Digital goods are rising in popularity across the world. In fact, according to a Forrester white paper commissioned by Fiserv, almost three quarters of online purchases are now digital goods. Items like digital books, podcasts, and virtual courses are easy to distribute and accessible from anywhere. If you are creative and have a good business plan, you can build a lucrative revenue stream from this kind of content. Growing in this area with a strong payments partner can lift your business into the future.
Creating Digital Goods
Within the digital goods space, you have options. The most obvious is to use expertise you have to create an ebook, video series, or podcast. You can sell these directly to customers, or sell a membership in your content. Even if you are uncomfortable with this, you have other options. You can sell licenses for your tools or content, or even create templates for people to use online. Any of these options can give you something to distribute anywhere.
How to Market and Sell
Before you can sell digital goods, you need a marketing plan. Some platforms, like Facebook and Instagram, require you to have a physical good before you can sell, so you need to research the channels you plan to use. Further, you need to differentiate yourself from other products out there. With all the free digital content available to consumers, both what you offer and the way you offer it should separate itself from the free options available. Further you need to build in safeguards against others pirating your material.
Finally, you need to be aware of the cultural differences in places you may sell your content. This includes not only translations where needed, but also an understanding of how and why those in other parts of the world understand and consume digital content. Do the research so you can direct your marketing appropriately.
Payment Processing Issues
With everything else you do to prepare, don't neglect the payment processing needs you have. While accepting credit card payments is a good start, that is not always going to be the preferred payment form. You should also work with a provider that can convert pricing on your website to ensure transparency for your customers. Make sure that anyone purchasing in the markets you target can understand what they are buying and what the cost will be for them. This not only helps the purchasing process go more smoothly, but helps you avoid chargebacks that might result from customer confusion or frustration.
Creating and selling digital goods can add a powerful, efficient revenue stream to your business. You avoid the logistics of shipping and the limitations of maintaining inventory and moving physical goods across the globe. If you research well and work with an effective payments partner, there is almost no limit to what you can build with digital goods.