If there's one thing I've learned, it's that people love information. People love learning new things, and they love getting their hands on information that can help them improve their lives in one way or another. That's why selling digital products is a lucrative online business.
After all, who doesn't want to take something they know a lot about and turn that knowledge into a money-making machine? The great thing about information products is that you can create them once and then sell them over and over again.
Today I'm going to share with you some tips on how to make money selling information products online. By the end, you'll know exactly what you need to do to get started.
So without further ado, let's jump into it!
Where does this information product thing come from?
The information product industry, at least in the way we know it (eBooks, membership sites, video courses...) has been around for a while. But it's not a new thing, it's part of the information publishing and marketing industry. A billion-dollar industry that once made all the physical magazines, books, audio cassettes.
Now with 4.66 billion active users worldwide breathing the internet, it's been easier than ever for people to access and purchase information products. I mean, we're talking about that 59.5% of all the people in the world is on the internet.
And according to a Digital Buyers Worldwide 2021 report from Statista, 2.14 billion people were expected to buy goods and services online last year. That's 46% of the world's internet users. Enough room for you, me, and everyone else to do business selling information products online.
The information product phenomenon has recently become an even bigger boom due to the COVID-19 pandemic. There are now countless websites where people can buy information products on any topic imaginable.
In many cases, these information products online come from people like you who are experts in a particular field. They may have written books or in-depth articles on the subject or given talks or seminars. In other cases, the information may come from research that has been conducted by the author.
Whatever the source, the important thing is that the information you're bringing to the table is valuable content to the people who are looking for it. Because it should be able to help them solve a problem or improve their lives in some way.
What are digital information products?
As the name suggests, a digital information product it's simply an electronic item that contains information. That's it! It can be anything from an eBook to an audio recording to a video tutorial. Basically, anything someone can digitally consume and learn from qualifies as an information product.
Here are some examples of the best selling information products 2021 / 2022:
- Videos
- eBooks
- Audiobooks
- Online courses
- eMagazines
- Podcasts
So this means that ANY information product can have success? Stop right there; that's a good question. The answer is very short and easy: not necessarily.
These products are created to provide value, and the value of a digital information product lies in its ability to save the customer time, money, or effort. For example, an eBook on how to start a blog can save the reader hours of research time, and a course on mastering Excel can save a student hundreds of dollars in tutoring.
As a freelancer you can create and sell eBooks, online courses, downloadable templates, and more. Check out 4 Information Products To Sell As A Freelancer.
Many digital information products are made by experts in their field who share their knowledge in the form of an online course or downloadable eBook.
Like Alicia Keys on MasterClass teaching songwriting and producing.
Others are curations of existing content that have been collected and organized into a format that is easy to consume. So, there you have it!
Who needs an information product in the first place?
You know that person who's always asking questions? The one who's constantly curious and never seems to stop learning? They need an information product. And not just any information product, but one that's well-researched, engaging, informative, and suggests actionable solutions to a specific problem.
- First-time homebuyers? A PDF on how to evaluate a real estate investment
- Cactus plant lovers? An eBook on how to grow a beautiful cactus
- Wiener dog owners? An audiobook on Dachshund training
- Fitness people (CrossFitters)? A podcast on nutrition for this fitness regime
- Beginner jazz guitar players? An online course on basic jazz techniques
And so on. Of course, these are just a couple of examples.
The key here is to have a great information product that people can finally get the answers they've been looking for around certain topics. So whether people are trying to find out how to start an online business or learn a new skill, an information product is the way to go.
Some people might be able to get by with just a little bit of research, while others might need an expert opinion. Some people just like having all the information at their fingertips, and they're willing to pay for it. Anyone who feels like they could benefit from learning something specific may want an information product.
Why should you sell digital information products?
Before we jump into an answer, remember that we all have stories and thoughts, and the world needs our perspectives so we can all learn from each other. By selling information products digitally, you're not only making money online, but you're also giving somebody else the chance to benefit from your insights and observations.
So light that spark of knowledge and experience, and just let it spread!
Here are some key reasons to sell information for money.
Low-risk and flexible business venture
When it comes to making money, selling digital information products is something with low financial risk and is really flexible. You don't have to spend anything on inventory or shipping, and you can work from home and set your own hours. Plus, there's a high market demand for digital products, so you can be sure to find the right target audience who is interested in what you have to offer.
No one will ever go bankrupt by selling online.
Reach new people around the world
The internet has made the world a better-connected place. With just a few clicks, you can reach people all over the globe. And if you're selling digital information products, there's no need to worry about language barriers. You can sell your products to people in any country, and they'll be able to access them 24/7.
No shipping costs, no waiting for deliveries.
And that's not all. Digital products are also easier to scale than physical products. Let's say you have a popular eBook. In that case, you can sell thousands of copies with very little overhead. So why not take advantage of the global market? It's a great way to get a much larger potential customer base and make more money online.
Helps you build a robust community
When you sell your own digital products, you're not just building a business—you're building a community. Your customers become part of a larger whole, united by their shared experience of using your product. This sense of community can be incredibly powerful, providing customers with a sense of belonging and helping them to connect with others who share their interests.
In addition, it helps to promote your product, build brand loyalty, and test new ideas. Customers who feel invested in your community are more likely to stick with your product and recommend it to others.
Creates long-term passive income
Let's say you have a great blog post that you spent hours writing and perfecting. You could sell it as a PDF for $5. But what if you took that same blog post and turned it into an eBook, adding more content and value?
You could then sell that eBook for $20 and make 4 times the original amount! And if you continue to sell that ebook for years to come, you'll be creating passive income - money that comes in without you having to do any additional work.
How to identify a profitable market for a digital info product
The key to profitability is finding a market that is both willing and able to pay for your product. That may sound like a no-brainer, but you'd be surprised how many people try to sell stuff to markets that simply don't have the money or interest.
To give you an idea: 42% of startups fail due to lack of market need. This is the reason most often cited by founders and CEOs.
So how do you find a profitable market for your digital info product? Start by doing your research. There are a number of ways to gather intelligence on potential markets, including online surveys, audience research tools, and market analysis.
Once you've gathered some data, it's time to start evaluating the potential for profit. Look at factors such as the size of the market, the average income level, and the competition. With this information in hand, you can start to develop a product that meets the needs of your target market and offers a good ROI.
I promise it's actually not that hard if you follow some simple steps. Let's dive in a little bit into the basics of how to identify a profitable market.
Evaluate your interests
These days, everybody's looking to make a quick buck. But the question remains: what do you REALLY like? I'm sure you have an answer. An honest one.
I like this quote from @garyvee that pretty much talks about this 'interests' point.
"The reason there are so many crypto, cannabis, and social media experts is people chase trends, not what they're good at or like. People are chasing the next fast thing... You have to understand I don't care about the end goal. I care about the process, the enjoyment of doing it." – Gary Vaynerchuk
The first step in this process is to narrow down your interests and skills.
Ask yourself these questions:
- What are you passionate about?
- What do you have expertise in?
- What topics do you feel strongly about?
I'm sure you've all heard the saying, "Do what you love, and the money will follow." And it's true. Again, start by going through your interests and brainstorming ways to connect your loves with your capabilities.
For example, let's say you're passionate about baking. You could create a digital cookbook with recipes for traditional cakes, gluten-free desserts, or Paleo-friendly snacks. Or maybe you love to travel. You could create an eBook with tips for planning an affordable vacation or a video course on packing light for extended trips. The possibilities are endless!
Pro tip: If you are more into technical subjects related to finance, health, law, or any science, please review all the information with a certified expert.
Once you understand your interests, it's time to research markets that could be a good fit for your digital information product.
Do a thorough research
There's no surefire formula for identifying a profitable market for a digital information product, but here are some factors to keep in mind.
- Look for an unserved niche to fill a gap
- Analyze industry trends that you can tap into
- Understand the potential audience
- Determine what kind of product they're buying
By following these few steps, you'll be well on your way to finding a profitable market and creating a digital information product that's sure to turn a profit!
Conducting market research can be a daunting task, especially if you're not sure where to start. However, there are many tools available that can help you get the information you need. Sparktoro, Statista, Pew Research Center, and Google Trends are all great resources for doing market research.
Quora and Answer The Public are also excellent sources of information for audiences. If you want to save time and energy, hire a market researcher on Legiit. Research is an essential part of any business venture, and with the right choices, it doesn't have to be a difficult or expensive process.
How to create digital information products
Creating digital information products is something that anyone can do, as long as they have a computer and an internet connection. Depending on your niche and your target audience, you can create eBooks, PDFs, podcasts, or even online courses. The thing is to figure out what format will best suit your topic and then deliver your content in a way that is engaging and easy to consume. Remember, your goal is to provide value and help solve a problem.
For example, here are some digital product formats…
- Educational products
- Membership sites
- Templates and tools
- Online courses
And some popular niches…
- Mental health and behavior
- Backpacking and camping
- Freelancing business
- Saving and investing
The result after combining format + niche?
- Learning to cope with stress eBook/PDF
- Membership site for campers/backpackers
- Downloadable pricing templates for freelance projects
- Online course on fundamental savings strategies
For digital information products like eBooks or other written formats, you can create the content on Google Docs or Microsoft Word and then export it as a PDF. And you can also explore graphic design gigs on Legiit to get a cover to make it look clean and professional.
The more effort you put into creating quality content, the more success chances you'll have in selling your digital products. Don't have the time or skills to write all the content yourself? Learn how to outsource writing services to freelancers so you can get more stuff done.
On the other hand, with the immediacy and availability of camera phones, anyone can be a one-person video crew. And with the advent of powerful and inexpensive editing software like iMovie or Windows Movie Maker, you too can be the auteur of your own digital age information product masterpiece.
Alternatively, PowerPoint, Keynote, or Loom are great tool options to record yourself and your computer screen and make awesome videos.
The easiest way to sell and host your courses online
You have a skill, talent, or knowledge that you want to share with the world?
Legiit Courses is the perfect place for you! You can sell and host your information products for free, no matter what type of format you offer. It makes it easy for you to get started and helps you every step of the way.
Our easy-to-use course selling and hosting feature makes it simple to add videos, slideshows, audios, PDFs, and more digital files. Y. And our vibrant Facebook community helps you reach new customers around the globe.
With Legiit Courses, there are no limits to what you can teach. You can create a course on anything from cooking to carpentry – or even how to start your own business. Whatever your passion, we want to help you share it with the world.
Sign up now and upload your new digital information product.
How to market your information products online
You want to make sure your information product really takes off, so how do you make that happen? You've got to market it! And there are a ton of different ways you can go about marketing your information product.
- Host your content on a solid platform like Legiit Courses
- Word-of-mouth (also known as WOM), it never dies
- Use email marketing to build a list of email subscribers
- Work on your search engine optimization efforts to rank higher on Google
- Run paid/targeted ads with Google Ads or Facebooks Ads
- Create social media content on the platform(s) that makes the most sense
- And affiliate marketing links for the win; everyone makes money!
All of these methods have their own pros and cons, so you'll need to choose the ones that work best for you and your digital information product.
Get started with Legiit's course hosting and selling feature
So there you have it. You now know all about information products, what they are and how to go about creating your own. It's not as mysterious or complicated as one might think. In fact, it all boils down to understanding your customer and what they need/want.
But before you rush off to create the next big thing, take a moment to digest this knowledge and try out Legiit's new feature: courses. With our easy-to-use platform, you can host and sell online courses and other digital content directly on our site. Why not give it a try? And once you've created your masterpiece, don't forget to market it like crazy! Right now, someone in the world is waiting for your next launch – good luck!
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