how to create residual income from digital products
DESCRIPTION
Selling digital products is one of the most lucrative ways to generate residual income. With no manufacturing/distribution costs, every sale is pure profit.TRANSCRIPT
EncoreEntrepreneur .NET
Residual Income from
Digital Products
Creating and selling digital products is probably one of the most lucrative ways to generate residual income. The advantage of selling digital products is there are no manufacturing or distribution costs. Once the product is made, every sell is pure profit.
Another advantage to selling digital products is that is scalable, meaning that regardless of whether you sell one product or 1,000,000, no additional work is involved once you have the infrastructure set up.
EncoreEntrepreneur .NET
Residual Income from
Digital Products
Income potential:The spectrum of income for digital products is all over the map ranging from tens of dollars a month to tens of thousands and more. Things that dictate our income depend on the market niche, demand, competition, the complexity (value) of our product, and our efforts to overcome any barriers to entry.
One way to exploit our efforts is to repurpose our products to derive additional sales from different media. For example, we can repurpose an eBook by making an audio version, a video version, and/or a slide show presentation using the same content. We’ve already done the heavy lifting when we initially produced our product. It just makes sense to offer additional means for it to be purchased and consumed.
EncoreEntrepreneur .NET
Residual Income from
Digital Products
Note: These days Kindle books are hot sellers and proven to be lucrative sources of residual income . However, there are additional steps involved and things to consider to successfully launch a Kindle book. Get Kindle Revolutions to learn on the ins and outs of becoming an Amazon Kindle publisher.
EncoreEntrepreneur .NET
Residual Income from
Digital Products
Difficulty:While writing an eBook or producing other digital media may seem overwhelming, but in the big scheme of things, it really isn’t. Even if writing content isn’t your cup of tea, consider outsourcing. You can outsource everything from content development to the entire process depending on your level of skill and/or desire. Depending on your content and the scope of your project, outsourcing can cost from less than $100 to several thousand but you’ll never know until you do some investigation. Check out several sources such as odesk.com, elance.com, or freelance.com to kick off this project.
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
EncoreEntrepreneur .NET
Define Scope
of Product
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Analyze your audience. Know who you’re writing for, what are their needs, wants, problems, fears, or passions.
EncoreEntrepreneur .NET
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Define the scope of your product. What is the topic and your goals, what hasn’t been covered, what could be done better…what is the “Unique Selling Proposition”? What will be the title?
EncoreEntrepreneur .NET
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Create an Outline for your product. Define the major and minor points, define the different parts and the order they will be presented.
EncoreEntrepreneur .NET
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Develop/Write your Product. Whether your end product is an eBook, an audiobook, or just about any other media, you’ll need written content to begin.
EncoreEntrepreneur .NET
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Format the Product. This is where you prepare your product, in the media of your choosing, for your customer. Put your best foot forward here.
EncoreEntrepreneur .NET
Digital Product
Development
Create Outline
Develop/ Write
Product
Analyze Audience
Format Product
Launch Product
Define Scope
of Product
Launch the Product. Prepare the product for delivery to your customer then, make it available. You’ll also need to do some marketing to “get it out there” for your customer to discover.
EncoreEntrepreneur .NET
Passive Income Process
for Digital Products
Your Website
Product Sales Page
Shopping Cart/ Payment Processor
ProductDelivery
Your Account(PayPal, Google Checkout, etc)
EncoreEntrepreneur .NET
Passive Income Process
for Digital Products
Your Website
Product Sales Page
Shopping Cart/ Payment Processor
ProductDelivery
Your Account(PayPal, Google Checkout, etc)
We’ll need someplace to “meet” our potential customers.
Usually this is a dedicated website (recommended) but could also use blogger.com, wordpress.com, etc.
EncoreEntrepreneur .NET
Passive Income Process
for Digital Products
Your Website
Product Sales Page
Shopping Cart/ Payment Processor
ProductDelivery
Your Account(PayPal, Google Checkout, etc)
The sales page will provide our customers information about our product, enticing them to make a purchase with a call to action.
EncoreEntrepreneur .NET
Passive Income Process
for Digital Products
Your Website
Product Sales Page
Shopping Cart/ Payment Processor
ProductDelivery
Your Account(PayPal, Google Checkout, etc)
We’ll need a shopping cart/ payment processor to take the order. I suggest e-junkie.com. They offer a completely automated way to deliver our product while also getting us paid.• We put their code on our sales
page to make the purchase• They deliver the product• They pay us (via PayPal or Google
Checkout among others)
EncoreEntrepreneur .NET
EncoreEntrepreneur .NET
Residual Income from
Digital Products
It’s hard to get more passive than that after you get the product developed.
Visit encoreentrepreneur.net to get more ideas on building a passive retirement income empire.
EncoreEntrepreneur .NET
Residual Income from
Digital Products
Attribution: A good number of the concepts presented here are derived from Pat Flynn’s eBook, “eBooks The Smart Way.” You can get a free copy of Pat’s eBook on his site, “Smart Passive Income” by signing up for his newsletter. You’ll find more detail than I presented here and while it’s targeted for eBooks, with some imagination, many of the concepts can be applied to digital products in general.
A word about Pat. Pat is a young man with a truly inspirational story and a model for those seeking passive income to supplement their retirement income. His generosity for freely sharing information is unparalleled. Visit his site at this link.