$1M Digital Product Formula

If you've been struggling to sell your digital product and you're wondering what's going wrong, this video is for you. I'm gonna be breaking down how I've made over a million dollars in digital products and I want to share with you the exact reason why I've been able to do so and the specific factors that you need to keep in mind when you are creating and selling a digital product. Now without further ado, let's dive in. So the first thing that I want to talk about is something called an offer. Now if you have not read a hundred million dollar offers by Alex Hamosi, I highly recommend that you read it. A lot of the things that I have learned in the past couple of years and implemented have come up from the fundamentals that he shares in this book, but I'm also going to share with you what I feel has been the most impactful way of creating digital products that sell a lot that are in demand and that is all about creating an offer that sells. Now what exactly is an offer? A lot of people think that an offer is simply the product that you sell. So if you are selling an e-book, then that is your offer. But that couldn't be further from the truth. An offer is the way that you sell a product. So it basically isn't just about what your product does and what transformation your product is going to bring, but it's also about how your product comes across to the customer. What is the way that they are perceiving your product and what is the messaging around your product that is allowing for them to see this as something that they need in their life? This means that whether or not a customer is going to purchase from you depends largely on the way that you portray your offer. Now let's compare two examples so that you can better understand what an offer really is. This is the first version of an e-book which you can say which is all about making money and the description of this e-book is learn how to make money fast and easy and the price of this e-book is $10. Now this is offer number one. Let's compare it to offer number two which is going to be of the same e-book but we present the e-book in a different way. Now in this example you see that there is a different visual graphic for this e-book which says 10x your income in 30 days. So there's a clear outcome or transformation that this product is offering. The description here is learn the secrets of multiplying your income in 30 days by you know listening to what millionaires have to tell without investing in real estate or without investing in stocks. So this description goes a little bit deeper into what exactly this product does and on the sales page you also see what you get inside which is an e-book PDF you also get access to a workbook and you get access to an ideas cheat sheet that's going to help you create more income in the next 30 days. The price of this product is $15. Now I want to ask you which of these two offers are you most likely going to buy. If you said offer number two then you are right. The reason why offer number two is more compelling is because of four different factors that I want to share with you in this video. And these are the exact four factors that create successful products specifically when it comes to digital products. Factor number one is believability. So do you actually believe the core promise of the product. Now if I asked you and said hey if you give me a dollar today I'm going to give you a thousand dollars in 30 days would you believe me probably not because the probability of that happening you know without some kind of a miracle or a scam is very very low. But if I said hey if you give me one dollar today and I will teach you how to make ten dollars out of it in the next 30 days you're much more likely to believe me because it's a little bit more believable than you know a thousand x multiple on your income. So it's really really important when you are creating the outcome of your product or the benefit of your product to think of whether or not this outcome is actually believable or not. It doesn't have to downplay the outcome of your product but it does have to be believable. So instead of saying hey you're going to lose 20 kilos in one week with this diet maybe you can say hey you can lose one kilo every week with this diet and that in in of itself is much more believable than the first way of explaining this product. In other words the core promise of your product needs to be believable yet also desirable. Some of the things you can think about here are how am I going to be helping my customers what is the key transformation or the key outcome that I'm helping with. How can I quantify this outcome and share with them you know how they can achieve this in an x number of days. So when you say hey you will lose one kilo a week that automatically tells your consumer that that is something which is a believable outcome. Instead of you just having a product with says how to lose weight PDF because that is super generic and it doesn't really share or indicate a specific outcome that the person can believe is going to be true. So you want to be thinking about what message am I sharing which is believable but also something that is going to make my product and my offer more desirable in the eyes of the customer. Fact in number two is your value stack. So how can you tenx the value that you're providing with your product. Now in the example that I shared earlier just because I added you know a money workbook and I added this hundred ideas cheat sheet the person automatically thinks that they're actually getting three products for the price of 15 dollars which works out to just five dollar a product instead of just one ebook for ten dollars and that in and of itself increases the value of the second offer in the consumer's mind which makes them way more likely to buy it. We as consumers always want to be making sure that we are getting the best deal possible and that is no different when we are you know shopping around for dessert products. So how can you make the perceived value of your product a little bit higher than what it usually is. Now one thing to keep in mind here is that you don't actually have to you know sell the whole kitchen sink. You don't have to add coaching or workshops or master rions in a ten dollar offer. That's not what we're talking about at all. This is about increasing the value that you indicate to your customer by creating specific bonuses or specific things that you highlight or showcase in your product so that the person thinks that the value is actually ten times more than what you're selling. So if you're selling something for ten dollars you want to be showing that the value is at least a hundred dollars that they're getting from this purchase which makes your product again super super desirable and something that people want to access right away. So some of the ways for you to increase the perceived value include number one offering a no-brainer price. So what would be a price that would make your product super valuable. It doesn't mean that you have to you know low-ball your product price but you can make it a price that indicates that there is a lot of value for the price that a person is paying. Another way to look at is to add any bonuses or special discounts that you can offer to that particular product so that people also see this as a higher value than what they are paying out of their pocket. The third and one of my favorite ways to increase the perceived value of a product is to combine it to look like a bundle. So can you add any complimentary digital products that are going to increase the value of your product. This can be an excel sheet. This can be a workbook. This can even be a you know an audio file that you share so that it helps your customer achieve the outcome a better. Now think of anything complimentary that you can offer that will increase the perceived value of your product. So all these ways are different ways for you to value stack and show the customer that you're giving them so much more than what they're paying for. Factor number three is urgency. Is there any reason why a customer should buy from you right now versus two months later. Now ask people who are using the internet. We are constantly bombarded with so much information, so much content and so many offers that we see through Facebook ads or even through our email list and social media and so on. So what would make someone stop and buy your product now versus buying it later. Your job as a product seller is not just to create a phenomenal product but it's also to indicate that there is a strong need for that person to buy the product right now. AKA urgency versus buying it a month or two later. As a product seller your job is that you can work as many of your viewers into customers as possible and convince them to buy now instead of think about your product and come back later because let's be honest chances are they're not going to come back later and review it unless it's something that you really really want or you've built a brand or a specific need for that product which is going to be an evergreen demand. Now since a digital product is by nature of an unlimited supply you can only create urgency by offering something extra special which is a time dependent right. So how can you lock in the time where something special is available. Now some of the ways that you can do this is by offering a limited time bonus so you can say that when you purchase this product today you're going to get a 20 dollar ebook free along with this bonus. Another way to do it is to slash your price and make it look like that people are going to get a special offer. So you can say that normally the price of the product is 20 dollars but if you buy it today it's going to be 15 dollars so that people know that there's a little bit of urgency to buy this product today because it's something special. Now keep in mind you do want to be ethical when you're doing this and you don't want to be creating fake urgency and fake scarcity for your product when you're saying this is going to be off the market tomorrow because let's be honest there is no reason for you to sell something like an ebook or a template just for two days of the month. So you want to be making sure that you're finding ethical ways of creating urgency whether that is through a special bonus, a special promotion that you offer. Let's say your email list or your social media followers or even a special deal that people only have access to when they buy within a certain window. Now this is great if you are someone who you know wants to take advantage of things like Black Friday or festivals or even you know having special summer sales or seasonal sales you can incorporate these different techniques to create more urgency for your product. One of my favorite ways of doing it is definitely by having a limited time offer which expires after a certain time. So one of the ways in which you can do it is that you can create two different versions of your landing page where one version is the evergreen version which is let's say the regular price version and one can be the limited time offer where you send your viewers first to. So you can say that if you buy this within the next 24 hours you get 20% off the regular price and after that time period is over you redirect everyone to you know the evergreen sales page where they will see the 20% higher price. That makes it very very real for your customers to have urgency in the process that also makes them much more likely to be you know not sitting on the edge but actually jumping in and buying the offer because it is human nature for us to do so. Just think about how many times you have picked up a product just because it was in sale at your favorite store even though otherwise you may have maybe thought about it a little bit more or not ever bought it at all. So urgency is a factor that a lot of marketers around the world use to sell more products and it is no different when it comes to digital products as well. The factor number four and one of the things that people ignore the most especially as new product sellers is the visual appeal of your product. So is your product appealing to look at when people are coming across it on your sales page or you know on your Etsy shop? And the main reason why this is the case is because we as humans are visual creatures. We are driven by a lot of visual cues especially online. When we talk about a digital product there is no way for us to actually have it home, try it on and send it back. All our experience with it is online which means that the visual appeal of your product needs to also be coming across the screen. This means creating images or what we also call in the industry as mock ups which accurately reflect the value of your product. Now thanks to tools like Canva which have tons and tons of templates you can actually create really beautiful mock ups or you can buy templates offered on Etsy and then just customize those templates by adding in your products but make sure that you make your images unique and you actually portray the value of your product. It's not just important for you to sell a product that is functional and that offers a benefit but you also need to make sure that it's actually desirable to look at and people believe that there is going to be the benefit that is promised on the sales page. Some of the ways that you can increase the visual appeal of the product include number one as I said creating specific mock up templates or using templates that magnify the value of your product. Another one of the ways which I absolutely love is adding text to your product you know with arrows or maybe even zooming in on some of the special bonus or benefits of your product. So for example if you have a planner you can say it has 45 pages it's going to walk you through step by step it has two checklists like adding in the text really makes it valuable as well and one of my all time favorite things to do on a sales page specifically are creating a loom video which is a free tool you can use to record your browser and just scrolling through the product or showcasing how the product is used. So let's say you're selling a budget tracker you know you can then actually put in numbers show how the budget tracker works in action export that video into your YouTube channel or into a Vimeo account and then share that video on your sales page so that people actually can see what this product looks like in practice because like I said with digital products the only way for you to actually know what the value is to see what you're being offered on the sales page and the better you can make the visual packaging of the product the more likely people are going to buy from you and last but not least one of the very very key things that a lot of people miss out on is adding in screenshots or testimonials of previous or you know current customers. The reason why this is so so important is because this adds in a level of trust with your audience so when people see that this is a product that has been purchased by 10,000 customers or this is a product that has a 4.9 star rating people are much more likely to be converted into a customer rather than you having absolutely no social proof and no testimonials on your sales page. Improving the visual appeal of the offer is not just about making your product look beautiful but also about building that trust with your community so that they can more easily convert from a viewer into an active customer. Now when you combine these four elements which are believability value stack urgency as well as visual appeal into your digital product that is what makes a really compelling digital product and that is what gets you that much closer to making 10x, 100x and even 1000x amount of sales than you are currently doing. So if you found this video helpful make sure to subscribe to the channel and share it with any friends or family that might benefit from it as well. If you're interested in learning more about how to create and sell digital products that actually sell, I have two courses right now that are going to help you do that, digital product academy and install sales academy. You can check out their links in the description box below and join us inside of the academy so that we can help you take your digital product to the next level. Thank you so much for watching and I'll see you in the next one. If you've been struggling to make more sales of your digital products you need to watch this video and hang on till the end because I am saving the best strategy for the last. So strategy number one is to create a bundle. Now a bundle is simply a packaging of various types of digital products that you may already have in your shop or in your website and making sure that this is a complimentary package so that whoever is your end customer actually benefits a lot from this bundle. Now in my previous video which was all about creating an offer I spoke about value stacking which essentially means that you create 10x the value in the product that you are selling for the price that you are selling at. So if you're selling a product for a hundred dollars you want to be making sure that the value you're offering is at least a thousand dollars. This means that when you package up your product into a bundle not only does it increase the value of what you're offering but it also makes it more enticing to your customer to buy it. So whether you're looking for a seasonal bundle or whether you're looking for an evergreen bundle this is definitely one strategy you need to explore to increase your sales no matter whether you're selling on Etsy on Shopify or on Stan. Offer number two is to make sure that you are offering upsells to your existing customers. Now upsell simply means that a person who has already bought something from you is now receiving a second or a third offer. Now you can either make upsells during the checkout process of your page. So for example if you are on Shopify you can simply install an upsell plugin and kind of create complimentary products that people can be upsold to so that there is an increase in the average order value of the product. If you're not using Shopify you can also manually create upsells via emails. So if you have the email address of your customer you can actually send them links to complimentary products that they can purchase from you after they have purchased the first product. So many of us are always looking for the first sale or the first customer but what we forget is that we also have an existing pool of customers to work with and as they say it is much easier to sell to an existing customer than it is to find a new customer. So if you're thinking of increasing your cash flow quickly or increasing your sales you know really really quick this is an excellent strategy to include in terms of making sure that not only do you add more value to your audience by offering them complimentary products but also in increasing the average order value that your customer has with you. So let's take an example of what would make a good upsell. So if you have let's say a planner that you're creating on the front end of your shop and you are selling it and let's say it is a finance planner. A great upsell for this would be finance templates which the same customer can then use but for a different objective. So let's say that the planner was going to help them tackle you know budgeting and how to plan their finances for the next year. So maybe the upsell that you offer to them is going to be templates that's going to help them create this planner in like a beautiful ebook format or in a presentation format. Now think of ways that you can add more value by offering complimentary products but also doing it in a way that creates a lot of value for you and money for you in the business as well. The best place for you to create and offer upsells is definitely the checkout page. So when someone is already in the process of buying from you it is really easy for them to add something to the card and you must have seen many many e-commerce brands do that as well when they offer you you know a limited time offer or something you can add you know as an upgrade but you can do the same thing also via email by following up with a series of emails where you create value you share why this product is relevant to them and then you make a special offer so that they can be upsold to another product. Now since we already spoke about having an email list strategy number three is to actually share offers with your email list. Now obviously in order to be able to do this you first of all need to start building an email list which is something that you can get started for completely for free with tools like MailChimp or ConvertKit which are free up to a certain number of contacts. Now in the marketing world what we call an ethical bribe is also known as a freebie or a lead magnet. What this does is that it creates something of value that your ideal customer is looking for and gives that an exchange for their email address so this means that you can share something valuable with your audience in whatever niche or industry that you're in to entice them to join your email list which can then be a part of your weekly or daily or monthly newsletter and that is where you can create and share offers. Building an email list is also a great way for you to safeguard your business from things like getting hacked, getting banned on Etsy or getting your shop suspended and relying too much on social media platforms. Even though we all love to flaunt our followers and all of these vanity metrics at the end of the day they don't mean anything if your account is going to get hacked or banned overnight. This is why having your own email list is such an important asset and one that I have been building for my own business and I also recommend my students to build not only because you own your own email list off you know contacts but also because you can share regular offers with them which then in turn make you more sales and money for your business. Strategy number four is to add a new stream of traffic. Now I know how overwhelming it can be to start out on a new platform and try to build out traffic there. However sometimes the fact of the matter is that whatever platform you're on maybe it's simply not working for you or for your audience or it is working for you but you also want to increase the amount of traffic that you're getting from somewhere else. So explain this in many other videos and feel free to check that out in my digital products playlist on this channel but you have different types of traffic that you can build. You have paid traffic, you have organic traffic, you have referral traffic right. So any of these three streams of traffic can be used to increase the number of people that are viewing your products, viewing your shop because as we know there is such a thing as a conversion rate which means that the more people that are seeing your product, the more people are going to be taking action and converting into customers. Even if you have a very average industry standard conversion rate of let's say 1%, if you only have 100 people viewing your page every single day, you're only going to make one sale. But if you can increase that number from a heart. 100 to 200. You can now double your sales as well. This is why looking at another traffic stream can be a great strategy for increasing your digital product sales. Now some of my favorite ways to drive traffic include Pinterest, Instagram as well as paid ads. You may or may not be ready to invest into paid ads which I totally understand because maybe you haven't found a profitable product or you haven't reached the point where you are willing to invest in your business but there are so many different ways which are free and cost you nothing that you can use to generate more traffic into your business and more sales. The easiest right now would be to get started on something like Instagram or TikTok which are basically short form video platforms where you can create short videos to convert your buyers into customers. And how it works is that you create videos which are either educational, inspirational or informational related to the niche of the product that you are selling and then direct these people over to the link in your bio which is where your shop link is going to be active. You can also use features like Instagram or TikTok stories to further build your relationship with your audience, nurture them and then chat with them in the DMs and basically sell your products there as well. It's also a great place for you to direct people to your email list or to any other offers that you have so that you can grow and build your own community. In the marketing world the more traffic streams that you have the more secure your business is because you don't just rely on one thing. If let's say you have an Etsy shop and all you're relying on is Etsy internal traffic what happens when Etsy decides not to rank your listing anymore right? You completely lose all of your traffic and you lose your sales. So you want to be making sure that you are investing into separate external sources of traffic so that you can direct more people over to your sales page and make more sales. Now moving on to strategy number five which is my favorite strategy and I think something that not enough of entrepreneurs are doing and that is to sell more often. Now what do I mean by selling more often? I don't care whether you sell a digital product which is $10 or you sell a product which is $200 at the end of the day selling more often means that you show up more often and you share your products. It doesn't matter whether you share them on Instagram, on YouTube, on your blog, on your podcast, whatever platform that you choose you need to be regularly talking about your products. When you're creating your content always think how can I lead this content or the viewer of this content towards my product. This can be done by simply adding text on top of your content or for example if you're creating a reel you can say hey click the link in my bio to learn more or my ebook is available at X% right now get it from the link in bio. There's so many ways for you to direct people over but unless you decide to show up and actually make sales no sales are going to happen. So whether you're selling on Etsy and Shopify on Stan or any other platform it all doesn't matter. At the end of the day if you are an entrepreneur whether or not you are the face behind of the business also doesn't matter but if you are the entrepreneur you want to be making sure that you're actually showing up to sell more. Whether it is through your email list through creating new offers through adding new traffic streams or it is simply by telling more people that you offer exists. I can assure you that not everyone pays attention to you every single day and there are definitely lots and lots of people who would benefit from hearing more that you have something to sell. So make sure that you don't do yourself and your customers are disservice by not showing up. Show up as often as you can talk about your offers to people are sick of hearing them because like I said there's always going to be someone who wouldn't know what you're selling no matter how big or small your audiences. So make sure that you're actually showing up and doing the work and not just waiting for customers to fall from the sky on your lap and magically build your business. You do need to make an active effort in selling your product and promoting it on as many platforms and on as regular basis as possible. So I hope this video was helpful for you. If you're interested in learning more you can check out my courses that are going to be linked down in the description box below. Thank you so much for watching and I'll see you in the next one.