1.3 Focusing on Using Digital Products to Build Your Business
You've now acquired a number of digital products to use, but you're not sure of how you should use them to build your business. The best place to start is by identifying what you can and cannot do with these products.
In most cases, digital products will come with a set of rights, which will either be “resell rights” or “private label content rights.” The former, as the name suggests, only allows you to resell the product without modifying it. In fact, in some instances, it will even limit who you can sell it to or how many copies of it you can sell. The latter, on the other hand, allows you to modify the content as you wish and then resell it in your chosen form. You can even put your own name on it if you want.
If you just have resell rights, your single goal should be to maximize your usage. If, for instance, you can sell 500 copies of a given digital product, try to sell all 500 before you start looking for new products to buy.
This advice sounds overly-simplistic, but, in fact, it is actually quite important, since almost no one who purchases “resell rights” products ends up maximizing their use. Instead, they purchase massive packages – and then end up buying another massive package before they finished using the first. |
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Now, when it comes to private label content, you should take the same approach, but also be a little more creative. For instance, you may want to consider pulling several chapters out of the product if it is a book – and giving them away for free to prospective customers -- or you may want to consider setting up a demo version if it is a piece of computer software.
Regardless of what decision you make, you will want to take the products that you have available and market them to your fullest capacity before you attempt to switch to something else.
1.4 Profitable Ideas on Turning Digital Products into Cash
There are a number of different ways in which you can turn digital products into cold hard cash. None is necessarily better than the other; however, some will ultimately yield more cash in certain situations.
One such profitable idea I would suggest is creating a collection of e-books. You can do this by purchasing private label rights to several different bundles of books. You can then combine them all in a single package. Since you purchase the private label rights, you can technically do whatever you want with them. This includes modifying them or including master resell rights with the e-books. This will get others to pick up your e-books and resell them, boosting your credibility as the author (via private label rights).
Now, in addition to this – or in lieu of this – you can take your collection of e-books or articles and combine them into a massive content archive for a monthly membership site. This could be either themed or non-themed; and you could either add them to a massive pool or only put up a certain amount each month. You could also charge a premium for joining and then allow members to download each resource for a certain amount of money.
You could also include your bundled package in massive give-away events. This will give you even more chances to spread your name and to get people to opt-in to your email list.
Last, you could break apart your private label rights products and turn them into paid newsletters or free e-courses that you can use to up-sell members on other products. While this isn't done very often, it can yield the best results if done properly.
And these suggestions are just the beginning. There are dozens of ways in which you can turn your digital products into cash. The lesser-known options may ultimately be the best for you… and I’ll show you just that!
Next: Creating your own collection of hot-selling eBooks |