TN02 - 5 Reasons to Have a Digital Product in your Fitness BusinessJan 14, 2023
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Today I'm going to try and convince you why you should have a digital product in your fitness business.
With endless opportunities on the Internet and billions of people online, not having a quality product that can be automatically delivered to interested customers is leaving cash on the table for you this year, and I'm hoping to change that today!
Most people fail at creating a digital product because they don’t know how to position it online when adding to the other products and services they might sell.
In the next few minutes, I’ll give you some clarity on that!
Let’s dive in, but first, a story….
11 years ago I created my very first Digital Product in my Fitness Business called “The 36-Day Lean Mass Guide”
(Upon reflection, I’m not sure how you can build Lean Mass in 36 Days, but it sounded good at the time!)
I created all the Workouts in Excel
Wrote out all the Meal Plans on Microsoft Word
Got my brother to film all the workouts and promos on my iPhone 4, and edited them on Windows Movie Maker. (old school)
Here’s the promo video; it’s still up on Youtube!!
I did my best to put it all together and finally put it on sale for £12
(My logic at the time was if it was shit, at least people didn't think I was ripping them off!)
Over the next three months, over 1200 people purchased the programme netting me about £14k in revenue.
It was way back then that I realised the power of Digital Products!
Over the next few minutes, I’m going to give you 5 reasons to have a Digital Product in your own fitness business this year
#1 - A Digital Product is an “asset” for your Business
One of the reasons a lot of people don’t have a digital product is that it takes a little bit of time to build and create one.
Say you were creating a 6 Week Digital Product For Fat Loss; you would need to allocate time for the following…
- Filming all the workouts and exercise tutorials
- Filming all the educational videos on Nutrition and Meal Planning
- Creating the Sales Page and Email automation
- Finding a platform to deliver the programme
This all takes time; however, once you have created the programme, it’s yours to market for the next few years!
Everything I’ve listed above is timeless!
Workouts don’t go out of fashion
(unless it’s on a BOSU Ball!)
And the same principles for fat loss and nutrition will still apply 5 years from now.
My first book, Mindset with Muscle, took me 6 months to write, and a lot of time was spent getting it published.
That was back in 2016, and 7 years later, It’s still a valuable asset selling 8-10 books a day which gets automatically printed and sent through Amazon KDP.
The same will apply to your digital product!
If you commit a few months to build a decent-quality product, it will be a valuable asset for years to come.
#2 - A Digital Product will add 20-30% more £££ to your Business
I like to call Digital Products “Revenue Toppers” because that’s exactly what they do!
They help top up your revenue in your business by 20-30% when used in a particular way.
Every year in the UK we have special holidays where people expect discounts and offers.
If you have a digital product in your business worth £149, I would be selecting some of these holidays for a special discount.
Here’s a small list of those days this year in England and Wales (2023)
- 7th April (Friday) - Good Friday
- 10th April (Monday) - Easter Monday
- 1st May (Monday) - Early May Bank Holiday
- 8th May (Monday) - Coronation Bank Holiday
- 29th May (Monday) - Spring Bank Holiday
- 28th August (Monday) - Summer Bank Holiday
- 31st October (Tuesday) - Halloween
- 24th November (Friday) - Black Friday
- 25th December (Monday) - Christmas Day
- 26th December (Tuesday) - Boxing Day
What you want to do is pick 3-4 of these days where you’re going to reduce the price of your digital product to either £79 or £99 and map out your promotion window.
Here’s an example….
- 10th April (Monday) - Easter Extravaganza - 50% off my Digital Product for 3 Days Only
- 29th May (Monday) - Summer Shred Special - 50% off my Digital Product and free Suncream
- 24th November (Friday) - Black Friday Special - 50% off my Digital Product Until Monday
- 26th December (Tuesday) - New Year New Me Special - 50% off my Digital Product Till New Year's Eve
This simple action plan will drive a ton of sales to your business and add some decent revenue throughout the year.
An example of one of my latest New Year Specials from last year
#3 - A Digital Product Makes for a Great "Downsell"
If you already have an Online Fitness Business, you might sell 1-1 coaching or a Higher End Group Coaching Package.
(And if you’re making sales calls with potential clients, you might have had a few unsuccessful calls because they “couldn’t afford your service”)
One solution is to offer them the digital product as a "downsell".
A “Downsell” is a low-priced offer from what your higher-end service is offering.
And a Digital Product acts perfectly as that downsell offer.
(Not only does it get them paying you money and using your services, but you’ll later find out in reason number 4 how it can help with the future sales process.)
Another opportunity a Digital Product works well as a downsell is if you run Online Fat Loss Challenges.
Something I teach my coaches on Trainermind is running free challenges to get clients to experience what it’s like to work with you.
Then offering a longer paid challenge once complete.
The average conversion rate for this strategy is about 20%
(50 people on a 5-day challenge will usually land you about 10-15 paid challenge clients)
Where a digital product fits in well are those 35-40 people you didn’t convert.
Whenever I offer a digital product downsell I usually see a 20-30% conversion into that product
which is why it’s so essential to offer once your paid challenge has closed.
(If that all sounds confusing, don’t panic! I’ll soon write a detailed newsletter about free and paid challenges!)
#4 - A Digital Product helps Nurture Higher Paying Clients
One incredible thing that a Digital Product does is opens you up to higher-paying clients.
When someone purchases your Digital Product and gets a result from doing it, not only have you built more trust with that client, but they are much more likely to invest in a higher-paying coaching service.
(Strangely, it also works well the other way too…)
I’ve had clients purchase my digital products and only make it through a few weeks, then decide to purchase a higher-priced product to get the extra value and accountability.
Whichever way you look, it’s another important reason to have a digital product in your fitness business.
#5 - A Digital Product Can Generate High Revenue with a “Launch”
Launching a new product/service can be exhausting because not only do you need to market and generate interest, but you also need to deliver the product once they have signed up!
Not so much with your digital product.
An example I want to give is one of my digital products Mobile Video Mastery.
In 2018, I created a mobile video editing course after receiving high demand from people wanting to learn how to edit on their iPhones.
It took me about a week to map out the course and two solid weeks to film, edit and create it.
It then took me two weeks to map and launch the marketing strategy.
The Product was a huge success, and when we closed our doors, we had 620 people purchase the course generating around £60k in revenue.
I put lots of effort and energy into the build-up and launch with a solid return and minimal effort on my part once my initial offers had ended.
This is a great way to start your digital product journey and introduce a brand-new product to the market.
- Get people excited and build an email list.
- Create an event (think when apple launches a new iPhone)
- Create time-limited offers and bonuses
- Open Doors, Countdown and Close the offers
2 Weeks later, you integrate the product into your business as downsells and specials throughout the year
updating the product every year like Apple does with its iPhones.
(Few New Workouts, Recipes and Guides)
- A Digital Product is a Valuable Asset in your Business
- It can add 20-30% on top of your revenue with the right specials
- It’s great for downsells from your higher prices programmes and products
- It can generate massive amounts of revenue with a “Launch”
I hope this newsletter gets you as excited about a Digital Product in your business as it does me.
It’s a massive game-changer once you have it built!
See you next week for another awesome Knowledge Bomb to help you grow your Fitness Business.
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