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Method #2: Selling Digital Products
Source: ChatGPT Plus
Now, the second way is to sell digital products. Now, I know what you’re thinking. Digital products, or what do I sell?
Like a course on drop shipping. No. When I say digital products, really think about what you know that nobody else does. Here, let me give you guys an example.
Real-World Example: College Counseling Digital Product
Source: Canva Pro
Personally, I used to work at a fancy college counseling service. Now, when I say college consulting, what I mean is we’d go ahead and pair up a student with, let’s say, an ex-Harvard admissions officer.
So that way, if you’re trying to get your kid into a top school like Harvard, for example, there’s pretty much no one else who’s more qualified to give advice than a former admissions officer. Now check this out.
I used to sell these services directly and network, asking them a lot of questions. So in the process, I actually learned a thing or two. So, for me personally, a digital product that would make sense is a guide to getting into top colleges, along with what I learned from working at the company.
Because college counseling is definitely not cheap, our average package was 20 to $30,000. And there are other companies out there that charge more than $100,000.
So, if I were in your guys’ shoes, I would take all the college counseling knowledge and turn it into a digital product to sell. And I guarantee you that people would buy it.
Finding Your Niche for Digital Products
Source: Canva Pro Edited
So, here’s the lesson here. Pick an area that you know a lot about, and it’s going to be even better if it’s in a very small niche. Because college counseling is definitely not as big as drop shipping, for example.
But think to yourself: how many drop-shippping courses are there? There’s a ton, and a lot of times it may feel like you’re just getting lost in the weeds.
So, pick something that you like that you know a lot about, where you can have a competitive edge. And then from there, you can sell your product pretty much anywhere, ranging from Gumroad to Stan Store.
The process of selling Digital Products
There are many different alleys. And the nice thing is that you can promote in many different ways. You can make content for it.
You can join existing Facebook groups. You can comment on Reddit. It kind of depends on what you’re selling and who you’re selling it to. But the message that I’m trying to give here is that it’s a lot easier than you may think.
The Power of Recurring Revenue
And look, if your product has recurring revenue, that’s even better because that way you don’t need to find new customers every single month.
You closed someone once, and now you’re just going to make sure you keep delivering on that value.
