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The Importance Of Selling Digital Products In The Post COVID19 Economy

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Well, I wasn’t expecting the new year to be quite like this. The COVID-19 virus sneaked up on us and punched us right in the mouth. Businesses have seen massive declines in their customer base. As a result, employees are losing their hours, people are getting furloughed, and businesses are shutting down completely. 

These events were out of our control. It sucks. It hurts. But what are we going to do about it?  

For the individuals out there who have lost their jobs, I am hopeful that you all will get back on your feet soon and I’m praying that the help you need arrives quickly. For the business owners who are hanging in there, you are being challenged now more than ever to think creatively and find solutions to save your life’s work.

Asian businesswoman and businessman working hard late together with technology computer in office

In a world where our customers are forced by the government to stay at home for extended periods of time, businesses that offer digital products to their customers will have a greater ability to adapt to this new economy. What do I mean by digital products? I mean any product that:

  • Your business could sell online 
  • Doesn’t have a physical form 
  • Doesn’t require you to maintain an inventory

These products require little to no maintenance, are infinitely scalable, and can be accessed by your customers from the comfort and safety of their own homes. Examples of these products could be instructional training videos by personal trainers or martial arts schools, monthly courses on how to cook some of your best meals, or a professional service like business coaching that you offer through video.

Digital products don’t require your customers to physically come in contact with you. At worst, they can help supplement your income, and at best they could be the most sustainable, scalable, and important part of your current business.

How To Create Digital Products For Your Small Business

You might be saying to yourself, “That sounds great, but how do I create a digital product?”  Thankfully, we live in a time when all of the right pieces of technology currently exist so that creating digital products couldn’t be easier.

Platforms like Kajabi, Teachable, Thinkific, and a plethora of other online teaching tools offer the ability for you to create online courses or training sessions that are accessible 24/7 by your customers. The content can be put behind a paywall or monthly subscription membership so you can monetize each product and you can also maintain engagement with your customers.

Other helpful tools include software like Zoom, which allows you to meet with customers and team members online from anywhere in the world.  In conjunction with meeting scheduling software like HubSpot’s integrated tool, you could potentially run your entire business without ever physically coming into contact with anyone, depending on your industry.

You can make these products as polished or as raw as you’d like. Truthfully you would only need a camera to shoot videos and a computer. You could even use an iPhone, if necessary.

Here are a few suggestions to go off of:

  • Create a How-To video series that you can sell to teach people how to do the service you offer themselves.
  • If you are a restaurant, offer the recipes to some of your favorite dishes along with videos showing how to make each.
  • Attorneys, film a more in-depth walkthrough of common legal processes. This could be especially helpful for probate or estate planning. 

It may require some brainstorming to find the perfect digital product for your business, but once you create the digital product, you’ll provide your business with a sense of security unlike any other. If something like the coronavirus pandemic were to happen again, this product could keep your business afloat.

Let’s Create A Digital Product For Your Business Together

The global economy changed drastically overnight. We couldn’t foresee all of the changes that have happened, but we can learn from them. Now is the time to get creative and find ways to navigate our way through the Post-COVID-19 virus economy. 

The economy will recover, and when it does it will be because of the many innovative and adaptable businesses that choose to learn from the problems we are currently facing. So don’t leave your business to chance.

If you are struggling to create a digital product for your business, you don’t have to do it alone. Schedule a strategy session with our team. Together, we’ll brainstorm a solution to keep your business self-sufficient and secure, regardless of what the future holds.

Schedule A Strategy Session

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