If you run an online business or service, you understand that it is not the easiest thing to do. Even if you have no competitors, it is quite the task to find customers, sell to them, satisfy their requests, and apologize for their complaints; the list is endless.Now, add competitors to the mix, and you almost get dizzy with a headache. Thankfully, technology has provided ways to monitor your competitors to see how you can outshine them on the playing field. In the same vein, launching a new digital product can be challenging. It entails many risks like product failure, low acceptance rate from your target users, etc. This is why many business owners avoid launching online products. This doesn’t have to be you. There are many proven tactics through which you can successfully launch your online product. This article will show you how to tackle this next phase of your business and all you stand to gain when launching an online product.
What is an online product?
Digital or online products are different from physical ones in that they are not tangible; they only exist digitally, except for some exceptions, like e-books converted to hardcopy. A digital product is that one you sell online that you can’t hold, taste, or touch, but you surely can consume.When you think ‘online product,’ think of e-books, online courses, website themes, software, etc. We use them every day, and online entrepreneurs make the most of them because they are often in high demand. An online product is an effective form of passive income for businesses. It helps you draw in more customers whom you can convert to full-time customers for your main product. It does all this while also bringing in some returns on the side. Digital products are mostly preferred to physical products for a few reasons.
1. Easy to produce
Producing an online product doesn’t require too many resources, time, or formal procedures, unlike physical products. For this reason, it’s also almost impossible to run out of stock for an online product or produce “too much.” You can produce more quickly and on-demand as long as customers are willing to pay for them.
2. Little to no cost of production
Digital products do not need a lot of money to produce, and so it helps you save costs. Think of the costs of producing a physical book compared to an ebook. It is way less because you can skip the expenses of printing, buying paper, etc.
3. Easy to transfer
Online products need no storehouse or shop for you to sell them and are very easy to transfer. Unlike physical products, you can send your online product over to the customer at the click of a button. They don’t need to be present in person to receive or access it.
The costly mistake entrepreneurs make with online products
The issue with online products is that many times, entrepreneurs fail to create them exceptionally. They do hurried jobs or produce wishy-washy products because they know they will still make a fortune from them anyway. They forget the long haul, and that is: If your online product doesn’t offer any value to your customers, they likely won’t return for more. Even if your main product has the best to offer, they will rather not find out, seeing as you didn’t wow them with your first product. This is why producing an exceptional, outstanding online product that sets your business apart is important. If you don’t know where to start, the best place is to determine what sort of online product is best suited for your type of business. Check out a list of some below.
What type of online product should you sell?
The best type of online product to sell is one that is directly linked to the main product or service your business offers. It should be something you can use to draw their attention to the main prize, the main product or service you would like them to stick around for.For example, if you run an interior design and decoration company, a good online product can be a website that allows users to preselect the type of designs and decorations they would like in their home or space. They can even select the specific products they desire directly from the stores. In this case, your main product is the interior design service; your side (online) product is the website that helps your clients personalize the designing experience to meet their taste. Here are some common online products that businesses sell:
1. Guides and tutorials
Nowadays, every website pushes a tutorial or guide to users for free, but you can monetize yours. Everybody is looking to learn how to get things done themselves because it pays them in the long run. An in-depth, thorough guide on how to get some processes done can interest your customers and compel them to pay for your full service with the right CTA and follow-up strategy.
2. Templates and printables
Many people want things done, and they want it done fast. So, they look for quick fixes and methods to get great results in lesser time. This is where you cue in your templates, infographics, and printables for quick designing, photography, planning, scheduling, etc.
3. Web elements
Website design templates, website themes, and other related elements are fast-selling online products you can check out. If you offer web-related services to clients, you can make a fortune from this.
4. Music or photography
Visuals and audios are a big part of our world today. Almost every blogger, vlogger, content creator needs music and pictures to create their content. If your company offers content creation services, music or photography products will sell well.
How to successfully launch an online product in 3 easy ways
Now that you know what online products really should look like and the ones that would suit your business, you can think about launching successfully. These are our tested and trusted tips:
1. Engage users and get feedback
In the early stage of building your online product and along the entire journey, it is important to find user feedback. Whatever the product is, you must learn to see how users will react to the product when it hits the virtual shelves. Find out how relevant the product will be to them, what audience you should target to buy the product and how you can modify it to fit their preferences.For instance, if you’re producing a software product, you can gain user feedback through fast prototyping. With the feedback on the prototype demo, you can build better software for your users. User feedback forms like Google Forms are also a great way to determine product relevance.
2. Learn from your competition
If you have competition in your field, you must analyze their strategies and see how well they are using them. Then seek ways to improve your product to give it an edge over your competitors. This is the unique selling point you have over them.This is also what you use to win your customers over to buy your product and not the many existing ones. Check out their launching strategy and see how you can make your own better and more compelling. Your competitors are a great gold mine for market analysis, so use appropriate tools like SEMrush to ensure you move forward only based on accurate data.
3. Create content around your new product
Your website is a useful resource to push your new online product. You can do this by building content around the product and suggesting it to customers through articles, how-to guides, explainer videos, and more. The more you keep putting the new product out there, people find out about it. Hopping on other websites through guest posts and link building for SaaS can put your new product on the table for other users from other websites to see and purchase. The more they visit your website through the content you create, the more they can find the useful product and access it.
Extra pro tip: Build a fan base
Building a buzz around your online product launch can propel it further than you can imagine. Look out for your target audience, invite them to special webinars and build up their expectations for it with enough hype.By creating an eager fan base for your product, you already have the first set of buyers simply waiting for it to hit the shelves.
Online products are the side income and lead conversion tool you didn’t know your business needed. They are very effective in converting, especially when they have tasted firsthand the benefit of using your products. The best way to choose an online product to launch is to go for one that aligns with your business goals and leads your customers to the overall solution your business provides. Once you figure this out, you can use our trusted product launching methods for the best results. Your fan base is also really necessary for your success, so ensure you leverage their help in making your products welcome on the market.