How to Make Passive Income with Digital Products: Lessons from Oliur

In a recent video, Oliur shared that his most profitable and easiest source of income last year was his digital products, particularly those listed on Gumroad. According to him, he made $72,800 from these products, and the best thing about it was that it was a passive source of income.

I frequently watch Youtube videos to learn how other people are making money. As a 6-figure creator myself, I enjoy exploring additional opportunities and sharing them with my audience.

In this blog post, we’ll be breaking down Oliur’s insights and sharing tips on how you can also make passive income through digital products.

While sharing my takeaways from the video, I encourage you to dive in and watch it yourself. It’s impressive.

Why Digital Products are a Great Source of Passive Income

According to Oliur, the best thing about digital products is that they are incredibly passive. Once you’ve made them, they can sit on your website, store, or any other platform, and you can make sales whenever customers find them.

In his words, “They are very, very passive. I literally make money whilst I sleep.”, he says.

Here are some key takeaways from this video.

1. Digital products don’t require much maintenance or upkeep, making them an easy source of passive income.
2. You can sell digital products anytime, anywhere, and you don’t have to be physically present to make sales.
3. Once you’ve made digital products, they can generate income for months or even years.

Creating Digital Products: How to Get Started

When it comes to creating digital products, Oliur says that most of the stuff he sells in his store is that he already uses. This makes it easier for him to package them up and sell them online. He also recommends using design tools like Figma or Photoshop to create digital products like wallpapers and presets.

Here are some key takeaways from this insight:

1. Use tools that you’re already comfortable with to create digital products.
2. Consider what digital products you use yourself and package them up for sale.
3. Don’t be afraid to experiment with different digital products and see what resonates with your audience.

Marketing Your Digital Products: How to Get Sales

Once you’ve created your digital products, the next step is to market them to your audience. Oliur shares that he markets his products through videos, social media, and newsletters. He also highlights the importance of providing value to your audience and building a relationship with them.

Here are some key takeaways from this insight:

1. Use social media, email newsletters, and other channels to promote your digital products.
2. Provide value to your audience and build a relationship with them.
3. Consider using paid advertising if you don’t have an existing audience but don’t rely solely on it.

Profit Margins and Instant Delivery: The Benefits of Selling Digital Products

Oliur shares that the profit margins for digital products are incredibly high, with up to 80-90% of the revenue being pure profit. Additionally, instant delivery of digital products means that customers can make their purchases immediately.

Here are some key takeaways from this insight

1. Digital products have high-profit margins, making them an attractive source of income.
2. Instant delivery of digital products is a great benefit to customers, which can increase the chances of sales.
3. Consider setting up an online store to make it easy for customers to purchase your digital products.

The Importance of Marketing: Investing Time and Effort

Finally, Oliur emphasizes the importance of investing time and effort into marketing your digital products. He recommends spending 10-30% of your time making the products and the rest on marketing them. According to him, an average product with good marketing will always beat an amazing product without marketing.

Here are some key takeaways from this insight:

1. Invest time, effort, and money into learning marketing and advertising.
2. Spending time marketing your products is just as important as creating them.
3. An average product with good marketing will always beat an amazing product without marketing.

Choosing the right platform

When selling digital products, choosing the right platform can make all the difference. Gumroad is the platform that Oliur uses and recommends for its ease of use and low fees. He says, “It’s a very simple platform to use; the fees are very low. I think they take 5% plus 25 cents per sale. So it’s very easy just to get started on there.”

However, other platforms are available such as Sellfy, SendOwl, and Podia, each with its own features and pricing structures. It’s important to research and compare these platforms before deciding which one to use.

Takeaways:

1. Research and compare different platforms for selling digital products
2. Consider factors such as ease of use and fees when choosing a platform
3. Gumroad is a recommended platform for its simplicity and low fees

Building an audience

Having an audience is essential for selling digital products. Oliur has built his audience through his YouTube channel, Instagram, and newsletter. He says, “The most important thing is providing value. If you can provide value to people, they will keep coming back to you.”

It’s important to focus on providing value and building relationships with your audience rather than just trying to sell to them. This will help to establish trust and increase the likelihood of them purchasing your products.

Takeaways:

1. Building an audience is essential for selling digital products
2. Focus on providing value and building relationships with your audience
3. Use platforms such as YouTube, Instagram, and newsletters to reach and engage with your audience

Creating quality products

Last year, the global digital products market was estimated to be worth over $1 trillion, with digital products such as eBooks, software, web-based applications, graphics and digital art, cloud design app templates, fonts, music and audio, photography, video and more all being sold online. The digital media market is expected to surpass 520 billion dollars in 2023.

Creating quality products is essential for building a loyal customer base and generating repeat sales. Oliur recommends creating products you would use yourself and ensuring they are high-quality.

He also suggests experimenting with different product ideas and seeking feedback from your audience to improve and refine your offerings.

Takeaways:

1. Creating quality products is essential for generating repeat sales
2. Create products that you would use yourself and take the time to ensure they are of high quality
3. Experiment with different product ideas and seek feedback from your audience to improve and refine your offerings

In conclusion, selling digital products can be a lucrative and passive source of income, but it requires effort in creating quality products and marketing them effectively. Choosing the right platform, building an audience, and using a combination of marketing strategies are also important factors in the success of selling digital products. Following the advice of successful creators like Oliur, anyone can start making money while they sleep.