by
You should be asking the following questions rather than digital vs physical.
Find a problem, is there a potential profitable solution, read that again notice the word PROFITABLE IDEA, there are many problems and solutions, however few are profitable.
However profitable ideas executed incorrectly or without the appropriate business model, are likely to fail and not be immediately profitable or not as profitable.
Use the internet to sense out whether there is a demand for your solution. You can usually find this by; Potential customers DIYing their own solutions. Check forums, customer feedback websites and social media etc…
Physical products generally have a higher perceived value as society has already been manifested throughout their lives on the value of physical products and in my opinion more likely to purchase or have purchased a high ticket physical product over a high ticket digital product.
However with digital products unless you have the following;
- Social proof
- Customer Testimonials
- Fan Base
- Blog
- Email List
- Youtube Channel
- etc…
are more difficult to sell, the sphere is becoming crowded too.
Your built up target audience will allows you to create a digital product around their needs through a survey and most likely will sell! Even at a high ticket price, as they’ve seen how good your FREE content is.
What I like about digital products are they have variable payment methods i.e. subscription based models, yearly, monthly etc.. however purchasing one physical product usually has a fixed price, they may fluctuate during the year.
A physical product has the potential to have an increased physical exposure over digital products as a physical product is in the physical world, logo’s and slogans can stand out and catch people’s attentions. It could start conversations in offices or the daily work commute etc… however digital product generally don’t have that.
The biggest advantage of digital products are there is little to no cost for selling another video or audio, they can be copied an infinite amount of times again with little to no cost other that storage and a download link and even this can be setup for free using services like dropbox or your own private NAS server if the files are large.
0