What are digital products? – Create and sell digital products #1
Posted: Tue Dec 24, 2024 6:16 am
The rapid technological advancement of the Internet is contributing to the creation of a new, previously unknown market for products and services – the online market. Thanks to this development, we no longer need to be physically present in a certain place to sell the product or provide a service. However, we need to remember that due to the advancement of the Internet, new services are being created and new needs arise. These trends can be used for commercial purposes. In this article, we will find out what digital products are and what is the difference between digital products and digital services.
What are digital products? – index:
What is product?
What are digital products?
What is digital service?
What is the difference between a digital product and a digital service?
What is product?
Before discussing digital products, we should understand what a product actually is . According to the Cambridge Dictionary , a product is: “ something that is made to be sold ”. This means that we call a belize whatsapp number database any item that can be offered on the market and, at the same time, be of interest to customers. When thinking about a product, we can consider both physical and material items, as well as: services, ideas or events. This indicates that both a laptop and a massage at a prestigious spa salon should be defined as products.
Due to the type of use, products can be divided into two categories :
consumable products – these are goods that customers buy for their own needs, a coffee machine or other device could be an example. These products can be reprocessed, but are not subject to new distribution.
industrial products – compared to consumable products, industrial products are reprocessed or used in commercial activities, for example, the same coffee machine can be used in a coffee shop to provide drinks to customers.
Every product has its own life cycle consisting of distinct stages that the product must go through during its journey in the market space. At the beginning, there is an introduction phase , during which customers learn about the product for the first time. In this phase, the marketing strategy is being developed.
The second phase of growth focuses on customer acquisition. The intensive branding efforts of this phase allow the product to be distinguished from competitors' copies and thus maintain its position in the market. In the maturity phase , the product is "self-sustaining" and customers are loyal to the brand. Eventually, the product enters the next phase of decline , in which it is no longer profitable and may be removed from the market or modified.
What are digital products?
Compared to physical products, digital products are available only in electronic form . Even though we cannot touch, taste or feel them, they are still objects of consumption. These products come in many different forms: e-books, movies, online courses.
Depending on interpretation, digital products are defined by some as products that are produced on the Internet and distributed on the Internet . More broadly, these products can be defined as products sold online.
Typically, digital products are created in some form of digital format so that they can be run on computers or other electronic devices, so these products are not available in any tangible or physical form. However, it should be remembered that such products need to be invented, created and designed, and these processes take a lot of time, knowledge and effort.
Digital products also have their own life cycle , which depends on many factors, such as seasonality, trends, or marketing activities. There are ways to extend or shorten each of the phases of the digital product life cycle, which can increase the chance of better sales results. One of the frequently used marketing techniques is the release of teaser trailers , just before the product is launched on the market. Such a marketing trick can successfully induce the interest of customers and grab their attention.
This technique is commonly used in the gaming industry. Before a computer game is released, game companies create promotional materials, usually in the form of videos. These trailers can feature different forms of content: gameplay, cut scenes, animations, or live action.
To extend the life cycle of a digital product, the IT industry offers frequent product updates . This practice allows customers to access new versions of a digital product, such as software, immediately after its release. Another option used by manufacturers is to discount a digital product that has been on the market for some time. This procedure allows customers who could not afford the product at its initial price to buy it after the discount.
What are digital products? – index:
What is product?
What are digital products?
What is digital service?
What is the difference between a digital product and a digital service?
What is product?
Before discussing digital products, we should understand what a product actually is . According to the Cambridge Dictionary , a product is: “ something that is made to be sold ”. This means that we call a belize whatsapp number database any item that can be offered on the market and, at the same time, be of interest to customers. When thinking about a product, we can consider both physical and material items, as well as: services, ideas or events. This indicates that both a laptop and a massage at a prestigious spa salon should be defined as products.
Due to the type of use, products can be divided into two categories :
consumable products – these are goods that customers buy for their own needs, a coffee machine or other device could be an example. These products can be reprocessed, but are not subject to new distribution.
industrial products – compared to consumable products, industrial products are reprocessed or used in commercial activities, for example, the same coffee machine can be used in a coffee shop to provide drinks to customers.
Every product has its own life cycle consisting of distinct stages that the product must go through during its journey in the market space. At the beginning, there is an introduction phase , during which customers learn about the product for the first time. In this phase, the marketing strategy is being developed.
The second phase of growth focuses on customer acquisition. The intensive branding efforts of this phase allow the product to be distinguished from competitors' copies and thus maintain its position in the market. In the maturity phase , the product is "self-sustaining" and customers are loyal to the brand. Eventually, the product enters the next phase of decline , in which it is no longer profitable and may be removed from the market or modified.
What are digital products?
Compared to physical products, digital products are available only in electronic form . Even though we cannot touch, taste or feel them, they are still objects of consumption. These products come in many different forms: e-books, movies, online courses.
Depending on interpretation, digital products are defined by some as products that are produced on the Internet and distributed on the Internet . More broadly, these products can be defined as products sold online.
Typically, digital products are created in some form of digital format so that they can be run on computers or other electronic devices, so these products are not available in any tangible or physical form. However, it should be remembered that such products need to be invented, created and designed, and these processes take a lot of time, knowledge and effort.
Digital products also have their own life cycle , which depends on many factors, such as seasonality, trends, or marketing activities. There are ways to extend or shorten each of the phases of the digital product life cycle, which can increase the chance of better sales results. One of the frequently used marketing techniques is the release of teaser trailers , just before the product is launched on the market. Such a marketing trick can successfully induce the interest of customers and grab their attention.
This technique is commonly used in the gaming industry. Before a computer game is released, game companies create promotional materials, usually in the form of videos. These trailers can feature different forms of content: gameplay, cut scenes, animations, or live action.
To extend the life cycle of a digital product, the IT industry offers frequent product updates . This practice allows customers to access new versions of a digital product, such as software, immediately after its release. Another option used by manufacturers is to discount a digital product that has been on the market for some time. This procedure allows customers who could not afford the product at its initial price to buy it after the discount.