StarterStory released a deep dive about digital product environment, here is my analysis of the results.
Deep Dive: 101 Digital Products Making Millions [Breakdown] - Starter Story
Earlier this year, I woke up, checked my phone, and saw this: I made $20K in revenue in one day? How? Two things: (1) A 5-minute Loom video, and (2) a Stripe Payment Link. Wait… what?… Let me explain. It all started when my friend Pieter Levels messaged me: “Hey bro, can you share wit…
Starter Story
Overview
- The sheets file contains information about 34 different founders and their digital businesses selling products like online courses, template files, newsletters, and community memberships.
- The founders come from diverse backgrounds including technology, business, design, lifestyle and more.
- Most are bootstrapped solo founders or small teams. Many started as side projects alongside their regular day job.
- Annual revenue ranges widely from $6,000 to over $200 million. The average seems to be around $1-2 million.
Marketing Strategies
- Content marketing through blogs, newsletters, YouTube videos etc. to attract organic traffic is used by almost all the founders. SEO and social media like Twitter are key channels.
- Building engaged email lists and communities helps convert visitors into customers and facilitates word-of-mouth growth.
- Paid ads, sponsorships and strategic partnerships help amplify reach. Direct outreach to target customers also works for B2B products.
- Leveraging existing users, networks and audiences provides an initial boost when validating and launching new products.
Monetisation Models
- Subscription memberships and online courses with one-time payments around $100-500 range are the most common monetization models.
- Other models include templates, spreadsheets, premium content, communities, sponsorships and affiliate marketing. Many use a freemium approach.
- Most display adaptive pricing tactics starting low and increasing price based on demand signals. Bundled offerings provide upsell opportunities.
Key Takeaways
- Solve a pressing pain point through your personal experience and expertise. Ideas often emerge from gaps in existing solutions.
- Start niche, go broad. Domain authority in a narrow niche can bring sustainable growth.
- Creating authenticity, quality and consistency in content and products establishes trust.
- Interact one-on-one with users continually to improve products.
Let me know if you need any specific area analyzed in more depth or have additional questions!
