Did you know that most millionaires have at least seven streams of income? As in — they don’t just have one offer or one type of service/product. As online business owners, especially as service providers, it’s hard to imagine diversifying our revenue.
We’re good at one thing, right??
The truth is, though, you can turn your expertise into different kinds of offers, from 1:1 services to group programs and — yup, you saw this coming, right? — digital products.
Digital products give service-based and online business owners the chance to create something and then sell it on autopilot. This is something that can sell again and again without much maintenance.
Want to know how to diversify your business revenue with digital products? Read on.
Like anything else in business, niching down is always a good idea! It may seem counterintuitive because your first instinct is probably to make your product as viral as possible, but doing the opposite is going to bring you MORE sales in the long run.
When you’re trying to appeal to too many peeps, you just get lost in the sauce.
So because this is so important for sticking the landing of a great digital product, it forces you to be more strategic about how you niche down in your biz.
And yes, some niches may be a little more saturated than others, but if it’s your niche, and where you feel like you can serve people the best while maintaining the vision for your biz, then that’s where you need to go.
However, you can kind of “hack the system” by getting even more specific in your niche by narrowing down your target audience:
Niching down not only provides your customers with a better product, but it will provide you with a better clientele because niching gets you closer to your dream clients/customers!
Look, there will be a lot of people who aren’t going to sign up for your high ticket offers right off the bat (if you’re a service provider, this could be things like full brand identity, 1:1 coaching, etc.). That is a big investment, and most people need time to get comfortable making that decision.
And TBH, they vet you to see if you’re a good fit for their business. They don’t want just anyone handling the precious goods of their biz!! They need time to get to know you first.
What better way to do that than to show them what you’ve got up your sleeve?
Digital products are a low-cost way to introduce potential clients to the rest of your offers. They can help smoothly transition them down the sales funnel and help turn happy customers into raving clients!
So you may be thinking…”Christina, how TF do I make a digital product if I’m a service provider?”
Great question! It’s actually super simple and you’re likely way overthinking it.
There are TONS of great digital product ideas hiding under your nose. Once you’re comfy and cozy with your audience and have a feel for what they want out of digital products, start assessing your current lineup of services to see what can be transformed into a digital product.
You can pull out workbooks and checklists from courses. You can turn questionnaires you send clients into sellable PDFs. There are truly so many ways you can make your service a product instead.
Want some ideas to get you started? I’ve got 37+ of them here, organized by industry! Yeeerwelcome.
I’ve seen so many business owners ready to dive headfirst into the world of d-commerce® — and while I love that for them, they make the mistake of trying to do too many things at once (literally every entrepreneur ever).
Focus on ONE product at a time. By doing this, you create less overwhelm for yourself (especially if it’s your first one) and leave space for you to do things the right way and put a badass product out into the world.
And because you’re likely not going to just drop everything you’re doing to switch to a digital product shop style business only, you’ve still got to have time and space to be able to focus on the other aspects of your business well.
There’s no rush on this. You have permission to take the time you need to make something good!
If you feel like the floodgates have opened and everything is much clearer now…and you’re ready to risk it all to run a successful d-commerce® business…let’s slow down for a sec, k?
Let’s talk about it first. Give me a ring if you’re on the verge of closing shop (figuratively) to open shop (literally).
OR you can just take your time and learn what it takes to run a digital product shop first. Ya know, get your feet wet and see if it’s REALLY what you want to do?