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Selling digital goods and entering the online education business has never been easier in today’s online world. According to Research and Markets, the online education sector is poised to grow into a $ 325 billion industry by 2025, up from $ 187.877 billion in 2019.
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Not only do we live in an instant gratification economy, where we want products delivered instantly to our doorstep (or better yet via our email inbox), but we also demand freedom regardless of the location of items. two sides, from the point of view of the consumer and the company.
Consumers are increasingly buying digital products, for example: membership sites, eBooks, audiobooks, digital courses or live lessons and tutorials, videos, songs, design, photographs , models, applications, brains or worksheets. There are literally hundreds of digital product options you can add to your product line.
Related: How To Improve Your Online Course (And Increase Student Engagement)
There are countless benefits of selling digital products online. For example, the barrier to entry at startup is very low, digital products generally require little maintenance, you have complete creative freedom, and digital products have enormous scalability.
Here are the top three marketing tips and strategies on how to best promote and sell digital products for the highest possible profits, listed in no particular order.
1. Online Summits
Online events and online summits have become a very popular and important marketing channel in recent months. Many events and conferences have been forcibly canceled, and the smartest companies have moved their events online.
Virtual Summits typically last between one and 10 days, and attendees can watch interviews and expert presentations for free for a short period of time. Usually, online summits are so great, with many speakers per day, that overwhelmed attendees don’t find the mental capacity or even the time to consume all of the content at once.
The hosts then offer one or more upsells to viewers, so that they can buy the recordings together and watch them at their own pace.
You can host an online summit on any topic and don’t even have to be an expert in the particular topic you represent. If you or your speakers have any additional digital products like online courses or eBooks that they can add to make the upsell offering more appealing to the buyer, it will increase your chances of getting a rate. higher sales. The bonus is that it doesn’t really cost you or the course creator any more money.
Related: How To Earn Six Figures From A Virtual Summit
2. Online challenges
Online challenges, and especially five day challenges, have become increasingly popular among online marketers because they get results fast. An online challenge mainly consists of a series of videos that participants will watch and the corresponding assignments. According to Yahoo Finance, a minute of video is worth 1.8 million words. So seeing yourself on video every day, especially when it’s live and you can interact with your audience, dramatically increases your trust score.
A challenge will help your ideal customer avatar start creating something like a preview for their next online course or a launch plan for their next book promotion. This way your upselling at the end (which in this case could be a full program or a course on creating your online course or writing your first ebook) will become very easy, as prospects have already started to do it. work and feel motivated to continue.
The most effective challenges usually last between three and five days, as this is a healthy timeframe to help people complete their daily tasks without giving up. Most marketers run a low cost, high turnout challenge on Facebook. According to Hootsuite, Facebook is the third most visited website and has become the most popular platform to run and market a challenge.
3. Membership sites and online learning platforms
Membership sites and online learning platforms are another great but much more indirect way to sell digital products. You can either build your own online learning platform where you can sell your own digital products, or sell digital products from other industry experts.
There are many types of membership site and online course platform templates that you can either join or create. To name a few:
- The drip model: content will be added each month.
- All-inclusive membership: members have immediate access to everything.
- Online Community Membership: Members have access to private forums, brains, or online groups.
A consultant and course builder, for example, is not necessarily interested in creating new content on an ongoing basis and therefore does not seek to create a full membership site on their own. However, most consultants, coaches, and course creators are more than keen to get involved in a joint venture and have their online course listed on top online learning platforms in exchange for an affiliate commission or simply from an exhibition.
Related: 4 Ways To Keep Getting Paid From Home During Quarantine