top of page
Search

Market Visibility: The Power of the Digital Product

You can unlock the potential of digital products for your business by exploring avenues like eBooks and online courses to enhance market visibility and connect with customers.


Photo of Woman Smiling with business colleages shaking hands

The presence of digital products in the overall marketplace is so expansive that you've possibly never considered what role they could play in your small business. 


And it can take a lot of work to get an accurate read on the validity of creating something digitally. Does it really make sense for you in the context of the services or other products you provide? Doesn't undertaking the design and development of that type of project carry with it the potential of taking critical time and resources away from meeting the existing demands of your daily operations?


The reality is that the realm of digital product creation is something that many entrepreneurs never seriously consider. Not considering this is unfortunate because the prospects of providing a unique offering in that format could be a catalyst for maneuvering the business into new spheres of influence and tapping into previously unexplored market segments. The dynamic of people pursuing goods and services moves decidedly toward the web-based approach, revealing an interesting contradiction.


According to 2023 data published by Forbes Advisor, more than 25% of business is conducted online, yet only about one in every three businesses has a website. No two entities are the same or fulfill their roles identically. Still, the apparent under-utilization of an online presence immediately places those who shy away from the web at a severe disadvantage. One of the paramount challenges of operating a small business involves clearly understanding what your competition is doing while serving its clients or customers. But taking the time to investigate what other companies offer online can be a real eye-opener, especially if you fall into those who remain firmly entrenched in the old, established methods.


Even in classic brick-and-mortar establishments, a statistically high percentage of customers will thoroughly research the business's offers before ever setting foot in a physical location. Being present online is crucial to your marketplace visibility. It also gives you a unique opportunity to differentiate yourself by providing access to items that go beyond the basics of what your business is all about. Being able to provide that little something extra falls into the realm of "value-added," and adding value to your goods and services will guarantee that you stand out from the crowd, even if your market is crowded and highly competitive.


Having the open-mindedness to consider the inherent value of offering online products is the critical first step of the process. From there, you'll need to invest care and intentionality into determining what would be viable for you to develop. Part of that investigative process involves seriously considering what your business can realistically offer without over-committing itself. This has to be judiciously balanced against the practicality of what you create. Just because you happen to think up a fantastic concept, you need to ask yourself, "Will anyone else even care?"


The discovery process of creating a digital product should include an in-depth analysis of what other people are currently offering. Instead of merely imitating what another business has done and trying to shoehorn it into your own identity, consider how you can translate the basic concept into something that would have tangible benefits for the people you serve. One supplemental tool that can be helpful in this pursuit involves creating a brief survey that you provide to your clients and customers, asking them to evaluate their experiences doing business with you critically. The concluding section of the survey should focus exclusively on gathering their feedback on what they would like you to provide.


Giving people the opportunity to emote, positively or negatively, helps them feel empowered and an integral component of the business you conducted together. Having established that platform, you now have a much higher probability of gaining input that can meaningfully inform whatever you pursue in digital products. To fully leverage this, you need to take it a step further by thinking about how that theoretical product can eventually be marketed to the rest of your client or customer base, especially those you've never dealt with. The goal is to convince people that what you've created is something they need, even if they don't yet realize that they do.


The next point to consider is determining the appropriate scope of what you create. An influencing factor here has to be a contemplation of what you expect: the associated charge for the product. Investing months of development time on something likely to sell only a few copies is not practical. The good news for entrepreneurs is that digital platforms now make developing and selling content a manageable exercise, and the options for what you can create are varied and ever-increasing.


These can include various elements, from eBooks to online courses and classes. Thanks to print-on-demand services such as Amazon KDP, it's now even feasible to offer physical books. Consolidating the publishing options via an online platform eliminates the need to maintain physical inventory, although that option still exists should it be beneficial for you. The aspect of courses and classes opens up even more options, as hosting sites such as Udemy and Skillshare enable you to put your content in front of eyes you'd never otherwise reach. Even so, many small business owners still shy away from pursuing the creation of a course or writing a book from the standpoint of feeling like they have nothing relevant to offer.


The concept of "imposter syndrome" can be challenging to evade. Still, the truth is that you have practical experience to offer, irrespective of where your entrepreneurial journey has taken you thus far. You're already significantly further along than someone who just started this morning, so convert that into a format that can be of actual use and value to someone else. Even if it doesn't embody the central focus of what you usually provide, you may have a wealth of knowledge to share concerning a particular aspect of general business operations derived entirely from having to figure out everything on your own. Most people seeking instruction on how to do something are looking for experiential guidance – things will always resonate more deeply when spoken from the perspective of your personal journey.


It can also be prudent to develop digital products that can help augment the experience a person has already had with your business. Whether providing a tailored service option or selling someone a physical product, creating a digital supplement can enhance that experience by providing information on where to go. If you primarily sell cameras, consider developing a concise, minimally-priced PDF that offers best practices for getting the most use out of your products. Beyond merely providing the purchaser with an instruction manual, you can offer some tutelage to transform the experience of buying a product into a more interactive and engaging pursuit.


In many cases, the creation and distribution of digital products can either be free or relatively low in cost. Failing to consider what you could pursue in that area might mean that you're overlooking a way to boost the credibility and reach of your business. No matter what you sell or do, people will look elsewhere if they feel that someone else will be more invested in helping them to succeed. Taking steps into digital product creation can be a powerful catalyst for expanding and defining people's experiences when they come to you to serve their needs.

 

Ready to elevate your business in the digital realm? Explore the untapped potential of digital products to enhance market visibility and connect with a broader audience. Turn your practical experiences into valuable content. Start your journey to digital success today. Visit www.valorexcel.com, email us at info@valorexcel.com, or call 240-329-9387. Then, don't forget to check our recent videos on YouTube by clicking HERE. #DigitalBusinessGrowth #MarketVisibility #OnlineSuccess #DigitalProductStrategies


6 views0 comments
bottom of page