Creating Your First Product for Your Online Business: Informational / Digital vs Physical
Creating Your First Product for Your Online Business
★ SUMMARY ★
Hey, it’s Sasha Evdakov, and welcome to BackstageIncome.com, where I share with you how money is made behind the scenes in your business and also your life.
In this week’s episode what I’d like to really tackle is which product you should start with creating first, whether that’s an informational product or actually a physical tangible product if you’re in the online business space.
There are a few different things to consider before you actually start creating your product.
Focus on your customer
One of the main things and most important things I think that you need to focus on is your customer because remember, the product is all about the customer and if they don’t want it, you’re better off saving your time and enjoying yourself on a vacation, than spending your time and wasting it creating a product where nobody purchases it.
As we start digging deeper into evaluating informational products and actual physical products, I will tell you that typically the product that has less barrier to entries are the ones that are easiest to create, and it’s the ones that get this snowball effect rolling for your business. Source
How to Create a Product: Steps to take to make it Happen
In this video, Lucy Beer & Lara Morgan talk about how they turned the idea to create shields for heels into a reality!
What Is a Digital Product & How To Sell Profitable Digital Products
People ask us one question over and over: What is a digital product? And why should an entrepreneur focus on digital products instead of just their physical counterparts?
We live in an increasingly diverse marketplace. People are earning money from a variety of endeavors, whether they hang out a shingle online or start a brick-and-mortar business.
What Is a Product?
A product is any item that you can sell to someone else in exchange for cash or barter. It could be a piece of produce, an electronic gadget, or a comfy couch.
Until the Internet altered commerce for the better, a product was always a physical object or item — something to distinguish it from a service. It was something you could pick up, see, smell, hear, or even taste.
What Is a Digital Product?
A digital product is any product you sell online that doesn’t have a physical form or substance. You can’t hold a website theme in your hand, smell an e-book, or taste a software program — Uber eats does come close though ; ).
You can turn digital products into physical products. For instance, many people buy e-books in PDF format, then print them on their computers. The product becomes physical, but it started out in the digital format.
Why Are Digital Products Preferable to Physical Products?
You might wonder why you would offer digital products instead of creating your own physical product. After all, physical products dominated commerce for hundreds of thousands of years.
Digital products have many advantages over their physical counterparts, especially for the entrepreneur who sells them.
- Inventory never becomes an issue (either in surplus or deficit).
- You don’t have to find a place to store your products.
- Customers can, in most cases, receive the product immediately upon purchase.
“Without facts and principles, data is useless.” –Bob Hoffman
Marketing is no longer about the stuff that you make, but about the stories you tell.” –Seth Godin
“Content is fire; social media is gasoline.” –Jay Baer
“We need to stop interrupting what people are interested in and be what people are interested in.” –Craig Davis
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