As soon as one hears the year 2020, all that one can think about is the onslaught of the pandemic that changed our outlook of life forever. Before the advent of the internet, man only knew products that were physical, something that could be held. Now, the revolutionary digital product has currently become the most sought after product line.
Success of an entrepreneur does not depend only on technology or the latest trending ideas; but depends on just a simple “problem”. Yes, you heard it right! A solution to a simple inconvenience or a problem faced by consumers can be converted into a profitable business idea. And the opportunities are endless… One just has to keep looking.
How would you define a product?
As mentioned above, the very solution to the problem is what will become a successful product. A product is that which creates value to a group of people; customers / users, and also to the company / manufacturer who develops it.
For example: The e-book sold online is considered to be the most apt example for a digital product. However, what about the website that sells it? It is also a product, right?
Here in this article we’ve compiled the tried and tested ways to sell digital products online. For this, one needs to understand a few pointers regarding digital products.
Why do people prefer digital products to physical products?
The answer to this question is straight forward:
- Manufacturing cost is lesser
- No issues of inventory management
- No issues of physical delivery
- No issues of physical damage while packing or transporting
- A Physical storage place is not required
- Next to nil waiting period for consumers
- No middle men problems
- Un-necessary details such as location of consumer are not required
- Has higher profit margin, etc.
However, like how everything has its own positives and negatives, digital products also has:
- No possibility of re-ordering
- Cut throat competition
- Saturated product choices
- higher prices than the physical ones; hence many people prefer just going to a store
Knowing the pros and cons of digital products, let’s see what are the trending digital products that are moving in the online marketplace:
- Online Courses
- Research and Data
- Digital Artworks
and many more!
Now that we have addressed What and Why parts of the questions, let’s move on to the How part.
So, how to sell digital products? Basically there are two ways in which you can sell your digital products:
- Through your own website
- Via another multivendor marketplace platform
Though both these methods are feasible and efficient in their own ways, there are certain tips and tricks in which you can optimize your sales.
Identifying and Marketing your Niche
This is the most crucial point in one’s business. Just like you would for a physical product, you should study the market and the current customer demand trends and decide which will work for your business plan. Here are a few pointers that you need to consider before choosing your niche and marketing it.
- What need or problem is your product solving?
- How trending is your chosen niche?
- Are there any other products in the same category as yours?
- If yes, how will you differentiate yours from other similar ones?
Diversify the Sales
The chances of visibility of your product are minimum if it is subjected to just one marketplace platform. Until you are an established and a popular brand you will have to distribute your products all over the internet, across multiple websites in order to get visibility and route the traffic towards your digital products.
This is one way in which you also get to learn how that website works and about its nuances. This will help you during setting up your own website in the future.
Some of the best multivendor marketplace platforms where you can list and sell your digital products are:
Use SEO Tools
SEO is one of the most effective tools in increasing the consumer base. Using keywords, one can gain high ranking in the Search Engine Result Page (SERP) which will in turn draw attention towards your products. A whopping 80% of web traffic comes from search engines; it’s a waste not to take advantage of this situation. However, be mindful in using the SEO tools. If used more than required, you will be labeled as spam.
Here are few tips in order to make the best usage of SEO to optimize your product sales:
- Keyword usage is an art in itself. Make sure you use keywords in the right dosages to gain the right visibility.
- Use a catchy yet descriptive title to attract your audience
- Captivating product description play a crucial role in converting customers into buyers.
- Technology is not a smooth sailor all the time. They have their own glitches and tend to break down time and again. During such unfortunate situations, the images which are like the main display picture through which your product will be first judged will not be loaded. Hence the Alt text to your product images is a must; so as to give an idea of what the product might be.
Offer Customer Tripwires
Customers always go in search of additional features and other discounts and coupons when they make an online purchase. However fancy your words, pictures or animations might be, these tripwires will do the job much better. Some tactics you can use as customer tripwires are:
- Offer lifetime value
- Offer Freemium
- Different payment levels
- Discount coupon and offers
- Opting for product update alert
- Free download related to the product
- Free trial of your product
Introduce your CORE product
Once the stage is set, customers will have some anticipation and expectations from your product. This is the time to bring out your product to the audience in such a way that it is portrayed as “The Solution” that they are looking for.
Similar to SEO tools, you can use Unique Selling Points (USP) to convince your customers that you have a better product than your competitors.
Use different Marketing techniques
The last but the most important step in any business is marketing. Without this aspect building a product it serves no purpose. Get into the shoes of your targeted audience, understand their needs and think out of the box. There are many mediums ways to achieve this:
- Use social media networking
- Use influencers – bloggers, vloggers
- Paid ads
- On page promotion
and so on.
This is the right time to get into the digital products business. There is no need to hurry and take decisions. Think from the point of view of a customer and you see what are all the possible problems, needs and find the right opportunity and solution that you can convert into a digital product.
Guest Author Bio: Jessica Bruce is an eCommerce expert & Influencer. You can follow her on Twitter.