How to Sell your Digital Product: Step by Step Guide
The technology industry continues to grow, and the digital media market is booming. This market is expected to make over 330 billion dollars this year. Considering this, it is not strange that more and more people are venturing to undertake a new business by creating a digital product.
We can consider cases such as the one of Steve Jobs, who sold his vehicle to finance his project to build the first Apple computer. Thus, it is not crazy that many are encouraged to seek a way to materialize their projects. Today, this type of entrepreneurship is much easier to carry out than in those years since more evolved tools and advanced technology help reduce costs and increase income.
Let’s see what is required for this project and creating an excellent digital product. The steps are several, from planning through product design to launching the product. But do not worry; it can be intimidating initially, but it is realizable. Let’s start!
Steps to Follow to Sell your Digital Product
First, it is necessary to clarify a key and fundamental aspect that characterizes digital products. Unlike a physical product, the digital product constantly changes. It happens because technology evolves permanently; therefore, digital products must do so too.
On the other hand, a physical product, like, for example, a particularly delicious and famous food, always carries the same recipe to manufacture it, which was the main reason that positioned it at the top in the first place. So, the action plan does not usually vary in physical products, while in digital products, it constantly changes.
Therefore, if you want your product to remain alive in the market, you must project a model that fits the evolutions of the technological world.
Steps to Follow:
1 – Market Research: Before launching any product, it is essential to investigate the market. It means that they must be inquiring about the needs of the public and the potential customers to develop a product they need or want. Devising a product based only on your perspective and experience is not advisable. Thinking others, also need a product because of the mere fact that you need it is a big mistake.
That is why it is necessary to investigate whether the market is looking for a project like yours and, more importantly, which is your competition.
To carry out this, you can investigate through the Internet. Search for those companies that would be your competition to offer a product that stands out and differentiates. In this aspect, product design can make the difference between your product and your competitors.
2 – Diffusion: Creating an audience and a database of clients or users is essential. Digital products are not sold just by uploading them to the network; it is necessary to reach the people, and for that, you must summon those who may be interested in your product.
Therefore, you must define what type of public your audience should contain, including their interests and how they relate to your product.
The product must also be advertised by all possible means to begin to summon said public. Then, it is necessary to create a database of emails of the people who are part of your audience so that they can receive a Newsletter through which you can send updates and news about your product.
3 – Measurements: Identifying which parameters you want to measure is crucial. Measurements are critical to improvement, especially in the beginning. The sizes must work together with the objectives to be achieved to make the necessary decisions to grow.
The primary measurement parameters usually are: The number of customers, the total amount of sales and profits, and how much the product was used (number of interactions or time of use of an app, etc.)
4 – Prototype: To obtain the final product, it is necessary to create a prototype to visualize the product design. Building an MVP, a functional prototype that allows users to test the product, is also essential.
5 – Analysis: Collect all the information you can about the user experience to correct errors or flaws and improve your product. You can survey customers to analyze whether the product has reached its potential.