Product is any piece of thing or an item that you purchase it from the market in the exchange of cash or any monetary item. A product comprises of many things like furniture, computer, table, chair, house, electronic gadgets, etc.
Product is something that people can buy and sell in the exchange of money when money circulates in the society from one person to another. That’s how people earn their living and make ends meet.
The product is different from the service, where the buyer gets the physical entity in its complete form after pay money. In case of service, where the seller is obliged to perform certain tasks and duties at a certain price mutually agreed upon both seller and buyer.
Table of Contents
What is a Product
According to Kolter, “Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations, and ideas”.
What is a Digital Product?
In the online world, the physicality and form of product is changed. A digital product is something that doesn’t have any physical existence, but you can buy and sell and make use of its productivity. Since digital product isn’t any physical entity which means that you won’t be able to smell the e-book, hold and feel the themes and wallpapers in your hands, or sense the taste of any online software.
Sometimes you have the option of converting digital product into a physical product. For instance, printing of an e-book in the form of hard copy paper format. Then it would become a physical product, but initially, it was a digital product.
Quality also matters a lot in the digital format just like in the physical product. If you produce a poor quality digital product, then you can’t expect to make your living out of it. Therefore, you have to deliver a quality digital product to your clients and customers. If you do that, then you would be able to retain customers for a longer time.
In case you produce digital products, then your goal should be to create more and more quality products and convince your customers to try your products. If they like it, then they would keep on buying it. That’s how you can create and multiply wealth.
Digital Products Vs Physical Products
If you’re one of those young entrepreneurs who are wondering that what line of business would be best for them. Whether you should sell digital products or physical products because both of these categories of products have pros and cons. Here are some of the advantages of digital products, they’re as follows;
Less setup Cost & Time
If you’re a new producer in the market, and it’s your first time to sell your digital product in the market. Then you would be well aware that the setup cost of a digital product is very low. For instance, you can write and create a digital e-book within 25 to 30 days or less.
Launching and its sale are also very easy and time-efficient. If you’re creating some other product and you have designed its prototype. Now, you should find and contact some low-cost Chinese manufacturer, get it done from any other company.
No Extra Charges on Sale
The most interesting thing about the sale of digital products, that you don’t have to pay anyone for managing your online store. If your product is unique, then you can set the price even at a much higher profit margin. The same profit you can reinvest in the marketing your product for more sales.
Unlimited Stock of Data
If you creating something and you require music, picture, videos, software or application. Then a plethora of freeware, royalty-free music, pictures and videos are available online. The stock is unlimited that you can’t even check all of them that how much is available for free. If you want to download it or reuse it, then you don’t have to pay any fees or dues.
Variety of Customers
The good thing about the internet that it has no boundaries and no restriction at all; you don’t have to worry about the opening and closing hours of your online store. You can reach your targeted audience anywhere. Now, modern advertising tools like Facebook ads and Google Adwords can help you to find and target your market, and then you approach them with your ads.
If you want any digital file, then you don’t have to wait for its delivery. Just browse over the internet, find your required file that you want and download it at your convenience. Even if you have to buy it from any online store, then the sellers’ digital product would resolve all of your issues.
Types of Digital Products
Digital products have many advantages as we have discussed earlier. Here are some of the following types of digital products with examples;
E-books are a common example of digital products that are popular among people. It’s because the creation of e-book is very simple and easy, and it’s comprised of written texts and graphics. After its creation, the distribution and marketing of e-book requires an online stores and advertisements.
When the e-book is ready, then people can buy it via online stores and read it on their smartphones, tablets, and Kindle readers.
If you’re an internet user, then you must be familiar with the software applications, online downloading, and internet updates. Online software industry sells its products, plugins, and updates and helps millions of people every day. According to an estimate, 28% of all online sales are comprised of software applications. If you multiply it, then it would become a huge figure.
The interesting thing about the software industry that it’s big, growing and most importantly, it’s diverse and it has opportunities for everyone. Like it requires a programmer, coder, decoder, graphic designer, writer, business managers, and investors; all of them play their certain role to complete and deliver the final product to customers.
Software industry comprises of web development, mobile apps, online stores, browsers, editing apps, video games, and software engineers are working to create and develop more and more fields. The possibilities in this field are many, and they’re keeping on changing.
Videos are a very popular format of conveying information online. They could be educational, informational or entertaining. The reason videos are more popular than written information is because people can consume it easily. All they have to do is to sit back, relax and watch. The presenter would explain everything to them.
If you are a good speaker and have an interest in the field of communication, then you should learn to edit because online videos would be a great field for you.
Podcasts are usually comprised of a series of online audio lectures, discussion, audiobook, lessons of some book, or debate that people can download it on their smartphones and listen to it later.
Guides or tutorials fall in the category of how-to user guide videos, where they teach certain guidelines step by step. Such tutorials videos provide both in the form of audio and text written on the screen. Images/visuals plus texts are usually more effective than just visuals or audio.
High pixels photos are greatly demanded by the blogger, website owners, and online stores. Even some online platforms sell quality photographs. Some other platforms offer royalty-free images to the public.
The challenge comes with downloading an image from any platforms that you don’t know whether a particular image is offered for free, or it’s the property of someone. For instance, you download an image and start using it. But you’ll find out months later that the image which you’ve been using is the property of someone, and you never had the permission to use.
Templates are systematic graphs, graphical guidelines, formula, recipe, criteria or sequence of certain complicated things. Such templates provide you the guidelines of unlocking or finishing a certain task, and you wouldn’t be able to understand or solve it without the template.
A document comprises of a written piece of information that people want and require. It could be a report, plan, quiz, assessment or anything worth reading and knowing what’s inside. Documents are usually shorter than e-book because the information they contain is classified and formal.
How to Promote Digital Products Effectively
Here are some of the following ways to promote your digital product successfully, and they are as follows;
Promoting your digital product successfully is very time consuming and lengthy process. Prelaunch comprises of some promotional activities before launching your product online. Here they are;
- Partner up with those people who have a bigger platform and access to the vast majority of people and the crowd listen to them.
- Running a contest would attract the attention of people and they would like to participate in it.
- Create and maintain the level of excitement among customers that they shouldn’t get bored with it.
- It’s important to be and remain social and keep interacting with people.
Expert reviews comprise of a shout out message from an expert of any field relevant to your product, and he would endorse your product in the videos/audio message.
Freebies and Discounts
As the words imply that you offer a certain percentage of discount on sale, or provide some gift pack to the customers. Freebies and discounts attract the attention of people and they would like to buy more and take advantage of the limited offer.
Some businesses provide an option of pre-orders, it means that customers can send order of the product even before launching date. Digital products price and launching date is announced, and it isn’t available yet. But customers can order for the product.
Organize a Product Launch Event
Some companies organize a big event or a ceremony to launch their product, and they invite singers, musicians, and offer free food. Such events create a big splash in the media and your product gets great publicity in return.
Of course, it’s less costly to create a digital product relevant to your field of expertise and skill. But it requires a series of promotional and marketing activities to make it successful.