How to create a new revenue stream for your business

by | Sep 20, 2021 | 0 comments

Digital products present an opportunity for a business to create a new revenue stream. This can add rapid growth to a business and even help you to reach a new audience. Of course, this will sound like a lot of work to someone when they don’t understand digital products yet. I’m sure that many of you have heard the analogies of “sell in your sleep” and “create once, sell many times” but you’re not quite sure how to get there.

Here’s a quick summary and how to to get you started. 

What is a digital product?

The options are endless… downloadable PDFs, quizzes, templates, video courses, membership websites, workshops and more.

Survey your existing audience

If you have an existing audience, they should survey them to get a good feel of what would help them right now. You want to think about a product that will give a single specific result for someone purchasing it.

Decide on a product

Now it’s time for you to choose a product and sketch out the idea for it. This isn’t the stage for creating the product, but you need to have an outline idea. Again, it’s critical that the product helps your target audience to solve a problem that they’re struggling with. Someone can purchase your product, follow through with any required steps or learning and achieve a result that makes their life or business better.

Pre-sell first

Wait… I haven’t made the product yet? Pre-selling a product is beneficial to ensure that there is enough interest in the product. With a pre-sale, a generous discount is offered. This will get some initial revenue, ensure the product is viable and provide a list of early-bird customers who are able to provide feedback and testimonials.

Create the product

Now it’s time for the product to be created. This might be an important step for you to outsource (Breathe and Delegate helps with that~) or work with a partner on. The format you’ll use to create the product will depend on what you’re creating. The steps will be different for a PDF document versus training videos.

Set up delivery and automation

Once the product has been created, you’ll now need a way to deliver it to your audience. This could be a downloadable file or it could be a whole membership platform. Each of these methods has pros and cons and different set up options. Automation is really important in this step as that’s the “hands-free” element that allows you to sell while you sleep.

Feedback and testimonials

Once your initial batch of pre-sale customers have gone through your product, you’ll want to focus hard on collecting feedback and testimonials. You can use any feedback to improve the product or make any important changes. The testimonials will be important social proof that you can use on your sales page and in your marketing messages.

Enhance your sales page and launch

Now it’s time to finalize the sales page and launch the product. The sales page should be updated with the launch price (remove pre-sale price). Add any new testimonials, along with updated content based on feedback from your initial pre-sale customers. There are a few different ways you can launch your product. Using a launch window with a discounted price can help you to get some early sales. You could also choose to continue selling on an on-going basis through Facebook Ads or other paid advertising.

If you are interested in learning more about creating a revenue stream, let us know. Whether you need a lot of help or a little help, we are here for you.  There’s likely an important part of the jigsaw puzzle that we can assist you with.

Do you need help creating a new revenue stream for your business?

Contact us to schedule a 1 Hour Small Business Technology Strategy Session with Ashley, which includes a website and digital marketing audit ($350 value).