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The 5 “Must-Have” Checklist For Building A Successful Digital Product Business

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Over the past 15 years, I’ve developed a set of proven, systematic shortcuts that you can take in order to create and launch your digital product, so it becomes a winner for you, your business, and your income.

I call the set of shortcuts, and the training program that teaches them to you, the “Digital Product Blueprint” – and we start class for it very soon.

Right now, I’m going to show you some of the shortcuts I’ve learned in the form of 5 checklists that you can use immediately to start or build your digital product business…

 

1. The Niche Checklist

Targeting the right niche (or audience) is one of the most important factors to your business success.

Because when you get your audience right, then you know who they are in your mind, how to talk to them, and what to say to connect with and persuade them to buy.

If you don’t get your audience right, then you’re continually guessing, and you’ll probably create a product that NO ONE WANTS TO BUY.

 

Here’s the checklist I use whenever I target a new niche:

1) Narrow Your Niche – Don’t try to create a product that appeals to everyone. Get specific in order to create a product people really want to buy.

2) Use my 3 Question Test – Is your target customer motivated? Are they actively searching for a solution? Are they having a hard time finding the right answer?

3) Create A Category – Think in terms of categories, and create your own. My category was to help men get dates.

4) Name Your Category – Example: “Dating Advice For Men.”

5) Create Your Customer Avatar – Put all the traits together, and create one person in your mind. Give them a name.

 

2. The Product Checklist

As you make your product, it’s important to remember that you can make a digital product that actually does most of the heavy lifting of the sales and marketing for you.

You can create a product that people are already searching for, that they already want to buy. And you can do this relatively easily and quickly.

 

Here’s my checklist for creating a product that sells itself:

1) Create an outline based on the things that people are searching for. If you base your outline on what people are searching for, then you have something that people already want to buy.

2) Get a rapid prototype together of your digital product and start testing on the market. It doesn’t have to be perfect because you’re going to refine it based off actual feedback from your customers.

3) Use Knowledge Frameworks (proven formulas for effectively teaching or delivering content). I use a total of 7 different knowledge frameworks, so it’s super fast and easy to create quality content for my products.

4) Package your knowledge in the highest-value format you can. There are many types of digital products, with books, audio courses, video courses, membership sites being just a few of them.

5) Name your product correctly. Tip: Use the most important benefit or outcome or result that your customer wants or wants to avoid.

 

3. The Marketing Checklist

We all intuitively know that marketing is a key to our online business success, but we’re often afraid of it because we don’t want to turn people off with a bunch of high-pressure, inauthentic, scammy-sounding salesman talk.

It doesn’t have to be that way. There is a way to create marketing that is not only ethical and feels natural, but also grabs attentions and persuades people to buy…

Here’s a checklist I use for my marketing:

1) Test everything. Treat everything you do as a test and continue refining until you have a consistent winner.

 

2) Use the 7 Step Conversion Conversation:

Headline: Start the conversation by saying their biggest need.

Story: Tell the story of how you learned to get the result they want.

Product: Introduce your digital product as the solution itself.

Bullets: Talk about the list of benefits or results they’ll get with your digital product.

Value: Frame and translate the value in their language.

Risk Reversal: Take the risk away by offering a guarantee.

Action: Ask them to take action, and tell them what to do right now to take the first step toward getting the result they want.

 

3) Use winning, proven, money-making headline and copy formulas.

When in doubt, start with the words “How To…”

I use 7 key headline formulas and a set of copy and bullet formulas, which you’ll be seeing in future sessions and advanced trainings in Digital Product Blueprint.

 

4) Speak it out loud

Say your marketing and use a transcription of your words to keep that “conversational feel.” Speak-write. It’s OK, and very welcome in marketing.

 

5) Make your marketing feel like valuable education and news. Design is a big deal. You want your marketing to feel intuitively trustworthy, so make sure you design your pages and communications to feel like valuable education and news.

 

4. The Launch Checklist

Your launch gets your digital product out into the world, and it gets your online business off the ground and running.

 

Here’s a checklist of things to remember for your launch..

1) Move The Free Line – It used to cost a lot to give away a really valuable piece of education or training. Now it doesn’t. Give away something as valuable as what other people are charging for, to separate yourself from the pack.

 

2) Treat your prospects like customers from the beginning – Actually start your digital product experience in your free content as you do your launch.

 

3) Offer to give content and training to future partners. Guest blog, guest interview, guest webinar… guest content however they want it.

 

4) Put up an opt-in page for your launch. Most people won’t buy the first time they see your offer. Get their email and contact info so you can follow-up with them.

 

5) Give students a powerful reason to enroll now. It’s human nature to procrastinate, so make sure you provide a real and compelling reason for people to act now.

 

5. The Email Checklist

Email was and is the “killer marketing app” online. Most sales of digital products in our industry are made by email. True story.

Yet, this is where a lot of people who create digital products drop the ball, and they throw away 80 or 90% of their sales and money as a result.

 

Here’s a checklist I use for creating my emails:

1) Start your email with something valuable — even if it’s a little tip or story about how you got an insight. And start your subject line with something that grabs attention.

 

2) Align everything – Make sure that the subject, body, and offer are all about the SAME THING.

 

3) Keep following up – You can’t over-communicate if you’re talking to people who are interested in your topic and you’re always giving them valuable information.

 

4) Vary Your Format – Keep things fresh and engaging for your audience by sending them different types of content (articles, videos, podcasts, etc).

 

5) Make several offers – Make sure your emails contain at least TWO offers with working links, clickable pictures, or other ways to respond and take action.

 

There you have it.

We just covered all 5 foundational components of a successful digital products business.

But we’re just barely scratching the surface here…

 

If you enjoyed this post, and you’d like even more in-depth training like it, then be sure to check out my upcoming new course called “Digital Product Blueprint”.

This is a new 90 day program, where you’ll get my complete set of proven templates, systems and blueprints for building your digital product and online business from scratch.

Click The Banner Below for My Free Video Training Course:

Eben-Pagan-Digital-Product-Blueprint

Eben Pagan is the founder of over 10 different online brands and businesses that he's grown to over $1 million from scratch, 4 of them to over $10 million. Over the past 15 years, he's taught hundreds of thousands of students all over the world how to build and grow successful businesses online.

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Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

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The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

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How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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12 Things I Learned in 12 Months of Working on My Startup

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Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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