Express.co.uk spoke exclusively with Ken Okoroafor, founder of The Humble Penny, about how he was able to earn over Â£ 11,000 in just three days selling digital products, especially an ebook. An ebook is a book publication available in digital form on an electronic device. He wanted to share the practical steps he had taken, as well as the mindset he had to be able to make this kind of income in no time.
Before creating a digital product, people need to understand what people may want or need to know to make sure it sells.
He was able to find out the demand by interviewing his Instagram followers. People should do their own research before creating a product.
He said: âIf you are someone who would like to create a digital product, the first thing you need to do is gauge interest and create a waiting list for people who are actually interested.
âOne of the biggest secrets to creating a digital product that really sells is that the product has to be worth several times the price at which it is being sold.
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“We sold our ebook for Â£ 29, but the real value is 10 times that.”
Another way to generate more income with digital products is to try and increase the average cart value on your website.
For example, if someone were selling notebooks on Amazon, the same seller might offer pencils that would complement notebooks, which encourages people to spend more.
He said: ‘My average order value was Â£ 32 but the product I created was Â£ 29 so more people were buying more than the digital product I created.
They were anticipation, urgency and scarcity. Anticipation can create a buzz for your product, for example, by emailing the title of the book one week, then a sample paragraph the following week and asking for comments.
He said, âThe beauty of the Internet is that we can create the product together. “
Urgency can be created using real deadlines. Ken was able to use personal deadlines for each person on his waitlist based on when they joined the waitlist. This would give them some time to buy the product, say three days.
Finally, Ken created scarcity by selling his ebook with a bonus item for several days. That way, people would think that the offer might be gone soon and are more likely to buy the product as long as the offer is still available.
He said, âMake sure the product is of good quality, something that will really add value to people. This will help create an endless loop of selling your product on autopilot.
âEarning Â£ 11,169 in three days has really changed my life. If you really want to apply these principles, I can guarantee that they add value and are worth it. “