The one thing that is still debatable in this digital online business era is should I sell digital products or digital services? We know this is tricky. All you need to know right now, there is no right or wrong answer to this question. We also cannot pretend that one thing is better than another. Digital services will suit some people/ businesses and vice versa. It is about you to find the right online business product that will work best for you.
All you need to know right now, there is no right or wrong answer to this question. We also cannot pretend that one thing is better than another.
So, to find out what will work the best for you, you need to assess and analyse your requirements. Make sure you have a deep understanding of digital products and services and make an informed decision. Here, we will lay out a few facts to consider if you should go for digital products or services. It is up to you to decide what suits the nature of your business.
Digital Services:
Digital Services can literally be about anything and everything. Any service that you provide online is called digital services. For example, it can be online classes/ courses, content writing, virtual assistance, social media marketing, etc. Like we said, it can be just anything. There can be different types of services.
For example, If it is Education related services: These services are the ones where you guide or consult with your clients in any field like marketing, business plan, productivity and operations, life sciences, spirituality, yoga, fitness & wellness, content writing, teaching leadership, physical and mental ailments, etc. Like we said, it can be anything and everything.
If it is doing hands on job: you can write content, be a virtual assistant, a social media manager, SEO specialist, bookkeeper, project manager, customer support executive, a video editor, etc.
Some of the advantages of Digital Services:
- You can provide customised solutions catering to each individual client needs
- You are in control of what happens with your services
- You can build a great network of clients
- Once you’re deeply in the business, your time equals money. Profitable, in the real sense of the word
- You can gain more in-depth knowledge in the field you are working in and that can be profitable to you.
Disadvantages:
Setting up your business and making yourself visible as a reliable service provider is going to take quite a long time
- You might have to deal with terrible clients that might eat up a lot of your time for nothing. Remember ? Time equals money? This can backfire.
- You will sometimes find yourself working like a log with no vacation or time to spend for personal development and mental peace, which can have very bad effects on you.
- If you are socially awkward, this may not be for you. This is true as you have to deal with more people.
Digital Products:
Digital products are products that are not tangible and are available in digital form. It can be ebooks, workbooks, logos, designs, templates, themes, fonts, etc. There are plethora of things you can create and sell a digital product. Time to get creative now!
Some of the advantages of digital products:
They can be easily made. Cost involved is to create a digital product is almost always negligible.
- No inventory constraints. You have to just create one master copy and keep copying them.
- Theoretically and practically easy to make and sell.
Disadvantages:
- You cannot offer customised solutions to customers.
- You need to know your audience and provide them with what they need. You can’t just come up with something mundane and expect it to be sold a million times.
- You must be ready to face your competitors. If your product is unique, there are high chances that it will be copied and made into a new product. You should be ready to handle the knowledge spillover and make your business sustainable.
Now which one is best-suited for you?
We have outlined some of the common pros and cons of digital products and services. It is time for you to decide what might work best for you. We have no reason to stop you from doing both as that has its advantages too. If you want expert opinion based on the nature of your business, please do call us. You can find our information in the Contact Us page.
