Today’s world presents us with more ways to make money than there’s ever been. Digital technology has played a big role in this. Besides providing us with multiple ways to get in touch with people from across the world, it gives us new spaces to buy, sell, spend, and earn.
Digital products are a major outcome of this new online commercial environment. The people who make and sell them have reaped large sums in profits. By most accounts, the market for these products will grow exponentially in the coming years.
If you’re seriously considering making money online, digital products offer you an opportunity to do just that.
But what are digital products? And why should anyone consider making and selling them?
Read more about Business
What Are Digital Products?
Digital products are products that can be sold, purchased, and accessed on digital media, especially online. They stand in contrast with hard products and services, which can be touched or experienced physically.
Examples of digital products include:
•Online courses
•Membership sites
•Podcasts
•Web themes
•E-books
•Photography
•Apps
•Newsletters
•Graphics and digital art
•And many more.
As you’ll notice, these items may also be obtained for free. They are only products when you have to pay to access them.
Why You Should Consider Selling Digital Products
Here are some reasons why you may want to begin selling digital products
•They offer some of the best ways to earn passive income. Some may require work upfront, but once they’re created, they can begin earning you money even when you’re asleep.
•They usually don’t cost a lot to make. In many cases, all you’ll require is your computer and internet connection.
•There’s very little maintenance to be done over time, as digital products aren’t subject to spoilage.
•The potential market for your products is huge—if what you’re selling is in demand. You could reach audiences across the world.
•This market has a much lower barrier of entry than most physical products and services.
•Because of the lower costs involved, the profit margins can be impressive.
Steps To Making Money From Digital Products In Nigeria
These are the steps you need to take if you want to make money from digital products in Nigeria.
Consider Your Skillset
You will probably have to focus on making and selling one or a few digital products. The items you go for should be the ones you can create (unless you’re planning to outsource that part of things).
For example, if you have great photography skills, you could make money from selling stock photos on sites like Shutterstock, Getty Images, Alamy, 123rf, and iStock Photos. If writing is your thing, you may earn from making and selling ebooks on platforms like Amazon and Smashwords.
Research The Market
Much like the offline world, there will be digital products that sell more than others. Sometimes it’s clear what the market gravitates towards. But often, you’ll have to do your research to find out what buyers want.
Through your inquiries, you may learn that there’s a bigger audience for personal finance than there is for knitting. Or you may discover that podcasts about marriage and family issues are in greater demand than podcasts about housekeeping.
One of the best ways to learn what your potential market wants is to check for what keywords are searched for the most on search engines (like Google). Tools you could use for this include Google Trends, Aherfs Keyword Generator, or Keyword Surfer (a Chrome extension).
Determine Pricing
Look around for what others in your potential niche are charging for their services. That should give you a clue as to how you’ll price your offering.
Also, consider the amount of work you’ve put in and the quality of your product. Whatever you do, don’t set the price so low that you won’t gain from your work, or so high that potential buyers will be scared away.
Build Up A Waiting List
After selecting what digital product and the niche you want to take on, you may begin work on creating the product. But while you’re dealing with that, you should start building a sense of anticipation around the product.
Let your followers on social media and contacts in real life know that you’re going to be releasing a product soon. If you don’t have a sizeable audience for your product yet, now’s the time to begin building it. Focus on attracting a following for the niche you’re getting into.
Speaking about building an audience quickly, here are 7 Ways to Gain More Followers on Twitter.
It’s a good idea to have free giveaway items with which you can get people to sign up with you. Use this tactic to build an email list of people who you’ll inform about the digital product’s availability once it’s released.
Sign up to the Connect Nigeria daily newsletter
Create The Product
Your digital product should be something at the intersection of your skills and interests, what the market wants, and the pricing you’ll set for the product.
Thankfully, there are a lot of resources on the internet that’ll guide you through creating whatever digital product you want to make.
When you’re done with the product, you can launch it on the platforms you choose, and announce to the world (including your social media followers and offline contacts) that it’s available.
Sell Your Product
It’s up to you to decide where you’ll sell your product. Depending on what it is, you may either sell on your own website or a third-party platform. You could even make the product available on both.
Whatever you go for, make sure that you have an easy way to collect payments. You will have greater control of this if you’re selling on your website. Third-party sites will also cater to a selected number of payment means.
Work With Feedback
Ask for, and examine feedback on your first product. They could help you immensely in planning for your next digital product.
Final Words
Digital products have provided a lot of people with profitable side-hustles and passive income. You could benefit from them too. Take the steps we’ve outlined here, and you’ll have yourself a digital product that brings in steady revenue for you.
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- 7 Easiest Businesses to Start in Nigeria Right Now
- Ways SMEs Can Successfully Make Inroads in the Nigerian Market
- The 7 Consumer Behaviours Shaping the Nigerian Market
- How to Win Your Distribution Game as a Tech Startup
