How to create a new revenue stream for your business

December 29, 2021
No comments
Share

Create once, sell many times. That is what is ideal for most business owner to take as a chance, and this can be done through creating a new revenue stream. The stream can be offered through digital products, membership platforms, and courses. It will beneficially be able to develop a great business growth and ultimately be able to get more customers. Isn’t it amazing that you make selling when you sleep?

Although it seems like too much to do for those who are still new to digital products, learning to work on it is worth to try. Here is a step by step process on how to create and make selling through a digital product.

What is a digital product?

A digital product is defined as any forms of product which has no physical form or substance that a business owner can sell online. The product examples are downloadable products, including PDF templates, training video courses, membership websites, any workshops and so forth.

Survey your existing audience

Conducting a survey for existing audience is a great start to try if a business owner wants to find out about what makes the audience happy or what would be helpful for them. The business owner is able to use some survey questions to guide them to think about a specific product which shares a particular benefit for them who later would make the purchase decision.

The survey questions can be what challenges the owner aims to solve using the product, how the company will be able to meet the challenges, or how the purchasing process functions efficiently for the customers.

Decide on a product

The next step is choosing what product to make and brainstorming about its more detailed idea. The step is not yet to make the product, but it only figures out the outline from the idea details. After the product is decided, the target customers can buy it by following through any steps needed to resolve their problem while the business owner can learn and get a result to ultimately make the business develop well.

Pre-sell first

Product presale is necessary for a business owner to find out if there comes sufficient interest by the potential customers by including interesting promotional feature, like discounts. During the step, there will be more benefits for the business owner, like initially collecting some revenue, ensuring the product functionality, and having some potential customers who can beneficially share testimonials and feedback after the early bird sales.

Create the product

After presales, creating the product is the next stage where collaboration with a partner is somehow necessary. In creating the product, a format needs to be fixed and it definitely depends on what product to be created. The example products can be in the form of training videos and a PDF document.

To create a PDF document, you can simply go for a tool provided in your product maker application or opt for a PDF maker available online. Meanwhile, creating training videos might cost you a little extra cash for the initial preparation, but you can always try to use video makers installed in your PC or mobile phone.

Set up delivery and automation

Once the product is ready to launch, a business owner needs to manage the delivery system and automation. The example products to sell can be a full membership platform or a downloadable file which offers different advantages and disadvantages on each option. For example, choosing a full membership means the customers will receive a whole feature supported by the membership.

Remember to note about automation which is definitely vital for business development. It is the prominent element mentioned in the introduction above to sell your product in your sleep. The element means the purchase process is able to automatically continue although when you’re not around. Such an advantage, isn’t it?

Feedback and testimonials

Before the product is fixed, note to collect feedback and testimonials after the initial early bird pre-sale. The potential customers in the initial batch have given the feedback and testimonials that’ll benefit the business owner’s next stage. Here, collecting them is a step that needs a focus. The feedback coming from the pre-sale is able to make an improvement or any better changes of the product, while the testimonials are crucial to socially prove to be included on the page of sales and in the promotional marketing messages.

Enhance your sales page and launch

Once the feedback and testimonials have been collected and the product is ready, the final step is finalising the sales page and initiating the product launching. Don’t forget to renew the price with the updated version, add in more and the newest testimonials and share the updated content from the feedback in the early bird sales.

To launch the product, a launch window added with a special price is effective to collect some revenue during the first sales. A business owner can surely establish the automation selling with on-going base by using the service provided in social media, like Facebook Ads or other similar services.

Those are some steps on how to create a new revenue stream for a digital product. There might be a lot of tasks to carry out, but don’t hesitate to seek for solutions, like we are likely an ideal fit in assistance.

Reference

Kajabi. What Is a Digital Product? https://kajabi.com/blog/what-is-a-digital-product [Retrieved on September 21, 2021]

William, Kate. The 5 Best Pre-Sales Survey Questions You Can Ask. https://surveysparrow.com/blog/pre-sales-questionnaire-to-improve-sales/ [Retrieved on September 21, 2021]

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

Ready to start your project with us?
Let's talk!
© 2021 SAB.id – PT Sinergi Antar Benua (SAB™). All rights reserved.