Monetize Your Knowledge
Have you ever wanted to get paid for teaching a hobby that you love to do? What if we told you that you could turn your favorite hobby into a digital product that could potentially reach millions of people. Listen to this episode and learn how to monetize your knowledge.
In this episode, Monica Froese the CEO of Redefining Mom will discuss important factors in starting your digital product and give you tips on finding the right product, what tools are needed to start up your digital product, and more.
Episode 034: Monetize Your Knowledge
About Monica Froese
Monica is a digital product coach for women business owners. She has an MBA degree in finance and marketing and runs two brands Redefining Mom, a site for helping women thrive in both motherhood and business, and Empowered Business, where she empowers women to create financial independence through building 6-figure digital product businesses.
She spent 11 years working for a Fortune 100 company running multi-million dollar marketing campaigns with large brands like Microsoft and HP. Now she provides online marketing education to small businesses that are looking to build a profitable revenue stream through digital products through her online courses and podcast.
How to find a digital product to create and monetize?
When creating a digital product make sure the product you are creating is something that you are knowledgeable about. The digital product can revolve around hobbies, professional skills, or life experiences. The four main categories of digital products available on the web are money, health & wellness, relationships, and professional development.
Your audience may be looking to learn how to save money, learn new exercises, ideas on dates, are looking to develop new skills to help them advance in their career, and more. The online industry is a low barrier to entry, nothing is stopping you from creating your digital product, and once it’s created you’re able to sell it multiple times.
Is there a niche that does well with digital products
Your digital product should be the solution to your audience’s problems. The digital product has to be a product that your audience is specifically looking for. To gain this information you will have to use search engines for example, the question tabs on Google give you a lot of information on specific questions your audience may have.
The key products you could develop off of your research are digital courses, Ebooks, digital templates, pintable’s.
How large of an audience does someone need to succeed with digital products?
You don’t need an audience the first, step you have to do is identify what you want to sell before you are able to gain an audience. Start creating your digital products and do not worry about the audience when you first create your product, jump in and the audience will come. The first hundred dollars you make will be the hardest after that the momentum grows as your audience increases.
What kind of investment do business owners need to make to get started with digital products? Tools, courses?
You’ll need a website for your digital product to create a sales funnel, set up the checkout page using ThriveCart or SmartCart, create an email service provider, and canva. Price your product based on the value of the services you are providing. If you are pricing your product under $97 then your product should only solve one problem.
What are the biggest mistakes bloggers make when creating and launching digital products?
Many bloggers tend to focus on how much money they’re going to spend instead of focusing on the end result which is the ROI. When bloggers start the process of building their digital product many of them feel as if their product isn’t good enough especially when they’re not making any money in the beginning. Bloggers tend to flood their courses or content with too much information. This could be overwhelming to your audience and deter them from buying your product.
You can connect with Monica Froese on Instagram @Redefiningmom
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