The Ultimate Guide to Creating and Earning a Passive Income Selling Digital Products

Advantages came ready-made with internet marketing. These original advantages have continued to increase as the state of the internet has improved. Everybody has had a never satisfied wish for more, better, and faster access to products and service across the entire area of internet marketing.

There is no indication that this will ever change, and so the number of online customers, as well as the number of advantages, for online sales will continue to grow.

It Starts with a Thought!

You know you are an entrepreneur when you are full of ideas. Those who run out of ideas are no longer entrepreneurs. This is especially true when it comes to Internet marketing. Your ideas start with a thought. These thoughts are precious to you because it will help you to turn it into ideas that will in turn help you make money!

You need to use your ideas to come up with products. Whatever you have, make sure you write them down on a piece of paper before that idea drifts out ‘through your ear’ figuratively speaking. In other words, you’ve got to take action.

So you need to be very creative and flexible when it comes to your Internet marketing business. Understand this – it could be very challenging to come up with an original product idea.

Here are some tips on how anyone can develop killer products:

  • Anticipate what the end-user wants.
  • Brainstorm with a close group of marketers and share ideas.
  • Discuss the options.
  • Survey all alternatives for ideas.
  • Take action NOW!
  • Anticipate What the End-User Wants

Here is a rule of thumb – don’t create something that no one needs.

Even a poor product with a massive, desperate market will sell better than an excellent product that nobody wants! You have to give them something of value. You may get carried away with the best ideas, but if you don’t sell anything, it is worth jack-squat.

Therefore you must always lay the grounds of product creation by noticing the needs of the population he or she may decide to target.

Investigate your niche and find out what kind of questions are asked all the time. Pay attention to what they want. Always write down what their comments are regarding a product they will need and you have a market already.

After all, these customers need something and when you step in to fill that need, they are willing to part with their money for you to solve their problem.

Instead of trying to convince the marketplace to like your idea, you will eventually be able to offer a product you already know they want and can use.

Brainstorm with a Close Group of Marketers and Share Ideas

Once you start gathering information about all the problems, you must start working on solutions. Ask yourself – is there some kind of information or solution that can resolve all those questions and concerns?

You can easily tap into a niche market by filling in a gap for what your prospective customers would like to have.

Don’t focus so much on the mechanics of the plan. Work out a blueprint. Don’t speculate whether or not you have the ability to pull it off or not. At this point in your business, you are in the idea generation phase – don’t bog yourself down with technical details!

Also, try to keep pragmatism out of your mind as you devise possible product ideas. What may sound totally absurd may very well become the basis for your highly successful offering.

Anticipating user demand and brainstorming are the first two steps in a longer process of inventing a new product. Those who fails to plan, plans to fail!

Discuss the Options

It will take a while for your ideas to set it. Don’t expect to execute all of them at once especially at the beginning stages because some ideas will only show itself to be feasible or unfeasible after testing.

You can return to those ideas some other time. That way, you will become more objective and may prevent you from making a hasty decision. Re-evaluate them and decide if any fall too far from the customer’s needs.

The most important thing is to come up with a list of possible products that have the best feasibility.

Survey all Alternatives for Ideas

This is known as the testing phase. You may have your ideas all written down and in concrete, but you have to keep on testing them to see whether your plan is truly feasible or not. This should be relatively unlikely, based on the needs expressed earlier, but it is still necessary to check before you set course on a redundant path.

You must assess the feasibility at this point and anticipate the receptiveness of the market as well as your unique selling point.

Note what they offer and think of ways you can produce a better product. If you can’t produce a better product, always consider your alternatives.

If someone is already providing a solution, but still, there are people who are expressing a need, which means there is some sort of weakness–either in the existing product or in its marketing. Try to find that weakness and eliminate it in your offering.

Take Action

Don’t be a perfectionist. The problems with perfectionists are that they keep tweaking and analyzing until their project fails to launch. You have to take some risks and run the project until it creates traction.

In other words, NO ACTION equals NOT MOVING FORWARD

If you do not make mistakes, you will never learn.

When you make mistakes at the point of decision, it can have a critical impact on the success of a project. That is why it is important to test your ideas with additional research after having culled weaker possibilities out of the mix.

If you have followed the process, you should be able to make an informed, comfortable decision.

At this point, you will understand what your buyers want, what you can do to help, what they currently have, and how you can offer something better.

Your BLUEPRINT is essentially your golden goose!

How to Bring Ideas to Life

Leveraging on Others

You have the idea for your product and you want to bring it to life because you know that success is looming around the corner. Your confidence is charged up so what do you do next? Charge into the battlefield with your guns blazing?

You have to plan first – your method of execution.

You have to ask yourself this very important question when it comes to a project – should you do it yourself or outsource?

Well, this can be answered in one sentence – DO WHAT YOU DO BEST AND OUTSOURCE THE REST!

Remember that time is money. Don’t waste time trying to be stingy when it comes to product creation. Much of your time should also be spent on marketing.

Pause for a moment, though, and ask yourself a few questions. Your answers will tell you if you are better off doing it yourself or outsourcing the work to an expert.

Firstly, are you the best person for the job?

Does your skills match with the tasks required for the project? Do you know someone who can do it faster and better than you at a price you are willing to pay so your time can be better spent elsewhere? It doesn’t seem reasonable to force a monkey to swim and a fish to climb trees.

If your skills don’t match the project, then outsourcing is the way!

Secondly, are you willing to spare your time to complete the job? If your schedule doesn’t provide the luxury of getting the job done, once again, you may want to outsource.

Thirdly, can your time be better spent?

If you can make more money doing what you are best at, then all the more you should outsource!

Fourthly, do you have the resources to spare?

You can’t outsource when you have no money.

At the end of the day, you have to be very objective to what you are trying to accomplish. Don’t make business decisions based on feelings or emotions. And don’t be afraid to say no to others.

These are all crucial to your success when it comes to developing digital products.

Three Keys for Success

Keep Your Eye on the Target

Here are a few guiding principles you must consider during the construction phase of your product creation project so you can product the best quality and an outstanding end result.

The product must remain focused.

Don’t get distracted by ‘add-on’ ideas that are not related to your product. For example, don’t try to promote an affiliate program bundled together with your product when it is not related to your niche no matter how lucrative that affiliate program may seem.

Make sure when you create your product, it brings you one step closer to your goals.

Never ever get sidetracked by others (including good joint venture offers). An unfocused product will not be well received.

Additionally, it will result in you spending more time and energy to finish the job–time and energy that will be wasted. Retain a focus on the true function of the product at all times.

The product must retain usability.

Don’t try to overwhelm people with details. If you go overboard, you will confuse your prospect and you will not get your desired results. Follow the KISS principle, “Keep It Simple, Stupid!”

But you must remember the most important rule:

Think like a user.

As you build your product, take care to approach it as a user, instead of as its creator. Don’t be an egomaniac. What you may think is the best product in the world TO YOU may be worthless in the eyes of those holding the money.

Try to put yourself into the shoes of someone else and try to assess how they will react and handle your product. It is easy to lose yourself in product building and to make a final item that suits you perfectly, instead of one that really meets the specific needs of users.

Refine Your Product While Getting Testimonials

How to Kill 2 Birds with One Stone

Once your product is complete, you can test your product by giving some of your people (especially your Joint Venture partners) the finished the draft version of your final copy. Once you have subjected it to significant editing/testing, then only you will have the confidence to release it to the market. These people will not be your paying customers but are crucial to helping you to refine your product.

These ‘testers’ serve two primary functions:

First, it will allow you to find out how others view the result (especially when you are not immune to your blind spots), giving you an opportunity to further refine your work for maximum effectiveness.

Second, it will allow you to build a base of testimonial comments that you can use for your product!

The best thing about testimonials is that the person giving it gets to publish themselves as well as their websites on your sales page.

If you take their recommendations offered seriously and use them to further refine your product to increase its value to end users.

You might be surprised at some point if you have made a mistake: either an overlooked feature or something you might have missed out. Often, a third party will be able to provide you with direction and information that you would never think of yourself, simply because you are “too close” to the product.

Save all of the positive testimonial material for use on your sales page and all your other marketing materials.

Always listen to the customer comments objectively. If the reaction to your product is negative, it may be time to go back to the drawing board. Don’t give up.

Keep on adjusting until it becomes more profitable.

Avoiding These Pitfalls

Beware These Newbie Mistakes

Here are a few important things you must take into consideration when trying to build a great product. Some of them include avoiding the potential pitfalls.

First, try not to take short cuts

Never ever deliver an inferior product just because you can save costs. If you can sell well but your product provides little or no value, eventually it will all catch up with you.

Trying to skip any of these necessary actions exposes you to the risk of rushing an incomplete or inferior product to the market. Not only will such an act reduce the product’s profitability, it will also risk damaging your long-term reputation as a marketer.

Second, don’t stay on the development phase for too long.

Don’t damage yourself by overworking and tweaking over and over again. Spending too much time tweaking and refining can actually harm a project and will delay your chance at profits.

You have to strike a balance.

Third, don’t put the cart before the horse.

Remember that you are an Internet MARKETER, not a project developer. Therefore, your first instinct probably leans toward marketing – not project building. That is one reason why outsourcing can be a great option. It also means that you may be thinking more about how you are going to sell your product than you are about how to make it a high-quality item.

Be extremely focused.

You’ll be introducing a well-developed item that has a high level of marketability and will have avoided compromising the integrity and quality of the product at the same time. Be comprehensive, don’t become paralyzed, and keep quality product development in the forefront of your mind.

Adjusting Your Price

Pricing Can Make or Break Your Product

You have to test whether your E-book will sell better at $7 or at $67.

Normally, it is not the cheaper E-book that sells. Sometimes, going too low can actually hurt your product because the perceived value is much, much lower.

You have to deal with price testing at this point. You have to work hard at striking a balance. If you have a mailing list, you can mail out one offer to half your list and mail out a different offer to the other half. See which of these two does better.

Here are a few factors to consider:

At what price does the product seem to sell the best?

At what price do sales numbers go up, without pushing up overall income?

At what point does the product become overpriced?

At what point is it under priced to the point of dissuading buyers from taking it seriously?

Don’t ever leave pricing up to guesswork.

Even if you are happy with the results, it is quite possible that you missed the chance for an even greater profit by not testing to discover an optimal price point.

Of course it may be very annoying to test your product when it is close to your launch, but it can make a huge difference in your overall success. Hunches and guesswork may occasionally be spot-on, but more often than not a bit of research and examination will reveal the best way of doing business.

Product Guarantees

The “100% Satisfaction Guaranteed” Statement

Do you have a product guarantee? It is very helpful for selling your product. If you don’t guarantee the quality of your product, then you might not produce sales at all.

Yes, it is true that we are not signing a contract but we have to watch out!

Here are three reasons why guarantees are very important!

First, they can increase the credibility of the seller, making customers more comfortable with the idea of making a purchase.

Second, they can provide a risk-free way for “fence-sitters” to make a purchase.

Finally, they can facilitate a higher level of customer service, prevent chargebacks, and keep a vendor’s good name intact if a disgruntled buyer should pick up a copy of the product.

However, guarantees also have several disadvantages.

There are people out there who want to rip off your product. Once they have downloaded your product, they will keep it and still ask for a refund. If your guarantee is too loose, this can happen frequently.

Remember that guarantees that offer money back “for any reason,” are potentially harmful and even more carefully worded policies are subject to some level of abuse.

There are a few guarantees you should never make. Never promise anything outside of your immediate control. Keep all warranties unique to the product itself, unrelated to the way it is used.

Sellers who offer a guarantee if certain results are not obtained put themselves at the mercy of the talent and skills of buyers. Control is lost completely, and one may end up issuing refunds for a perfect product.

This is one reason why an earnings disclaimer should be included with any product designed to assist others in any business endeavor.

Final Summary – Your Digital Product Creation Checklist

Summary

Here is a checklist that will help you summarize your entire efforts.

Written materials
Audio products
Video products
Digital photography and graphics
Scripts
Programs
Management skills (to manage your JV partners and those that you outsource your work to)
Other skills that will get the job done

Resources

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