7 Types of Tiny Digital Products for Passive Income and Business Growth
7 Types of Tiny Digital Products for Passive Income and Business Growth
Blog Article
If you could spend just a few hours creating a simple, small digital product that you could sell repeatedly, and if those sales added an extra $110,000 of completely passive income every month, what could that do for your business? Wedding planner Jamie Wolfer replaced her planning income with a $29-a-month membership. Productivity coach Thomas Frank made over $2.5 million selling free templates. I’m sure you’ve got a tiny digital product in you too.
In this video, we’ll discuss what a tiny digital product is, seven easy-to-create types, how much you can charge for each, and the strategy to increase your sales tenfold. But first, what is a tiny digital product, and why should you make one?
A tiny digital product is something small, easy to create, and sold online to help customers achieve something specific. These products leverage your knowledge or resources to solve a problem for potential clients. They’re quick to make, usually priced under $100, and can generate passive income. They add a revenue stream and help attract new clients who may later opt for higher-priced services.
Now, let’s explore seven types of tiny products that could be right for your business:
- Light Membership: Jamie Wolfer replaced her entire wedding planning income with a $29/month membership. A light membership builds a community with minimal interaction from you. You provide value through pre-made resources, requiring minimal effort to maintain. On the passive scale, it’s a 6/10, with solid recurring income potential at 8/10. With the right niche and marketing, you could hit five figures monthly like Jamie.
- 90-Minute Workshop: A live workshop provides a specific result to a small group and can be recorded for future sales. It’s highly valuable for your audience and often serves as a gateway to higher-tier services. The passive potential is 6/10, and the income potential is 7/10, with workshops typically priced between $27-$97.
- eBook or Audiobook: Business consultant Michael Port transformed his client work by packaging his expertise into a book. It acts as both a revenue stream and a marketing tool, attracting clients for higher-priced services. On the passive scale, it’s a 6/10, with income potential at 8/10 due to client generation.
- Paid Email Newsletter: A VIP pass to your best ideas, like Nicholas Cole’s newsletter, creates a strong bond with subscribers. Although content creation is ongoing, small subscriptions can build recurring revenue. The passive score is 5/10, and the income potential is 6/10.
- Email Course: Like a personal coach in your subscribers’ inboxes, email courses deliver lessons over time, building regular touchpoints with your audience. The passive score is 8/10, with income potential at 7/10. This can also lead to higher-ticket sales.
- Mini-Course: A concise solution to a specific problem, mini-courses are perfect for immediate, actionable results. They usually include 1-5 short lessons. The passive score is 7/10, and income potential is 8/10, with pricing between $47-$197.
- Templates: Templates, like those created by Thomas Frank, offer a head start for users. They require little time to create and can be sold repeatedly. This is the most passive product type, scoring 9/10, with an income potential of 8/10.
The secret to multiplying your sales? Thomas Frank leveraged YouTube to promote his products. By providing educational content and building trust, he introduced his templates as solutions to his audience’s problems. You can do the same by targeting a specific audience and offering products that meet their needs.
These tiny digital products are just one way to generate passive income.