Ask yourself these questions:
If you need a cab, do you visit/contact a physical cab company, or do you use Uber?
If you need a guide, do you visit your local library, or do you watch an online tutorial or read an eBook?
If you are looking for love, do you try to meet people at the grocery store, or do you use a dating app like Tinder?
Since it’s 2020, there’s a very good chance you answered the latter to all of the above questions. All of the latter options are examples of digital products.
Digital products can be streamed, downloaded, and translated into physical mediums, but their main focus is interaction through technology.
It is expected that 65.2% of the global population will be digital buyers, people who make purchases online, by 2021.
Still not convinced?
Keep reading to discover the top three reasons why your business needs digital products in 2020.
Digital products cost less to generate
In most cases, digital products are substantially cheaper to create than physical products and can even be completely free depending on the software programs that you currently use as a company. This means that they offer a much lower risk to your business than producing a new, non-digital product.
It is definitely worthwhile utilizing the services of a digital product agency to help you with all aspects of creating the right digital products for your business, including:
- Implementation of technology
They can also help you to align your current products with your digital products to ensure a streamlined and cohesive experience for both your existing customers and potential new ones.
Digital products add value
They add value both to your business and for your customers. The digital download industry is worth billions of dollars and making yourself a part of this is crucial if you want to be seen as a brand that means business in 2020 and beyond.
Having the right digital products for your business can further showcase your expertise in your niche industry, positioning you as a go-to brand for industry information, support, and advice.
For example, if someone searches Google for “how do I create an effective digital marketing strategy,” if you are a digital marketing agency, you will want to provide an online solution to their problem. You may offer an online course, a podcast, or a tutorial.
Digital products can help grow your email list
Attracting new customers is a constant battle for most businesses, with email advertising being a highly effective tool if it is done right. Otherwise, you risk alienating potential customers rather than attracting them.
Offering opt-ins such as an eBook or workbook is arguably the simplest and most effective way to grow your email list, allowing you to sell further digital products later down the line.
Opt-ins are also highly successful in getting users off your social media pages and onto your actual website, resulting in an increase in conversion rates.
If you take away anything from this article about digital products, it should be that if you have a digital product that solves a problem, it will make you money. It really is that simple. Plus, as most of the income from digital products is passive, all you have to do is sit back and watch the profits roll in.
What more could you want from a new business venture?