This transcript was generated from the episode audio and may contain minor errors.
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How many digital products should you sell? If you're making digital products and you've got some expertise that you're putting out in the form of an ebook or an audio visual product, or a course, or there's lots of different ways to deliver information. But how many products should you sell? Should you have a single flagship product or provide multiple tiers and options for your customers is one, three, or five best. Let's talk about these different options.
We're gonna hear from Rachelle in Cleveland. She's setting up an information product and she's trying to think about her long-term strategy. I've been thinking about this a little bit myself this year as I'm getting back into selling some information products for the first time in several years. So I'm thinking about it. And I know lots of listeners are also thinking about how to get going with their education business or to expand it if you already have something.
So what are the pros and cons of that flagship approach versus a diversified approach? Let's talk about it. Detailed question and my answer coming right up. [Music]
Hey, this is Rachelle from Cleveland. I'm in the process of creating my first digital information product.
And I'm trying to decide how many different products or packages to offer. I've seen some people recommend selling just one flagship product, while other suggest offering multiple tiers or options. In your experience, is it better to sell one, three, or five information products? And what factors should I consider when deciding on the right number and structure for my offerings? Thank you so much.
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Rachelle, congratulations on creating your first digital information product. And good news here, there's no wrong way or right way to do this. You can sell multiple products. You can sell just one. If you sell one and it's a hit, then you might wanna just keep selling that, right?
You might wanna make a sequel to it or create another pricing tier for it, some kind of support package. Or you might have it come out and maybe it's not a huge hit, but it does sell some. And that gets you thinking, what else can I sell? In which case you would want to expand to perhaps a few more. I do think it's good usually to keep it to a relatively small number if you are a solopreneur, instead of creating dozens and dozens of products.
Most of the time when people do that, they discover that there is a real 80/20 rule in the sense that most of the sales are coming through a few of the products. So you wanna figure out what is selling the most and only sell those. So whether it is one product or three or five, you've got some pretty obvious pros and cons. If you're selling a single product that simplifies your marketing and sales efforts, you don't have to dilute your message. You don't risk customer confusion, people being like, well, I wanna buy something, but what do I buy if there's different things here?
And of course the cons also are, well, that limits your potential revenue because you're not catering to customers with different needs or budgets. You could be missing out on opportunities to upsell or cross sell additional products. You know, if people like something from you, they're probably gonna like something else. So that's the main advantage of going to multiple products or product tiers is that, you know, it can end up increasing your revenue a lot and selling more to more people. So it's kind of a matrix of decisions you need to make based on the complexity of the kind of business you're hoping to start or grow towards, based on how much time you have, based on your goals, your skills.
Again, no wrong way of doing it. Think about your target audience's needs, preferences and willingness to pay, as well as your capacity to create market and support multiple products. Trust your instincts, do some research, don't be afraid to experiment. And again, congratulations. I think starting to sell something is better than not selling anything.
So that's the biggest thing, whether you decide to do one, three or five, do at least one, that's better than zero. Listeners, thank you for listening. If you have a question, sidehustleschool.com/questions. We've reached the end of the month. But of course, a new batch of episodes coming out all next month.
This has been 2,738. New and every day, always completely free. My name's Chris Guillebeau. This is "Side Hustle School." [Music]
From the Onward Project.
