There are a million different ways to scale a business.
There, I said it. I know that if you’re in the thick of it, if you’re questioning things, and you don’t know the next best step to take… it might feel like the furthest thing from the truth. But trust ya girl. There are a million different ways to scale a business.
One of those millions of ways to scale a business is through digital products. This is an exciting time, and many businesses are looking for new, interesting, and innovative ways to generate both leads and revenue. Digital products could be the answer.
The eLearning industry is growing exponentially. It’s predicted to make 3.25 million dollars over the next few years. And, the truth is, there are people out there, right now, searching for you and the product you could be offering.
I work with many coaches and digital products are such an important part of that industry. Coaches have an opportunity to change the world not just through their coaching but also through their digital products.
When you’re a coach, you have the stories to tell. People want to listen to you and learn from you. This might be why you decide to create a digital course, as a lead generation tool that will feed into your 1:1 coaching. Or, you might offer a digital course to elevate your clients and teach them some basic processes so when they come for 1:1 coaching you can dive deep.
What are digital products?
Digital products are one-time purchases or monthly memberships where the content is delivered as a download (no physical product is shipped).
Here are some of the most types of digital products:
eBooks, Workbooks, and
Online or eCourses (eLearning)
Online workshops, webinars, and summits
Online communities
What’s the difference between an eCourse and an Online Community?
Simple. An eCourse is something that can stand alone. It’s a one-way communication. You purchase it and then move through it step-by-step and learn from it.
An online community is a passion-driven project that brings people together in a dialogue. It’s an educational conversation where you explore how individuals are doing things. A community can be built on social media platforms but it can also be built outside of social media platforms as well.
Where should you build your online community?
What’s the difference between a Facebook community and building an online community outside of social media? When you use a platform like Facebook, you don’t own or gather your members’ information. There can be a lack of depth. It’s also quite noisy in the Facebook universe.
When you transition to having a digital community that you’re leading outside of Facebook, it’s very focused and directed. The connection explodes and that’s so important. There’s also a higher commitment when members intentionally seek out the community to participate.
Is it worth it to build an online community right now?
Yes! People are searching for community and connection. Online communities aren’t going away now that post-pandemic life is returning, somewhat, to normal. Even though we are now able to meet up in person, online communities are going to be integrated into everything we do.
Imagine this… you go to present at a conference. The audience is loving what you are saying, and on the spot, you offer them membership to your online community where the conversation will continue. It’s in the continuing of the conversation that the learning and transformation happens.
4 things to consider before creating a digital product:
What is your goal?
Look first at your business model and ask yourself
- How are you selling your products?
- What products are you using?
- Where does a digital product fit in?
Is your goal to generate leads or revenue or both? These answers will determine the type of digital product you want to provide. Maybe it will be an eLearning course or an eLearning workshop combined with group coaching with an eye for the next upsell – 1:1 coaching
It doesn’t have to be a series of products. You can create what fits into your scalability model.
Do you have proof of concept?
Have you already established yourself as an expert and achieved proof of concept? Is this you – Your 1:1 coaching is going great, but what you’re running out of is time. It might be time to stop trading your time for money. Role your proof of concept into a digital course.
Where are you in your framework?
Do you have a framework? What is the framework you’re working from currently? Do you have a book already or a workshop or a keynote that you already know the process or system you need to take someone through in your digital product?
Step back and ask yourself… what knowledge do I have that I can transfer to someone else that I know they will find value, have impact, and transform at the end of the course.
Can you offer transformation?
It’s all about the transformation. Don’t sell the product. No one wants a product. They want a transformation. They want to know what the product will do for them. How it will change them, and how they will transform as a result of having used the product.
Ask yourself, “When a person is done taking my course, what is the transformation I want them to have?”
This question can be an eye-opener. Most people get bogged down in thinking about their process or framework. The reality is, the transformation is so much more important. It’s not just about teaching a framework. Be very clear about what will be different when your clients are done.
If you create courses from this mindset, you’ll have a great opportunity to get your message out there. Focusing on the transformation allows you, as a digital product creator, to make a difference.
So, is a digital product right for you and your business? Think about scaling your business… What makes sense for your business that is quick and creates opportunities to pivot. Once you decide how that works for your business and where those pieces fit, you can start creating!
If you’re ready to scale your business, contact me today! For more about using digital products to sustain and scale your business, listen to the latest episode of the Marketing Matchmaker Podcast! And, if you want to grow and scale your business to 6-7 figures, take the Profitable Scaling Quiz today to make a difference in your tomorrow!