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There are many ways to generate revenue with a digital business.
Selling digital products like courses and ebooks is the most obvious way. It’s what we focus on at Digital Commerce Academy.
You can include affiliate links in your content. You can also strike deals with sponsors.
And there is another way …
It’s certainly not a good fit for all, or even most, digital businesses. But if you have the right kind of relationship with your audience, it can be a great way to drive additional revenue, even recurring revenue.
I’ve picked up a lot of experience with donations over at The Assembly Call, my side project built around a live postgame show for Indiana basketball games.
In fact, we just executed a successful donation drive in which we generated more than $1 per subscriber on our email list. This far exceeded our goal for the campaign monetarily, and there were non-monetary benefits (like increased connection with many loyal audience members) that I never imagined.
Last week, I hosted a webinar that dispensed pretty much every lesson I’ve learned about collecting donations for a digital business. I even included the actual emails we sent, which helped us achieve a lofty goal in less than 24 hours.
Check out the replay here:
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If you already accept donations or plan to, I hope this master class helps you execute your plan with more success. And if you’ve never considered accepting donations, but are intrigued, I hope the beginning sections provide you with insight that helps guide your decision.
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Now here are this week’s resources — curated by me and members of Digital Commerce Academy.
Writing runs the show
Writing is the starting point for all other mediums. Want to do a speech? Write. Want to sell products? Write. Want to compose a book? Want to make a great podcast? Write. Want to teach an online course? Write. (Submitted by Daniel Chohfi)
SaaS isn’t dying, it’s changing
Attention is a scarce resource and SaaS products have to be much more polished to grab customers’ attention, get them to pay, and keep them retained. The logical conclusion many are coming to is that because it’s a more efficient market, there’s less room for profit. But is that true?
From one Chris to another …
This is an open letter to the developer who spent a year developing a WordPress theme and couldn’t sell it anywhere.
“Cut the bullshit” … and other useful tips
The authors of this post reached out to some of their favorite thinkers and writers around the globe with this question: What changed in 2016 and how should businesses respond now? What should we be focusing on this year? (Submitted by Lynne Magnavite)
Story time with Brian Clark
Are you telling a story? And more importantly, does that story resonate with the way your prospective customers and clients are seeing things?
Delight and attract
Why do you need to vary your social media content? Because people don’t follow business accounts to be sold to. Posting interesting content from a wide variety of categories assures that you’ll delight your current fans, while attracting new ones. (Submitted by Louise Meyers)
Ready to get serious?
From a legal perspective, being able to pick up and take your business anywhere presents a few challenges. You are a Digital Nomad. And there are real legal concerns around Digital Nomad entrepreneurship. (Submitted by Jon Jaggi)
Do you have what it takes? (Or even too much of what it takes?)
Beyond the personality traits that can help entrepreneurs, there’s also the darker side. Certain aspects of our identity and mindset makes it likely that we’ll suffer from anxiety and depression — and worse, not reach out to seek help. Dr. Sherry Walling specializes in working with founders to better cope with some of the more stressful aspects of entrepreneurism, and I think you’ll find her insights valuable.
Optimizing your startup for speed is the only way to keep your head above the water. The key to optimizing your startup for speed? Learn how to make rapid—but thoughtful—decisions.
That’ll do it for this first edition of The Digital Entrepreneur newsletter.
I’m sure you’ll see some changes and improvements in the coming weeks as we tweak the format, add sharing buttons, and consider publishing these newsletters live on the site.
And, of course, I’ll fill you in on how we’re using this curated newsletter as part of our funnel for both Digital Commerce Institute and the Rainmaker Platform as we move forward.
Thanks for your attention, and have a great weekend.