If you clicked this text, you are definitely looking for information on the market of digital products to decide whether it’s really a promising business to invest or work in. You have definitely read texts of people defending, attacking, and even some exaggerations about this business model, haven’t you?
To answer, once and for all, all your questions about the market of digital products, we’ve come up with a list of 10 myths people are always spreading about the subject. Are you curious about the myths we’re talking about?
Read this text until the end!
1- You’ll make easy money
You’ll make easy money or you’ll make money in your sleep. The myth number 1 in our list is responsible for disappointing tons of people when they try to start out in the digital market. “So, this means that I won’t make money by working with online sales?” Easy there, it’s not quite like that either!
Just like any other activity, working as a Producer or Affiliate can be a profitable profession, as long as you use the right strategies and sell a product that meets your audience’s interest. But even so, having a financial return can take a while.
In these cases, you need to have patience and persistence to identify what went wrong and improve when you try again:
- Is the problem in the product or service you are offering?
- Are you solving a problem with your offer?
- Are you talking to the right audience?
- Is there a market for the product you are selling?
Until you figure out the right strategy for your business, you’ll need to perform many tests and this is not even close to being an easy task! Because if it were, everybody would be a digital entrepreneur by now.
2- You’ll work less
When you work by yourself, you have a more flexible schedule, indeed. We even mentioned this advantage on our complete post about working from home. (Take a moment to read this text when you’re done with this one!)
However, having flexible hours is very different from working less because, even though you can start and finish your activities whenever you want, you still need to put the same time and effort into your project as if you had a traditional job.
Another factor most people end up forgetting is that, in most cases, digital entrepreneurs work alone, at least in the beginning. This means that they are in charge of all parts of the business, besides being the only one responsible for the development of sales.
Therefore, it is very likely that on a Sunday evening you’ll be thinking about the emails you’ll have to answer in the morning.
3- There’s no need for studying
For starters, you need to know that “studying” is not restricted to classroom learning, it concerns knowledge of every kind, which you can use to perform a task well.
In a few words, you will need to study (a lot) if you want to stand out in the market of digital products. For those who wish to become a Producer, you need to go even further to understand the market, choose the right niche to invest in, and understand the needs of each audience, and only then will you be able to think of how your product/service might be the ideal solution for these people.
And this work continues even after you launch your product/service. To ensure that your business lasts for a long time, you’ll need to nourish a relationship with your base, offering quality content and acting straight upon the “pains” of these users, to convince them to continue buying from you.
It seems like a lot of work for nothing, but it is exactly the opposite! The more you study the market and understand the needs of your audience, the more strategic will be your offer and, therefore, the more expressive will be your sales.
4- The digital market is way too risky
Because it is a “recent” market, people still question the Internet’s potential to generate value and business. This mistrust is even higher when we hear stories of online fraud, schemes, or promises to “make money overnight”.
If this is your case, we can assure you that the Internet is a safe environment, both for people who wish to sell and people who want to buy. You just need to choose the right platform to work with. We’ll talk a little bit more about this later on in the text.
5- It takes a lot of money to work in the digital market
The market of digital products is extremely democratic, that’s why you don’t need to have a lot or any money to invest, once there already are platforms such as Hotmart to make your product available without charging anything for it.
Of course that if you want immediate results, you’ll need to invest in paid ads so that people get to know your work. However, if you have a business plan foreseeing these expenses, you won’t have great surprises until you have the financial return you expect.
It’s important to notice that we’re talking about a significant change in career, so, financial plan is never enough: do the math of how much money you need to create a product, how much you plan to spend on ads, and add this amount to your fixed expenses (rent, bills, etc.) for the next six months. This amount is a good safety margin, just in case your business doesn’t take off right away.
6- There’s only one secret to making sales on the Internet
Many people come to the blog looking for a magic formula to make more sales. I’m sorry to inform you that there is no one way to increase your business’s conversion rate, but rather a combination of factors.
A strategy that works well for a Producer in the fitness niche will not work well for someone who sells a product about music and vice-versa. As we’ve said at the beginning of this post, there’s only one way of knowing what works for your audience, which is by studying your market and performing tests.
So, if you are quick to give up in face of your first challenge, maybe the market of digital products isn’t really for you.
If you’re an Affiliate and hasn’t done any sale yet, this post here is also very helpful: How to make your first sale as an Affiliate.
7- You need to have had a previous experience in sales
Just like the muscles in your body, any social skill can be developed/acquired, and the same goes for sales.
See it this way: your main challenge is to convince someone to buy your product. When you succeed in this objective, there isn’t much difference between selling 10 or 100 units, after all, the process is the same, and even simpler, as you get more experienced in dealing with people.
Once you develop the right sales arguments for your audience, it is easier to optimize your processes and scale your profits. Take advantage to also read our post on 6 sales techniques for beginners.
8- You don’t need a good platform to host your product
If you’re just starting out in the digital market, it is likely that you still don’t master the essential tools to promote your product or don’t even know terms such as “sales funnel” and “leads nourishment”. It’s likely that you’re also unsure about how to create a sales page on your own unless you already know about design and coding.
A good sales platform is the one that gathers all the services you need in one place, leaving you with more time to dedicate yourself to the development and sale of your product. Affiliates, on the other hand, need a platform to find the right products to become affiliated to and be assured that they’ll receive the commissions for the sales they make.
The benefits also extend to consumers, who will feel more comfortable about providing their payment information because they realize they are in a safe purchase environment. In short: using a platform to make your product available, not only makes your job easier but it also is a powerful sales argument.
9- I need to have a very original idea
There is a perception that for you to become an authority on a subject, you need to launch a product never seen before in the market. With this in mind, many people end up giving up, after all, with so many people in the world and so many products available on the Internet, it’s almost impossible to create an idea that is 100% forward.
The good news is that entrepreneurship is not a race with a sole winner: you can be successful in the digital market selling a product in an already very explored niche, as long as the solution fits the needs of a user.
Thinking about photography, you can create a course about developing analogic photos to help people who are interested in using old-fashioned cameras but don’t know much about it. Notice that there’s nothing forward about this example. More than that, analogic cameras are considered obsolete in terms of technology when compared to the digital devices available today. But you can take advantage of the newfound interest of the new generation in analogic photography to launch a product that helps this audience.
Here’s the deal: from now on, you need to think about digital entrepreneurship as products and services that help people solve problems, regardless of the kind of problems these users might be facing. It’s by combining your skills and the needs of your audience that the concept of innovation can be found.
10- Creating a product is very difficult
“I’ll have a lot of work to create a digital product”. That’s how people give up on putting their ideas into practice, even before they try it. And we don’t blame them, after all, there are a lot of texts going around that highlight how difficult it is to be an entrepreneur, that you’ll need to have a lot of free time, or that you’ll spend lots of money to have a shot at this market.
But the truth is that when you’ve already mastered the subject you intend to approach, creating your product is a minor detail. You can opt for an ebook, which can be written in Microsoft Word or Google Docs (both simple and free software) and, later, convert it into PDF for your buyers to download.
It’s also possible to make a video lesson with your computer webcam or a podcast using your phone audio recorder, among other types of product.
What we are trying to demonstrate with the examples above is that you don’t need a big production to create a high-quality digital product, as long as that content is valuable to your buyer persona and help her solve a problem.
Of course that, if you have more infrastructure, a team, and resources to make your idea available, we recommend that you use them because, by doing so, you increase the value perception of your product. However, if you’re short on money to invest in the beginning and you already know what to talk about, waiting around for the perfect conditions will only stall the beginning of your business.
João Pedro, CEO at Hotmart, has already granted an interview saying that action is more important than techniques, where he said exactly this. “Technique is around to optimize something. If you don’t have anything to optimize, you have nothing”.
Take advantage to read other content about videos:
How to sell online courses
How to write video lessons scripts
How to improve your confidence in front of the cameras
After so many myths and truths, we’ve come to the end of this post! Now that you’re done reading this text, we hope you’re more optimistic about starting out in the market of digital products to gain the financial independence you’ve always dreamed of by using your skills. Is there any other myth about the market of digital products that you’ve heard going around? Share it with us in the comments section below!