How to Build a 6 Figure Online Business With Digital Products
Building a 6 figure business online is every creator’s dream. However, just a few creators actualize it. Only 6% of all entrepreneurs ever achieve 6 figure business success.
For digital creators, the stakes are even higher because you have to put in more effort to convince people that you know your stuff and that your products can produce the results they seek, especially if it’s your first time.
Lots of Selar creators have successfully built their businesses to earn 6-figures and more in profit by selling digital products and services.
In this article, we’ll go over the practical steps required to build a 6 figure online business by selling digital products.
Let’s get started.
How to Build a 6-Figure Business as a Digital Creator
Everyone wants to earn 6 figures and above in profit. However, having the desire to earn such an amount and earning it is separated by a thin line called strategy.
Here are 7 effective ways to turn your knowledge into income and build a 6-figure online business.
1. Set your goals
Having a goal helps you identify what needs to be addressed first in your business. It also helps you to determine your growth strategy and shape your everyday activities and decisions.
Thus, every time you want to make a decision that’ll affect your business, you remember what your goals are in the first place. This then helps you to stay focused on what matters the most.
To help you set goals for your business,
- Determine your unique selling position
- Identify your market position. (Are you well accepted within your audience? What percentage of your audience market share do you have?)
- Identify your major expenses.
Typical business goals as a digital creator may include; revenue goal per quarter, the number of products sold, audience and community size, etc.
For example, your business goal as a first-time entrepreneur can be to get 10 clients in the first month if you’re a service-based entrepreneur or to sell out 20 copies of your products.
Ensure you use the SMART framework when setting business goals. This means setting Smart Measurable Actionable Realistic and Timebound goals. Then identify activities you can carry out every day to bring you closer to your goal.
2. Discover your target audience
Defining your target audience is the first and most essential step to success for any business, especially if you’re just getting started.
Target audience refers to people who are in search of a solution that you offer. For example, you have an ebook that has an exercise routine plan in it. Your target audience would be anyone who either wants to lose weight or stay fit.
The aim is to identify a group of people with similar interests and problems as your ideal customer. In other words, you want to target people who will buy your product.
Marketing is tough as it is, so why would you want to start off by going after the wrong people?
3. Create an in-demand product
The entire goal of building a 6 figure business depends on the market demand for your product. Your customers will only buy your products if it saves them time and/or money and helps them look or be better.
This also means that if nobody is interested in your product, you’ll not survive in the creator economy. In fact, the number one reason businesses fail is that there’s no market need.
Essentially, if you can build a product that people need and can’t get enough of, you won’t have a demand problem. But how do you know what your customers need?
Psychologist Abraham Maslow created a theory that explains the hierarchy of human needs. It was proposed in 1943 and is called Maslow’s Hierarchy of Needs.
From the image above, we can see that as one meets the first level of need, he climbs up the ladder to achieve the next. So after physiological needs (food, water, air), we move on to the next – safety, Love and belonging, Esteem (needs that make a human being feel accomplished e.g. status, achievement, respect, etc), and Self-actualization.
Customers don’t just buy products, they buy the promise of a feeling, result, output, or achievement. And from this hierarchy, we can see that one of man’s needs is esteem.
So, figure out what your customers want from you the most, and create a high-value product from it. But remember, you have to know who your target audience is to be able to create a product for them.
4. Market your product aggressively
After you’ve created an in-demand product, you want to be sure that your product can compete with others in the market. Why should we choose your exercise routine over that of Kemen’s fitness?
To solve this, introduce a unique selling proposition to your product. Something solid enough to pique the interests of your customers and get them to look in your direction. With that, you can comfortably position yourself as an authority and market your products aggressively.
Also, don’t wait for your customers to find you. Go to their popular spot online and market to them. Focus on one platform and discover the easiest ways to sell your products on the platform. For example, Instagram works best on carousels, images, and reels. So create content in this format if you want to market to your audience on Instagram.
PS: If social media ceases to exist today, how would you sell to your audience? Learn how to build an audience without social media to boost sales.
Use Selar’s page builder to build sales pages designed to sell your products. So, when people from different parts of the world come to your page, they are taken aback by your product and are lured into your sales funnel to continue the marketing cycle.
Ultimately, a new product will not sell itself. So run ads on social media and search engines, build sales pages, share content from your product, host webinars, and live events, and share reviews from people who have used your product. Aggressively market your product to increase brand awareness, find new clients, and build relationships with people.
5. Generate leads every day
Leads are anyone who has shown interest in your brand or product and has interacted with it in one way or the other.
Simply put, attract people who are interested in your product or business every day. To build a 6 figure business, you need to have customers hungry for your products.
There are several ways to generate leads every day. One way is by offering lead magnets. A lead magnet is a free product or item given to potential buyers to lure them to you. When your lead magnet is highly valuable, your customers get what they want, you get their emails, and can continuously market to them.
Learn more about Lead magnets and how to use them to grow your online business.
To succeed in business you need to generate leads every day. Lead generation is so important that marketers are still focusing heavily on it, with 53% of them spending half or more of their entire budget on lead generation efforts.
Other ways to generate leads are by sharing customer results and putting out helpful content about your product. This piques the interest of potential customers and gets them to want to know more.
6. Be consistent
There’s a popular saying that goes “Rome wasn’t built in a day.” Even though you have a great product idea with a ready market, if you show up only when you feel like it, you’ll lose a good number of your customers.
Being consistent is critical to the success of your business as a digital creator. Show up every day and post about what you do, the services you offer, and the products you’ve created.
It is how you leave a mark in the minds of your customers. It is also how you ensure that you are top of the list when your customers want to make a buying decision.
With consistency comes patience. Building a 6-figure business online doesn’t happen overnight. It’s a result of daily intentional and consistent efforts.
As a beginner, you should focus on getting your first clients, hearing their feedback, and receiving testimonials. As you grow, you can increase your client, revenue, and social proof goals.
Of course, you’ll experience challenges that may force you to rethink your business decision. But with the right mindset and information, you can scale through. For every failure you encounter, restrategize and come back stronger. That’s how you win.
Selling a digital product online is profitable. From creating one product to creating more, and adding a membership/coaching program, or even a consultation service to keep the business growing.
Even better, it requires less capital to start and you can combine it with your regular 9-5 job.
This makes it easy to build a 6-figure business with the right steps as outlined in this article. But, it all comes down to choosing the right product idea, setting your goals, identifying your target audience, and taking consistent action.
So take the first step today. Turn your knowledge into income by creating a digital product from what you know and selling it on Selar. Selar is an e-commerce platform that makes it easy for you to sell all forms of digital products and get paid in any currency.