The Types of Bestselling Digital Products To Generate Revenue For Your Online Business
Today, we're going to talk about the types of bestselling digital products on the Internet. These digital products can turn your website into a cash sucking monster if you structure them correctly and solve a problem in the market you are creating them in.
What I want to do in this article is talk a little bit about digital products, give you an idea of some of the biggest ones out there, and give you some tips on structuring your digital products to get the biggest bang possible.
There are lots and lots of different ways to generate revenue online. You can generate revenue from advertising, affiliate products, CPA networks... But the best and quickest way to generate sustainable revenue quickly is to create your own products to sell.
Digital products have no cost of good sold, no storefront, no inventory, no shipping, and are relatively low risk; which makes them perfect when you're just getting started.
Basically, digital products are a combination of bits and bytes, zeroes and ones, that formed this thing that people will download and pay you for.
Some Best Selling Digital Products Of All Time
You can think of some of the best-selling digital products of all time, like P90X. They started with an infomercial, went on to sell millions and millions of dollars worth of P90X from those television ads and online. What's interesting about their story is the infomercial actually failed 23 or 24 times before it actually made money.
Another one that launched four or five years ago was a called Amazing Selling Machine (or ASM for short). Amazing Selling System was a course on putting together Amazon FBA products, or physical products to be sold in the Amazon Marketplace. They went on to make, I think, $28 million the first year. Now, they are Amazing.com with a membership site.
There was a Frank Kern course called Mass Control, which was one of the first products to break $1 million in sales in only a few days. Then, John Reese had a offer that was the first to make $1 million in a day.
Those are some of the most fabled digital products out there. We (as in myself and other Internet marketers like me) followed these course creators launch these products to "model success" and see what they were doing in the space.
What resulted for me was this incredible understanding of creating and launching digital products through sales funnels, which we now do to sell our own products and client products.
There are lots of different types of products, which we'll go through in detail.
Far and away, the most famous digital download is the ebook. The extensive upswell in electronic reading has produced a decline in conventional books according to the AP. (“Traditional books” are made out of paper, and bound together with glue, in case you’ve forgotten.) This multi-billion dollar industry is proposing a mostly-digital tipping point. In 2002, U.S. consumers spent $1.5 million on ebooks. Ten years later, they paid a whopping $2 billion bucks on them! (Statistics from the International Digital Publishing Forum.)
The economic explosion hasn’t been without its brouhaha. For instance, the U.S. Justice Department sued Apple Inc., and Amazon got into an imbroglio with almost every dominant publisher in the industry. As books evolved form and as capital changed hands, not everybody was happy with the mechanics of the sales.
Is the ebook industry the sole realm of big players like Apple and Amazon with their top-notch lawyers? Not. Entry-level writers can jump in and begin earning cash. All you demand is an Internet connection and a splendid idea. To take one instance, Brett Kelly wrote a useful guide to Evernote. In just eight months, he sold 10,000 copies. Acknowledging that each copy cost $25, Brett wasn’t doing too bad for himself.
The field is still wide open. Jump on the bandwagon and discover how to write an ebook in 30 days.
If the glut of photo selling sites is any evidence, image purchases are a killer industry. Companies like Photocrati, SmugMug, Zenfolio, DigiLabs, Shutterfly, Zazzle, iStock and Shutterstock make the process clear. Sadly for the photographer, selling in these marketplaces demands a substantial piece of your potential profits, particularly when compared to Sellfy.
It’s difficult to assign a capital value on the exact income produced from stock photo purchases. We do know it’s in the several billion. We also know that the lion’s share of these pictures come from ordinary people with a camera and Photoshop — not huge mixed industries with a concept to take over the world.
3. Software & Apps
The most discuss digital product is the app. Believing to be the newest Zynga, thousands of starry-eyed app creators have jumped into the app industry with total abandon. There’s a good-looking, reason for this. That “good reason” is the numbers. And numbers, as you’re informed, don’t lie.
4. Tutorials & Lessons
Informal education online is a huge business. Opposite to the tale that you can acquire everything you want for free online, millions of people have opted to pay plenty to learn new methods, suggestions, and knowledge for their appropriate market or hobby.
Some of the most thriving online tutorial purchases come from authorities in the health market (yoga is large), photography, writing, finance, entrepreneurship and a cadre of technology gurus like WordPress or CSS ninjas.
Paying cash for someone’s valuable expertise isn’t a wrong concept. One of the largest names in this field is Ramit Sethi, who gives courses like “Earn 1k.” He writes, “This isn’t some 50-page ebook. I hired a professional videographer and produced hours of HD video to show a structured system to assist you to gain capital.”
He’s right on. Purveyors of digital tutorials aren’t tossing a PDF up for purchase. They’re pushing out high-level content in the most convenient and appealing forms. And they see a hefty ROI.
While brick-and-mortar companies still have their place, the largest arena for the forward-thinking company person is in selling downloads and digital products. Those who can hang their shingle, so to speak, have lots of opportunities for breaking in and making it big.