
‘Simplified by Cowrywise – Making More Money with Digital Products‘ was a virtual event held to share the practical steps you can take to create digital products out of your skills, knowledge and experience. Simplified events are periodically held to help break down how money works for everyday people. At the Simplified event held in August, Oyinlola Akindele, Product Specialist, Growth at Cowrywise and Milton Tutu, Growth and Marketing Manager at Selar simplified how to make ebooks, courses, coaching programs out of knowledge you already have. This is a summary of their session; read, share your thoughts and take the practical exercise at the end.
Milton Tutu’s practical tips on how to make money with digital products
Milton launched his first digital product at 16 which was an ebook. He earned his first N100,000 from it and then realized that creating digital products like ebooks and courses had a very high profit margin.
His first online course was launched 5 days before the year 2020 and he made over $1,000 in 5 days even though he only used his Whatsapp status to market the course. Best part? He was still a corper (under the National Youth Service Corp program for Nigerian graduates – NYSC). Seeing that this was a solid stream of income, he created a marketing funnel for the course and sales blew up.
This stamped it for him and now he says he “preaches” digital products to people and believes everyone should have at least one. But first, let’s dive into what they are.
What are digital products?
They are non-physical intangible valuable goods and materials that people can purchase and consume via the internet. Examples are ebooks, online courses, subscription products (like Mastermind groups where you pay periodically), webinars (like our Simplified sessions if they were packaged and resold), checklists, templates, digital arts (NFTs).
Are digital products the same as digital content?
People often confuse these two but they’re not the same. Digital content is content that you consume for free (like YouTube videos) while digital products are products you pay for before consuming. There has to be a transaction between a buying and selling party for it to be a product.
How to get started…
If you’re asking “how can I start creating my digital products?” The first thing is to bust the myth that it is hard or complicated. In fact, a major pro is that most digital products are easy to create.
One of the easiest ways is to convert your knowledge, skills and experience into a digital product. The things you already know can be converted or documented into a readable or watchable digital product. For instance, if you know how to set up zoom meetings, you can record a how-to and sell it. If you know to cut hair really well, you can record yourself doing different haircuts and sell it (a lot of people needed this during the lockdown in 2020!) If you’re a fantastic Canva designer, you can package a course to teach others how to hone that skill.
- Write out the different steps you take to achieve what it is you want to teach.
- Decide what format you want to sell it in – will it be text or video?
- Document and package it, market it and sell.
The possibilities are endless.
Do your experiences count?
They do! ?
What you know and how you do what you do can be documented and sold as a digital product. Don’t leave your experiences on the table or think they’re random. Milton’s friend who travels across Africa created an ebook and titled it “How to travel around Africa on a budget”. Another friend is working on “How to have fun in Lagos on a budget”.
There’s something called a knowledge gap. There are things that you know that others don’t, so you have to fill that knowledge gap and people will pay you to do so. You don’t have to be a celebrity or even a graduate to make your experience count.
People are waiting for you
Digital products allow you to make an impact and make money at the same time. There are thousands of people out there who are willing to pay and are waiting for you to market your digital products and services to them. The question now is – what digital product are you selling?
You are used to the skills, knowledge and experiences that you have so you might start to see them as random things. But as they say, it’s see finish that’s causing this thought pattern.
Three things to consider when creating your digital products
- Products – Your product has to be something that the market needs.
- Audience – Listen to your audience and ensure it helps them solve a particular problem. Do a simple market research to know what people are looking/asking for and how to package the title of your product to fit that need. Build a community of people dedicated to your brand. It can be on Facebook, Telegram, Instagram or an email list.
- Market – Whatever problem you’re trying to solve, ensure that there’s a market for it. The market for the problem has to be large. If the market is too small, it’ll limit how much you can make. Another option is to make a lot of people see and realize that they need your digital product. If you’re not a celebrity, the first option is the easier route.

“Dangote is not passionate about salt”
Milton states that the most important thing when creating a digital product is the market – not your passion.
Be passionate about what people are willing to pay for, not your personal passions.
Take this exercise by Oyinlola
Make a list of three skills that people usually compliment you on – it doesn’t matter if they’re the most random things to you. It can be how you write, cook, talk or your public speaking skills.
Based on the lessons previously shared by Milton, you can think of what digital products to create out of those skills or expertise. Remember not to leave your experiences out – so, what have you been through that you can help others easily navigate through the same thing?
If you cook well, you can create a cookbook with recipes.
If you know how to teach, you can teach others how to teach well using an online course.
Creating digital products that people want is a simple way to start making money. It’s a simple way to start getting paid while you sleep.
Get your slice of $457.8 Billion
“The global market for E-Learning estimated at US$250.8 Billion in the year 2020, is projected to reach a revised size of US$457.8 Billion by 2026. E-Learning may be defined as the delivery of instructional content through the use of electronic technology…” – globenewswire
This digital product market continues to grow, the question is, what percentage of this will be yours?
To watch the full session, please click the link below and subscribe!
ALSO READ:
Simplified by Cowrywise: Personal Finance for Entrepreneurs
Personal Finance Tips For Graduates
I really want to control my finances. I envisage that I have a great tendency of making money and mismanaging funds. Most times I run out of money before the month ends and I feel terrible about it.
Hi Sonia.
Thanks for your vulnerability.
We provide a lot of financial education guides on our blog that can help you better control your finances.
Take it step by step and you’ll do better in now time!
What about school fees, health , charity and insurance.
school fees, insurance, and health can be placed in that friend’s wedding column as talked about in the article, t its all about understanding the main idea, looking within yourself where does this item fall, it’s about been creative and manageable with your money, i.e how long money stays in our hand using it effectively.
thanks a lot,Ope.really helpful,sometimes we outline the fixed and forget the discretionary ,and wonder how alll the money disappeared .This is very insightful
I look forward to more articles from you guys, random articles on various life topics. I love the active voice you used in writing and that sacarsm part too?
Thank you! We look forward to having you back here too ?
This is really amazing and educating! Keep it up and thank you so much for THIS ARTICLE ?
Our pleasure ?
Hello Ope,
This piece is quite insightful and helpful. Thank you. I Read the part where you advised to not document budget on a book as one can lose the book. Can you recommend an app on playstore one can use?
Yes. I’m seconding this comment. I believe an accounting application can help. I actually document my expenses daily but combining them into a general heading is a big task.
Please help us, Ope.
Hi Glow, I can’t recommend any tool off the top of my head right now, but creating a simple Google sheet or excel file for your budgeting can work.
I have a challenge, am the one catering for the house so most times I run into debts because expenses are higher than income . please how do I work on this.
thanks
Okay, Ope, you got me on with this one! ?
I know I make a lot of money as a full-stack digital marketer, but after some time, I’m broke and I’m wondering how come? As you said, I’m wondering “where did all the money go to?”
Sha, this post is very helpful and I’ve just downloaded this app I want to make use of in listing out the entire process… but quick ??
Which app or tool would you recommend for proper budgeting and evaluation?
Regards,
Sam
Hey Sam, happy to hear you found this helpful! ?
For the tool to help with budgeting, I highly recommend that you get down to do the “dirty work” first by yourself. Create a sheet on Google Sheets or Excel to input and track your spending to give you a raw idea, and then you can use other tools for lighter budgeting work based on the idea you now have from your sheet.
Hi Glow
You can download money manager on playstore, that’s what I use. There are others there too
I spend close to 38,000 only
Hi Sam,
I found it fascinating when I had to keep track of my sister’s account, but tracking my own expenses or developing a personal budget appears to be an impossible feat.
I mean… I don’t have a stable source of income yet so it seems almost hard to do but then after going through your write up I wrote a few ways in which I get money and am hoping I’d be able to get an hang of it soon.
Thanks for the detailed explanation.
Ope rather not Sam, sorry.
Wow! This is great, learnt a lot
Thank you so much for sharing this, Ope.
I have a question though. How can I budget as a student?
Because it seems like I can’t apply the whole concept of budgeting in my life at the moment.
I mean, I am a student, I don’t have a fixed source of income; I receive allowance from my parent and sometimes from relatives. I also do not work and I have no investments.
Sometimes, I feel like financial plans and budgeting is just not for me, even though I’m quite interested in them.
Like when I even receive my allowance, the rate at which the money finishes fast, makes me ask myself, “How?” “Where did all the money go to?” and “What did I spend the money on?”
I want to know how to track my expenses, save effectively and if possible invest and then build a financial plan, even as a student but I don’t know how to go about it neither do I know what to do.
So, if there’s any advice you could give me, please do. I’m very ready to learn.
Also, thank you so much for your financial lessons. I am always happy when I see your blog updates in my email. Thank you!?
This is very insightful and educative. I will make a do with this tips immediately. Thanks immensely Ope.
This is helpful I learnt a lot as a young graduate budget helps in build Future occurrences coming in the future also helps to pridict a lot of plan that u ought to achieve
Thanks Ope for this rich enlightenment.
But I got to ask you a question.
What if you don’t get an income per say but, a kind of allowance that’s not stable that you’ll have to ask before its been given to you. How then do you plan a budget given such instance?
Thanks for this wonderful post of yours.It is more encouraging.
Dear Ope,
Thanks for this insightful write up. I am definitely practicing this starting now. This is just what I needed to hear at this time. Thanks again
Really amazing thanks alot for this
I need withdraw
Thank for this wonderful post of yours. It is more encourage
I need withdraw
This article came in on time. Am guilty of many of the bad money management stated in the article. Not withstanding, it is not too late to start. I will be better equipped for the remaining part of the year and next year as well. Thanks Ope
Alisabiu744@gmail.com
This article came in on time. Am guilty of many of the bad money management stated in the article. Not withstanding, it is not too late to start. I will be better equipped for the remaining part of the year and next year as well. Thanks Ope
Ope thanks for this powerful awareness, pls if the is an app I can use for something like this let me know. I should start taking records this month
Mohammed
How can I do this
Thanks very much Ope. I always enjoy your post they are enlightening.Talking about budgeting how can one who’s money doesn’t come in bulk monthly go about making and achieving his or her budget.
I can control my financial status on my own. Because I really feel to be financially independent, on the basis of personal interest, and growth. Thank you so much.
Hi Ope,
Thanks for the blog,
I am currently working and I don’t earn enough. Also, I have to settle bills at home and help the family.
I find it hard to save, any advice on this?
Thanks for this piece, I really needed it to start my next month.✨
Thank you so much Ope. We shall do this
Cowrywise has really helped me to everyone more and spend less
I wish it will not crash
Thanks so much. This is an eye opener. I always wondered why I’m left with nothing at the end of the week/month/year after making so much money. Please, do cowrywise have a budgeting app that could be helpful.? It’s important