I get this question all the time: "Eric, I wanted to start an online business. However I don't know where to start from. Should I start from digital products, or should I start from digital services?" And my answer for all these while has been this: "always go for digital products."
You may be shocked to see my answer to be digital products. Countless of people have been telling me that they have certain expertise and it is wiser that they use their expertise in the form of providing service to others so that they can earn money from their expertise. I would like you to think even further, can't you package your expertise in the form of digital products and sell it online?
Here's one dirty little secret of these two options, or I should say, the dirty little secret of online business: Digital products can be automated entirely while digital service cannot do so. Simply put, when you have your digital products, you are making your system to be on automatic pilot. You no longer need to be in the equation in order to make money. You make money when you work, make money when you fish, make money when you hike, make money when you hike, make money when you eat, and the coolest part is that, you make money when you sleep.
But if you choose to go for the digital service, unless you are satisfied to work like an office hour in order to make money, then this option may not be suitable for you. When you can create your own digital products, you only do the work once. Once it is up there in the system, or commonly known as the sales funnel, it can be run automatically. You don't have to monitor the website 24/7 just to make sure money will come in. You don't have to assist the customers to check out from the sales funnel because everything is arranged and built systematically.
In the digital service world, here is the rule that is inevitable: you have to be in the system or equation in order to make money. Try to think of it. You are providing service to other people. If you stop working, who is going to provide the service to your customers? No one except you! That's why in digital service, your earning stop when you stop working. You may be arguing with me that to provide digital service will enable a stable income. This to a certain degree is true. But try to think outside the box. If you can sell your service in the form of digital products, can you increase your profit margin? And when you build trust with your customers (which I assume you are adding real values/solutions to their life), you can always promote them with backend products. Can you see how powerful digital product is now?
Here is one final bite between these two. If you ever dream of having the time freedom so that you can do more meaningful things in your life apart from work alone, then you need to take a look at digital products seriously.
For those who sell their own products and services, product funnel development can be the critical step leading to true internet marketing success. The product funnel can help you draw prospective customers. It can be instrumental in motivating purchasing clients to return time and again. The bottom line is that it can be a means to develop a steady stream of income for you and your internet marketing business. In this article we will disclose 4 steps that are critical in powering your product funnel development efforts to success.
1. You must know your targeted customer well. Establishing a clear understanding of your exact targeted customer base is critical in product funnel development. Having a clear understanding enables you to develop the right products and services to meet their most compelling problems, questions and needs. It also enables you to create laser focused marketing plans. Be sure to interact with your targeted customer base on a regular basis. This simple step will allow you to become aware of the most gripping problems, issues, and needs they face. It is also a means of understanding exactly the products and services they seek.
2. Your status as a knowledgeable expert must be recognized. Your targeted customers must have faith in you and your knowledge for them to develop respect and trust in you and what you say. Since respect digital marketing agency and trust are required for prospective customers to become actual buyers, this is vital to your online success. Create that respect and trust by creating articles and sharing them with others through article directories and submission sites. Be sure to write and submit only high-quality articles that are content-rich with the information targeted readers are seeking.
3. Invest the time and energy to create a thorough marketing plan. Your product funnel development efforts aren't complete until sales are made. Get your products and services noticed by aggressively advertising them. Cover the gamut of proven internet marketing advertising and promotion options including article marketing, banner advertising, Pay Per Click advertising, blogging, email marketing, and paid links. Don't forget to create a high converting salesletter before you start those campaigns.
4. Your products and services must be of the highest quality. Just as all of your articles must be high-quality and content-rich, so must all other products and services you create. Customers expect high-quality, information filled products. Don't sacrifice their satisfaction by releasing and selling sub-par products. Provide products that meet their needs, problems and questions head-on. Deliver products that function exactly as advertised. Make it your goal to over-deliver to buyer expectations each and every time. Satisfied customers will return time and again to purchase from you whenever they have a need.
To your product funnel development success!