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In today's online world, selling digital goods and getting into the online education sector has never been easier. According to Research and Markets, the online education industry is set to become a $ 325 billion industry by 2025, up from $ 187.877 billion in 2019.
Not only do we live in an instant satisfaction economy where products should be delivered straight to our door (or even better, through our email inbox), we also demand location-independent freedom from both sides, the consumer and the company.
Consumers are buying more and more digital goods, for example: member pages, e-books, audio books, digital courses or live lessons and tutorials, videos, songs, design, photography, templates, apps, masterminds or worksheets. There are literally hundreds of digital product options that you can add to your product suite.
Related topics: How to improve your online course (and increase student engagement)
Selling digital goods online offers countless advantages. For example, the entry barrier to entry is very low, digital goods are generally low-maintenance, you have full creative freedom, and digital products have enormous scalability.
Here are the top three tips and marketing strategies on how to best promote and sell digital products to get the highest possible profits. These are not listed in any particular order.
1st online summit
Online events and online summits have become a very popular and important marketing channel in recent months. Many events and conferences have been vigorously canceled, and the smartest companies have put their events online.
Virtual summits typically last from one to ten days, and attendees can watch expert interviews and presentations for a short time free of charge. As a rule, online summits are so valuable that many speakers present each day that overwhelmed participants find neither the mental capacity nor the time to consume all content at once.
The hosts then offer viewers one or more upsells so they can buy the footage all together and watch it in their own time.
You can host an online summit on any topic and you don't even have to be an expert on the topic you represent. If you or your speakers have additional digital products such as online courses or e-books that they can use to make the upselling offer more attractive to the buyer, your chances of a higher sales rate increase. The bonus is that it doesn't really cost you or the course creator more money.
Related topics: How to earn six numbers from a virtual summit
2. Online challenges
Online challenges, and especially five-day challenges, have become increasingly popular with online marketers as they achieve quick results. An online challenge mainly consists of a video series that participants see and corresponding "homework" assignments. According to Yahoo Finance, a minute of video says 1.8 million words. So if you see yourself on video every day, especially when it's live and you can interact with your audience, your confidence rating will increase tremendously.
A challenge helps your ideal customer avatar to create an overview for the next online course or a start plan for the next book advertising. This will make your upselling very easy in the end (in this case, a full program or course to create your online course or write your first e-book) because potential customers have already started to work and feel motivated to to keep going.
The most effective challenges usually last between three and five days, as this is a healthy time frame to get people through their daily tasks without stopping. Most marketers run a low-cost, high turnout challenge on Facebook. According to Hootsuite, Facebook is the third most visited website and the most popular platform to run and market a challenge.
3. Member sites and online learning platforms
Member sites and online learning platforms are another great but much more indirect way to sell digital products. You can either build your own e-learning platform to sell your own digital products, or you can sell digital goods from industry peers.
There are many different types of membership websites and online course platforms that you can either join or create. To name just a few:
The Tropf-Fed model: content is added every month. The all-in membership: Members have immediate access to everything. The online community membership: Members get access to private forums, masterminds or online groups.
For example, a counselor and course creator is not necessarily interested in constantly creating new content and therefore does not want to create a full member page. However, most consultants, coaches and course creators are more than keen to participate in a joint venture and have their online course listed on the best e-learning platforms in return for a partner commission or simply for announcement.
Related: 4 Ways to Continue Getting Paid from Home During Quarantine