starting out on their digital product creation journey.
An online service is one that fulfills the customer’s needs through digital channels. It’s a practical and safe way for independent professionals to work online, caring for their customers through a video hosting platform. For example, if you’re remarkably knowledgeable about marketing, you can develop an online service to help bloggers boost their SEO tactics. Or, if you want to teach willing learners a native language, you can give them real-time classes over the internet.
One of the benefits of providing online services (like one-on-one teaching, mentoring, or coaching sessions, for example) is that you can give your full attention to one customer at a time, hence allowing you to provide accurate, in-depth knowledge about the topic. For this reason, online services may cost more than a set of video lessons or an eBook which anyone can easily gain access to.
Online services tend to be more interactive than their video or book-based counterparts, which is why you can charge your customers more for them. However, if you’re providing online service in real-time, you’ll need to consider whether or not it fits in with your regular schedule. This is particularly important if you hold a day-job or only work part-time within the gig economy!
How About Online Events?
Online events can bring in a massive amount of money if you have a large audience to match them. However, if you’re new to the world of digital products and don’t already have an established customer base, it may be a while before the dough starts rolling in, which is why it’s better to focus on the other formats mentioned above first.
Once you’ve developed a loyal customer base, feel free to host online events (and charge your attendees, too!). To achieve good results, it’s critical that you choose the right topic for your webinars. They need to be attractive, piquing the curiosity of the target audience.
If your online event is in real-time, you must be 100% prepared for it, so we recommend you research and plan before scheduling a livestream. A livestream or webinar can be a great way of engaging your audience!
You can also use your online events to improve product visibility for your video lessons, eBooks, paid subscriptions, and online services. By using these events as a marketing tool, you’ll be pulling in new customers in no time!
Are You Ready to Offer More Digital Product Formats?
As you can see, there are many different digital product formats out there. Each one has its own unique charm, along with a list of pros and cons. Be sure to consider all of these before committing to a format. Now that you’ve read through our top digital product format tips, you’re in a position to make the right choice.
Diversifying product formats can be a great way to expand your follower base by creating products that are best suited to each type of customer. Some people prefer text to audio and will buy your eBooks. Others may prefer visual learning and would love to purchase a copy of the information listed within your eBook in video format.
By hosting an online event, you can raise awareness about your products and let people know about all the different formats that are up for grabs. This will help you boost sales by directly appealing to a large audience.
Digital product creation is a delicate and demanding process, but once you’ve built a solid customer base, it might just be the best career-related decision you’ve ever made.
To become a great online entrepreneur, you must keep on reading about digital products to try to learn as much as you can about their different formats, creation tips, and marketing tricks! You can find all of that and much more on Hotmart’s blog, Youtube channel, and Instagram.