Are you ready to create and launch a digital product?
It might seem daunting, at first. Yet with a strategy, you’ll be able to attract new consumers, regardless of whether you provide an e-book, online courses, software, or a membership site.
In this article, we are going to walk you through a step-by-step guide on how to create and launch a digital product successfully.
Table of Contents
What Is a Digital Product
A digital product is an item that is produced, sold, and bought online. They don’t have any physical form, and are available by electronic devices.
Examples are countless:
- Online courses
- Music downloads
Benefits Of Launching a Digital Product
With so much noise on the internet, creating a thorough, helpful digital product can be a gem for those who don’t want to waste time browsing the web and probably getting not so accurate data.
Thinking and designing a digital product takes time and effort, but it pays off at the end.
Here are the main reasons why you should give it a shot:
1. Low entry barrier
You can definitely leverage your skills and experiences into building a digital product, with little resources.
2. The risk is minimum
If you create a digital product, you don’t have to pay for retail space, manufacturing, packaging, etc. so the cost and investment is very low.
Besides, you create the digital product once, and you sell it for years.
3. High margin
As the digital products are more affordable, the return on investment is high.
You can upgrade your digital products, and even add new features easily, so it’s infinitely scalable.
How To Create And Launch a Digital Product
Here are the steps to create and launch a digital product:
Step #1 – Research the market
The important thing of this step is to answer the question, “Does my digital product solve someone’s problem?”
So your job will be to investigate what are the main needs or problems of your audience. The best way is to ask them.
How can we do that?
- You can ask through communication channels such as social media platforms.
- Test a minimum viable product. For instance, an e-book about the subject of your product.
- Or you can also create educational content and share it on social media.
Step #2 – Define the goals of your digital product
There are two questions we should answer.
- What do we want to achieve with our digital product? [To solve our audience’s problem]
- Who is our audience? You must detail the segmentation.
- What are the benefits?
Step #3 – Topics to be addressed
Based on the above information, with your knowledge and experiences, create an agenda of the topics to be covered.
To make your digital product more attractive, you can add video lessons, downloadable templates, some practice section with activities, etc.
Step # 4 – Set competitive pricing
It’s common to copy similar products’ prices. But you can consider the following strategical tactics:
- Offer different packages with tiered pricing. Highlight the most popular package.
- Use psychological pricing. I.e. $27.99
- Offer a free plan or free trial, so your customer can try the digital product first.
Step # 5 – Name and “package” your digital product
Your digital product must follow the line of your brand.
To make it stand out in the market, we must create a name, a logo, define the colors, and all those elements that will make it unique.
Step # 6 – Create free content to familiarize your audience
Keeping your sales funnel in mind, the purpose of creating free content—such us SEO optimized blog posts, infographics, podcasts, etc…–is driven to show the value of your digital product and encourage your audience to buy it.
Related Content: How To Come Up With 25 Content Ideas In Less Than 15 Minutes
Step # 7 – Promote the digital product
This is an important step. Once you’ve created your digital product, you must put it in front of your target audience.
You can start by sharing it first with your email list and social media audience. Then, you can promote it by:
- Offering a lead magnet
- Using website pop-ups
- Running paid ads
Content Related: 20 Lead Magnet Ideas To Increase Subscribers
Step # 8 – Launch your digital product
The launch day must be special, so you can:
- Collaborate with influencers to give a buzz
- Offer big bonuses for early birds
- Run paid ads on social media and search engines
- Send a product launch announcement email to your email list
Step # 9 – Analyze your digital product launch
We talk about showing the value of your digital product because it can give a solution to a problem. Yet, you’ll need to analyze the launch performance by setting some KPI’s, so you can improve it, if needed.
You can track: overall traffic, paid vs organic traffic, source traffic, bounce rate, session duration, and conversion rates.
With this step-by-step process, hopefully your digital product launch will run smoothly and be wildly successful.
Remember that to stay in the game, you’ll have to listen to the market and keep the digital product updated. After your digital product is in the market, iteration is the ongoing process of making little improvements, according to your customers’ feedback.