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Digital products have very quickly become one of the most commonly purchased types of products in the world. With the meteoric rise of smartphones and video gaming becoming a widely popular and lucrative industry, there is an unprecedented amount of money to be made in selling things that have no actual existence in the physical world.
With this rise in a whole new, metaphysical form of product, humanity has had to develop new and ever-creative ways to describe and sell these bundles of data to each other, and hopefully, I should be able to teach a few basics and give some ideas here.
What is a Digital Product?
Firstly, we should clear something up; What exactly is a digital product? Though this might seem obvious to yourself, it isn’t always completely clear to the layman. A digital product is anything sold that exists purely on some sort of computer. This covers everything from video games bought on an online store to ebooks, music, applications, and even military programs.
Why should I sell digital?
Without the need for manufacturing and worrying about minimizing the cost of acquiring materials and buildings, digital products can allow anyone with enough know-how to make a lot of money, regardless of how much staff or capital they have. A lot of these products will also have close real-world equivalents, which helps a lot in formulating marketing strategies, as you can base your strategy on existing strategies for similar products.
Pricing
Although it doesn’t always pop straight to mind when you think about marketing, the price of a product brings a lot of implicit qualities to a product which consumers will subconsciously think about when they read the price tag of your product. With many digital products being cheap to develop and almost completely costless to replicate, it can be very tempting to charge very small amounts for your product.
Unfortunately, pricing yourself too low will not only affect profits, but it will also make customers distrust your product. People have certain price points which they associate with different levels of quality for different products and it is hard to sway them out of those zones, so do your research of similar products and work out where in the pricing range you can expect to get the most sales and stick around there.
Bonuses
Everyone loves a freebie, from the poorest to the richest of society. In the physical world, you will often find high-ticket items and services come with a lot of added extras, displayed as “free of charge” despite the fact that you still have to pay to receive those items. The usual issue here is that providing additional products often incurs a decent cost to the seller.
The magic of digital sales swoops in here to help, as adding bonuses to purchases will cost you next to nothing while making any purchase more desirable to the customer, and uniquely with digital products, this can be implemented at any price point! Even something as simple and easy to make as a themed wallpaper can tip someone from a window-shopper to a customer.
Influence the people, influence the market
“Influencer” has become a popular term to describe those who often make their money on the internet using largely their looks and personality. Essentially the same as “e-celebs”, these people blog and vlog to huge audiences of tens of thousands to even millions of adoring fans. Tapping into these huge markets of people can be difficult and costly, but the rewards are more than worth it.
Community spirit
Influencer communities are unique in that they are much more easily swayed than regular groups of people when their favorite personality is selling them something. This creates a mutually-beneficial ecosystem where the product makes some money and earns some recognition, the influencer gets paid and their community gets their hand on exciting new products recommended to them by someone they trust.
This has led to a huge number of influencers taking on marketing and partnerships with companies and have earned many products space in the public eye. I bet you can even think of a dozen products marketed to you by influencers which you would never have heard of otherwise! You may have even noticed that any influencer can sell anything, meaning that you can even get your vps hosting company off the ground using Instagram models.
Old-school
All of the traditional methods of marketing can also work wonders for your digital product. These days even the largest bill-boards will frequently be occupied by such products as Netflix, Amazon Prime, and even various VPN companies. Getting your product’s name out there in any way can help!
Shop Yourself Around
Many digital companies also choose to visit conventions around the world to give a public face to their virtual world and hand out physical freebies to keep themselves in your mind. All sorts of conventions from business conventions filled with high-ticket clients to comic conventions filled with thousands of susceptible buyers can be a fantastic feeding ground for hopeful capitalists.
As you can see, it isn’t so hard to find ways to get the word out about your digital product, and you should never see the digital nature of something as a barrier to making some money. Public opinion of digital products has started to sway away from the traditional idea of distrusting anything online, and anti-virus software is more advanced than ever, so your customers will often sleep easy buying from your brand.
With the business world going through such significant developments in recent years the way in which many companies choose to advertise their services to the world has also seen a lot of change. The world has become a place of online interaction and advertising is no exception to this, many businesses stick to social media as a means of marketing their products due to the fact that is so accessible and affordable, making a social media account for your company allows you to reach a large number of people very easily without having to pay for the fees that come with the more physical methods of advertising. With online advertising seemingly taking over, it could be said that dated methods like using huge billboards are becoming irrelevant and not worth the huge amounts of money they charge to put up the advert for a small period of time.
The work of the business is one of the most volatile places anyone can ever explore. With over 60% of new start-ups failing within the first 3 years and mass lay-offs happening around the world due to the Covid-19 crisis, it is more important now than ever to find as many ways as possible to keep your business facing forward and producing a profit. In this article, we will be briefly exploring why keeping your most valuable resource content at work can make the difference between a failed business and a 7-figure buy-out.
