Are you currently considering digital product development? Then you might be wondering if a digital product really is superior to the traditional, physical product. If so, you’ve come to the right place! In the following we’ll introduce you to some of the biggest benefits of choosing to offer a digital product over a physical product.
Which products can you digitalize?
Digital product development holds many advantages. However, if your digital product idea doesn’t make much sense for either you or potential customers, it’s probably best to leave it be. But what are some good digital product ideas then?
In reality, you can turn any product that’s not directly anchored in a physical framework digital. If your product is a gallon of milk, turning it into a digital product might not be the best idea. But if the physical item is not essential to the product, then you can easily transform it into a digital product.
A good example is books. In recent years, it’s been a great success to publish books as both e-books and audio books. Doing so, they’ve taken a physical product and made it digital.
Consider demand and supply
This immediately brings us to the first benefit of a digital product. With a digital product, you ensure that your customers never go in vain.
Whereas a physical book, for example, easily can become sold out due to high demand, there’ll always be an e-book or audio book in stock for your customers. Contrary, if demand unexpectedly should fall short, a digital product protects you from ending up with high inventory levels.
The same applies if you offer a service – for example educational courses. If you offer a physical course, you risk selling out due to lack of available seats. If you make your course digital, you avoid this. With an online course, there are no limits on how many people can participate.
Say goodbye to outdated solutions with a digital product
One of the best things about online products is that you have no deadline for completing them. You can always change the shape, color, or content. When you get new ideas or new knowledge about new trends that you think can make the product better, you simply update your product.
Have you ever sat in school with an old textbook? Yeah, then you probably know all too well how uninspiring outdated materials can make the learning process. However, updating physical products aren’t exactly straightforward.
It’s not only expensive but also time-consuming to change physical course material when new knowledge become available or if the design becomes outdated. But if it’s not updated, it can lead to bad customer experiences.
If you instead use an online learning platform for your course, you can quickly and painlessly make changes and optimizations. And you can make alterations whenever and as often as you’d like.
This makes it both easier and cheaper for you. But it also gives your customers a better learning experience. Going digital means they can be sure of always getting the latest knowledge neatly packaged.
Digital products make scaling your business much easier
When you choose a digital product rather than a physical product, you’re in a much stronger position. Especially when you need to scale your business.
For example, let’s say you run a business that sells digital learning. It could be in the form of an e-learning course.
In contrast to offering physical learning, or face-to-face learning, with a digital product you don’t necessarily have to allocate more resources when you gain more customers. If you have a good, digital, and automated product, more consultants, teachers, or instructors aren’t needed when your number of users increase.
Get to know your customers
Working with digital products furthermore gives you and your company a unique opportunity to learn more about your customers. What do they like about your product? And what parts do you need to optimize?
With a digital product, you have completely different options for collecting valuable data on your product’s users than you have with a physical product. Of course, it’s still possible to collect data on your customers and their use of your physical products. But much of this data collection requires manual work, which can be both time-consuming and expensive – and in some cases more imprecise.
With a digital product, a large part of the data collection is often completely automized. This gives you data much faster and a more precise insight into and understanding of your customers’ use of your product.
Are you interested in how to make a digital product?
Now you know some of the benefits of offering a digital product. So, if you’re thinking you’re ready to make a digital product, we’re ready to help you.
At Cursum, we help companies build and scale their digital business every day. If you want to know how to make a digital product, you can start by reading our guide on how to get started with an online academy.
But if you’re already ready to start your digital product development journey, you can book a free demo of our online academy right away. The demo will take you one step closer to having your own digital learning universe.