How to Create a Digital Product That Generates (AT LEAST) $100,000 Per Month - Best Webhosting
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Watch Neil Patel Video: How to Create a Digital Product That Generates (AT LEAST) $100,000 Per Month.
Today, I'll teach you how to create a digital product that generates at least $100,000 a month. •Subscribe: https://goo.gl/ScRTwc to learn more secret SEO tips.
Find me on Facebook: https://www.facebook.com/neilkpatel/
Read more on my blog: https://neilpatel.com/blog
The good news is, when you promote a digital product, you pretty much have something that has 100% margins. So, when you're doing advertising, you're selling something. What're your costs? Pretty much nothin', it's just the hosting, after you create the product, of course. So, let's get started.
The first step, what industry should you enter? And, I'm going to go quick, because there are so many slides. I picked the digital marketing industry. Can you see what's wrong with the digital marketing industry? It was too late when I started. If I chose something like nutrition, I would'a sold so many more eBooks, so many more video courses. You see why it's so much more popular. You go to Google Trends, type in a niche, like flashlights, and you can see how popular something is.
Alright, so first off, I can't emphasize this more than anything else, build something you can be proud of. It's longevity; you'll be happy when you create something that you can put your face on. You know those affiliates that are like, "Oh yeah, I don't anyone knowing this is my company." Don't build a product if you can't tell people it's your company. If you can be proud of it and put your face on it, you're good to go.
Alright, so here's a few lessons I learned. A customer should be able to finish your product within three months, but not quicker than one month. When you have a digital product when they finish it before one month, what happens? Too many refunds. When it takes more than three months, what happens? They think it's too much work. You guys can all relate to that. If you tell people it's too much work, are they going to do something? No, that's why affiliates don't start their own e-commerce companies, it's very rare, and the guys who I do, look at starting e-Commerce companies.
It was funny, I met one guy who was selling this anti-aging cream, and he was crushing it on Facebook. He was doing literally, over $4 million a month. He ran out of anti-aging cream. You know what he did? He went to Costco and filled up Neutrogena cream in his bottles, and I'm like, "Oh." He's like, "I gotta pay my Ferrari bills." It's sad, but it's quite funny at the same time. So, another thing I learned, videos, and audio files, and worksheets have more value than text-based documents, so pay people to create these videos and audio files for you.
Then you have to figure out how much you should charge. In general, you don't want to charge less than a thousand bucks. A thousand dollars is a good starting point, because when you start charging a thousand dollars, you can end up generating quite a bit of cash from Facebook, and typically for every dollar you spend, if you stink at Facebook ads, you should be able to generate $2, so a dollar in profit. If you're good, you'll be able to do $3, for every dollar you spend, so two bucks in profit. If you're really good like I've seen a few guys, they're doing $5 in revenue for every dollar they spend, and they're doing it in quantity on Facebook, where they're spending, 20, $30,000 a day.
The first thing is, is if you want people to buy from your site, you have to collect emails. I go into a lead magnet. Right here's example, Ramit Sethi, how he collects emails.
I'm going to let you a little secret. Have you ever wondered how I get to a million visitors? I talk about how I use infographics, and I pay people pennies on the dollar for the infographics. And then I give you an overview of what you're going to get. $22,000, that's a lot of money for all this stuff. Would you say that's a good deal at 5,000 bucks?
Thank you, everyone, for having me. So if you like this video, like, comment, share. I do appreciate it, and if I can ever do anything to help you out, genuinely, even it's giving you some advice. I don't care for the money, leave a comment below, and I will do my best to try to help you out and answer all your questions. Thank you for watching.
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