9 Unsaturated Digital Products that made $1K to $36K per month

Summary

This video provides a step-by-step guide to building a successful digital product business on platforms like Etsy. It highlights the importance of strategic product testing, scaling successful products, and leveraging data to optimize sales. The speaker emphasizes the need for understanding market timing, conversion rates, and pricing strategies to increase revenue. Using AI tools for product creation and research is also discussed as a way to streamline the process. The key message is that success comes from research, persistence, and implementing proven systems to consistently generate income.

Takeaways

• 😀 Test multiple products to find what resonates with your audience. Don't give up after one failure; successful sellers test and iterate.
• 😀 🏆 Building a product catalog with variations is key to consistent income. Once you find a winning formula, replicate it across different versions of the product.
• 😀 🎯 Strategic timing matters. Launch products at the right time of year, like planners before the New Year rush, to capitalize on seasonal demand.
• 😀 📊 Use data-driven decisions, such as sorting by monthly revenue and conversion rates, to identify hot products with current demand.
• 😀 💰 Focus on high-converting products over simply getting traffic. A product with a high conversion rate is more valuable than one that attracts a lot of views but doesn't sell well.
• 😀 📅 Understand seasonal trends. Know when specific products spike in demand, like budget trackers in January or wedding invitations in spring/summer.
• 😀 💵 Price your products strategically. Choose price points between $5-15 for impulse buys, $20-40 for considered purchases, and $50+ for premium products that require more persuasion.
• 😀 🔍 Research is crucial. Conduct in-depth market research before creating any product to ensure you're meeting existing demand and can stand out in the market.
• 😀 🚀 Scale by creating multiple variations of a successful product. Once you have a winning concept, create related products to expand your catalog without starting from scratch each time.
• 😀 🎁 Bundling products can increase your revenue. Offer individual products at lower prices or sell them together in a bundle for higher value.
• 😀 📈 Focus on action and implementation. The key to success is using the research and strategies available, but ultimately, taking consistent action is what will drive results.

Q & A

What is the key difference between a hobbyist seller and a business owner on platforms like Etsy?

A hobbyist creates random products and hopes they'll sell, while a business owner builds systems, analyzes data, and scales what works. The business owner is strategic, data-driven, and focused on long-term success.

Why is timing crucial for product launches, and how can sellers use it to their advantage?

Timing is critical because launching a product in sync with seasonal trends ensures higher demand. For example, planners released at the end of the year cater to New Year’s resolution planning, capitalizing on the seasonal interest in planning for the next year.

How can sellers ensure they're focusing on the right products based on data?

Sellers should sort products by monthly revenue rather than total revenue to focus on products with current momentum. A product making $5,000 in the last month has more potential than one that made $50,000 over five years but is now declining in sales.

What role do conversion rates play in a seller's success on platforms like Etsy?

Conversion rates indicate how well a product resonates with its audience. A high conversion rate (e.g., 5% from 1,000 views) means the product, price, and presentation are effective, while a low conversion rate signals that adjustments are needed to attract the right audience.

What is the ideal price range for digital products, and how does pricing affect consumer behavior?

The ideal price range depends on the product's complexity and customer buying behavior. Products priced between $5-$15 are considered impulse buys, $20-$40 are for considered purchases, and anything above $50 requires significant persuasion and social proof.

How do competition levels affect the success of a product, and what is the 'Goldilocks principle'?

Competition levels indicate demand, but too much competition can make it difficult to differentiate. The Goldilocks principle suggests that a market with moderate competition is ideal—not too little demand (few products) and not too much (overcrowded market).

How can AI assist in creating digital products like a budget tracker?

AI tools like ChatGPT can generate the structure, formulas, and design ideas for a product like a budget tracker. Sellers can then take these ideas and implement them in Excel or Google Sheets to create a visually appealing and functional product in a short amount of time.

What is the advantage of creating variations of a successful product?

By creating variations of a successful product (e.g., different themes, colors, or uses), sellers don't have to start from scratch each time. This strategy helps scale the product by offering more options to customers without reinventing the wheel.

How can bundling products increase revenue for digital sellers?

Bundling related products together (e.g., a budget tracker, debt payoff calculator, and savings planner) increases the average order value. Customers can buy the bundle at a higher price, driving more revenue, while individual products can still be sold at a lower price point.

Why is research considered the most important step in building a successful product line?

Research eliminates guesswork and ensures informed decision-making. By understanding what's selling, what price points work, and what gaps exist in the market, sellers can make strategic decisions that increase the likelihood of success.