We’re already in the last month of 2015 – can you believe it?
But you know what’s even more surprising? You’ve still not launched a digital product yet despite knowing more about your field (think SEO, SEM, Content Marketing etc.) than most other people in this world.
But here’s the good news – you still have time to cash in.
In fact, 2016 might just be one of the best years ever to launch an eBook, a video course, a training program or any other form of digital product.
According to eMarketer, eBook sales in the U.S are expected to reach $4 billion by the end of 2015 (more than mobile game sales). A separate research by Statista indicates that the revenue from e-books in the U.S market will reach $8.69 billion by 2018.
If that’s not enough to convince you, here are a few more reasons why you should seriously consider monetizing your skills and knowledge by launching a digital product.
1. The Demand for Info Products is Growing
The number of e-books, online courses and other forms of info products on the web has increased tremendously over the last few years. But there’s demand for more.
According to Statista, the global internet penetration currently stands at 43%. By 2019, nearly 52% of the world’s population will have basic access to internet. This represents millions of potential new users eager to learn new skills through digital info products.
In the U.S, the biggest market for e-books and other forms of info products, e-book consumption has increased with the increase in smartphone and tablet users. According to Pew Research, almost 55% of tablet users use their devices for reading eBooks, an increase of 32% from 2011.
But perhaps the most encouraging sign is the increase in e-book sales in Asia Pacific. With a potential market of billions of consumers, this could be the hottest region for e-book and digital product sellers in the coming years.
Data Source: Statista
Data Source: Statista
All these stats clearly point towards the fact that the demand of eBooks and info products is quickly growing, and there are millions of potential customers you can target in the coming years.
2. The Market is Far From Saturated
If you’re in the U.S, Australia or some of the other developed countries, it’s easy to think that the e-book market is saturated. However, research suggests something completely different.
Selz, a leading e-commerce and digital product selling app, recently conducted a detailed study on online sellers in the U.S, Australia and the U.K. According to their research, only 11% of online sellers in these regions are selling any form of digital products (e-books, videos, podcasts etc.). The rest are either offering online services or selling physical products.
An even more surprising research published in the New York Times says that nearly 81% Americans believe they can write a book, but just 1% actually do so.
Clearly, the competition is not as stiff as it appears. But the opportunity becomes even bigger when you zoom into the eBook stats for individual industries, and examine the quality of books on offer.
For example, the content marketing industry is perhaps the most saturated when it comes to e-books, since one of the primary jobs of content marketers is content creation. However, when you take a close look at the e-books that are selling well in this industry, you’d realize you can easily create a more in-depth and well-researched product.
This opportunity is available in every industry because the majority of product creators are happy with creating products that are just good. You can go one step ahead and make them great, really epic.
3. Creating and Launching a Product is Easier Than Ever Before
The reason why so many people are now creating different forms of digital info products is because of the tools available to them.
You no longer need to hire expensive designers, coders, programmers and other technically skilled professionals to help you create and launch a product.
For example, if you want to create images and cover designs for your e-book, you can use tools like Canva, or you could go to any freelancing portal and hire designers at a very affordable rate.
Similarly, if you have a blog and want to sell e-books to your blog audience or social media followers, you don’t need a programmer or web developer to create landing pages for you or integrate payment gateways with your product sales page. You can use landing page apps like Lead Pages, or e-commerce and online store apps like Selz that can accept payments from Mater Card, Visa, PayPal etc.
You can even connect your email service with it to add buyers to your list. If you don’t have a blog following, you could take your eBook to Amazon and offer it to millions of potential buyers.
In short, the opportunities are endless and the entry barriers are lower than ever before.
4. There Are Bigger and Better Ways to Market Your Product
Creating a digital product is just one part of the equation. You also need to actively promote and market it to your potential buyers.
Thankfully, with Google AdWords, Facebook Ads, and several other forms of paid marketing, reaching precisely the right audience is not difficult anymore.
Google AdWords is clearly the market leader in paid advertising, but in the last few years, digital marketers have really taken a liking to Facebook ads.
A study I referred to earlier in the post also indicated that Facebook Ads, along with Google AdWords is one of the favorite marketing channels among online product sellers in the U.S, the U.K and Australia.
Apart from these paid methods, you can use other marketing strategies like guest blogging, speaking in events, doing webinars with other influencers and outreach to promote your product.
The purpose if this post is to highlight the fact that the digital product market is still wide open for anyone who wants to take advantage. If you make money by providing services like SEO, SEM, Social Media Marketing, content marketing or any other service, you can easily create a digital info product, share your knowledge with the readers, and create a passive income stream that can continue making you money for years to come.