How I Turned a $9 Product Into $1M In Digital Product Sales: Part 2

Welcome to the Digital Empires podcast. I'm Shutei Pankhi, a digital product entrepreneur and content creator. I went from being a hobby blogger to building a seven-figure business in just four years using the power of digital products and content marketing. And I'm here to help you do the same. So let's get started. Welcome. So in part one of this series, I shared with you some examples of what a microoffer looks like and why you need that in your business. Specifically, if you are a total beginner to selling digital products online. Now in part two, I'm going to be walking you through what actually makes a good offer. What even is an offer and what are the specific things that you need to keep in mind in order to make something that actually sells. So first things first, what exactly is an offer and how is it different from selling a product? Now an offer is how you present your product. It's not just about the product you sell, but also the way that you package it and the positioning that you have for your offer. Now a great offer is what actually leads to a conversion. It's not just about having a great product. It's also about communicating what exactly is this product about and how it's going to change someone's life in order for them to actually make a purchase. Now when it comes to what makes a good offer, there are a couple of things that you need to keep in mind in order to make sure that you hit the bull's eye when you are creating a new offer. Now first things first, your offer needs to have a transformation. So that means that it needs to solve a problem and the most specific the problem, the more likely it is to sell. Now this is also known as a core promise or a core benefit of a product and this is something again, I teach inside of the digital business bundle in a lot of detail, which is really to think about how exactly is your product going to help your customer? Do you save them with time? Do you save them money? Are you saving them from heartbreak? Are you helping them improve their health? Eat better. What is the key reason why someone needs your product? That is going to be the transformation that you provide them and that is usually the first thing you will see in any good offer is that you'll be clearly able to understand what this product is going to do for me. So in my last episode, I shared with you for example a 12 week booty workout plan, even as just a name, I know for sure what the promise there is, the promises that I'm going to have a better booty, right? Like that is super, super obvious and that's something to keep in mind when you're naming your product to make sure that the core benefit of the product is really clear from someone who actually sees what your product is all about on social media or on a sales page. Now the next thing that you also need to have is a value stack. Now this is something that I learned from my ads coach and I'm pretty sure this is also a drum that you have probably seen around if you've been in the digital marketing world and in layman drums, what it means is that can you show me that there is 10x the amount of value in this product compared to the price that you are asking for. So if you are asking for a price of $30, do I feel like the value that I get from this product is at least 10 times as much or at least worth $300. Why do you need to have this? The reason why you need to have this is because we as humans, we love to have deals. We love to feel like we got a great deal. This is the exact reason why when you have big discounts or you have black Friday sales, you generally tend to buy products you probably wouldn't have otherwise because you felt like you were really getting a good deal or maybe there's a product that you've been eyeing at I don't know Sephora for quite a while and now you go there and it's 50% off. Chances are you're going to be really tempted to just buy it when there's a 50% off because you feel like wow I'm saving 50% of my money. That is kind of how creating a value stack works as well. Basically it comes down to how do you increase the value of your product even though the price remains the same. So if you're selling a $10 product, how can I make it seem that someone is getting the value of a $100 worth of goods or worth of products? Now some of the ways that you can actually do that is you can look for a great price. So that is again one of the ways to increase the values. You can say normally this product is worth $97 but just for today you can get it for $27. That can be a great way to increase perceived value. You can also do it with bonuses. So you can say that when you join us today you're going to get the special bonus which is worth an extra amount of $100 whereas when you buy it without this deal you just get the basic product. So these are different ways of increasing the value of the product. You can do it by having a special price but you can also do it by having special bonuses or you know special additions or add-ons that you make available with your product. And the third thing that is again very very important when you're creating a great offer is why should someone buy your product now versus later? So this concept is known as urgency in the world of online marketing and basically as a human it's so easy for us to just you know procrastinate and say I'm going to buy this tomorrow. It's not that is important for me right now. So how can we make this particular product stand out to us so much that we want to buy it right now instead of postpone this decision for later? Because when you look at how we are bombarded with ads every single day and we have so much information with social media and content marketing bloody dumb there is just so much to take in that we can often get trapped in this information all over and not take action. So this step really is about moving your buyer closer to taking action and giving them that incentive to make a purchase today instead of tomorrow because when they make the purchase today it's highly likely that they will actually go through it and obviously there will be money in your bank account as a result of it right now since a digital product is something where you can't really say oh the inventory is low because everyone knows that's bullshit we have by the nature of a digital product unlimited supply so you can't really so say that I only have two ebooks to sell so you might as well buy it today which could be something that other businesses use when they're selling for example physical product you can say that you're going to sell out of this candle soon so you have to buy it and that would be one way to create urgency or or get people to take action on your product when it comes to digital products one of the ways that you can do it is by offering a limited time offer where you can say that hey when you buy this in the next two hours or in the next 12 hours I'm going to give you this and this right now you decide what those this and this is because I don't know what it is that you want to sell and I don't know what types of bonuses people would love but generally in my experience things that add value and are limited in a specific time frame get an offer that definitely help you make the sale faster rather than you selling something which is always available where there's nothing special there's no urgency and nobody really wants to buy this is also why inside of my launch process inside of digital business bundle I teach a very specific pre-launch and post-launch strategy in order to make sure that people get maximum sales when they're doing so if you're interested you can head to the free training which is linked in my bio and learn more about how digital business bundle works what exactly is inside and how that can help you and now last but not least I also want to share one last thing which is so so important in creating an epic offer and that is how does your product look like so what are the visuals of it we are people who are aesthetically driven and a great looking product which you know in the physical world would be packaging is exactly what we want to do but in the digital context now this can look like you you know creating a video of your product and showcasing what I would look like this could look like you creating mock ups which are essentially just images of what's inside of your product now the thing here is that you are using this particular appeal in order to make sure that people are fully aware of what is inside of the product now with the digital product unfortunately you can't really ship it and then get the payment later because it's not really that easy to just understand what that would look like because it's not like trying on a t-shirt or getting a new pair of sneakers right it's literally a download or a file that you're going to get so it's really hard for us to imagine what are we actually getting when we hit purchase so your job as a seller is to make it as easy as possible for people to know and see and feel exactly what your product is going to be from the inside when they hit purchase and this is why you need to have a great visual appeal to your product as well in order to make it stand out and actually sell so these are the four main things that you need to focus on when you are creating a standout offer that is going to sell specifically a micro offer because we are talking about impulse buyers here who are quickly going to grab this they don't have all day long to actually read your sales page and then convert we have a fraction of a minute to capture the attention and actually convert them into a seller and that's exactly what you want to do by making sure that you have a standout knockout offer so that brings us to the end of this episode in part three I'm going to be sharing all about what exactly it takes to build a funnel from this micro offer and how is it that I do it in my business that has actually made me over two million dollars at this point using this exact same strategy so stay tuned make sure to follow the podcast if you don't do that already share with your friends and family if you found this helpful or tag us on instagram at should be monthly I'd be more than happy to see your post and repost it thank you so much for listening and I'll see you in the next one thank you so much for tuning in today if you enjoyed today's episode make sure to give us a follow and if you would like to learn more about how I'm building a profitable digital product business I have a 100% free training that you can get started with it's just 25 minutes off the step by step roadmap of how I went from zero to over a million dollars with digital products if you want to check that out the link is going to be in the description box or in the show notes thank you so much once again and I'll see you in the next one