Digital products are important to have too, but tangible products give you an edge. Here are five reasons why service-based solopreneurs might want to offer physical products.
Even with all the buzz around digital products, people give physical product creators more credit than online product creators. They’re seen as more of an expert than people who produce only digital products. (This is one of the reasons why a physical book is one of the quickest ways to establish credibility.)
The more credible you are, the more likely people will buy from you. And they’re also more likely to buy from you more than once if emotionally, they perceive you as “the real deal.”
CDs and DVDs have a higher perceived value than MP3 downloads and video downloads. That means that for the exact same content, people will generally be willing to pay more for DVDs than video downloads.
Let’s say you’re selling 8 hours’ worth of audio. If you sell it in digital form, people might only be willing to pay $97 to hear your content. In CD binder format, however, you might be able to sell the same content for $297.
The amount of money you can charge for products earlier in your funnel has a trickle-down effect on the rest of your funnel.
If the first item on your funnel is $97, it’s hard to make the jump to a $697 product. On the other hand, if your first item costs $297, you can easily jump to $679 or even a $2,000 workshop.
The higher perceived value makes it easier for you to jump to higher price points later down the line.
Joint Ventures are one of the best ways to expand your visibility and grow your list. Most people, with growing lists of their own, would rather partner up with someone who does physical products than someone who only has digital ones.
Again, it’s a credibility issue. People view you as a more credible partner. They’re more likely to want to associate with your name and want to tie their brand in with yours.
Tangible infoproducts have a slightly different audience than digital products. Higher-level audiences tend to be more experienced in their field, know the results they want, and are more willing to invest in themselves and their business to get those results.
Granted, if your target market are college-aged or under 30, digital downloads might work better. But if you’re targeting people who have more discretionary income, tangible products are probably the better bet.
Bottom line: Tangible products can help you make more money AND reach more people. They can also help you raise prices, boost credibility and bring in repeat sales from higher paying clients.
So where do you start? Many of my clients are subject matter experts with extensive experience and knowledge in their field. I specialize in helping them get the content out of their heads and into a product they can sell. The first step is to think about your interactions with current clients and prospects. Make a list of the questions they struggle with or and what causes them the most confusion or angst. The list you come up with is a great place to draw product ideas from. One you have a good product idea, you can go to work creating a tangible product that your clients and your bank account will love!
Tai Goodwin on a mission to help 10,000 women entrepreneurs create more joy and wealth in their life and business. She's the CEO of Aligned + Bankable and creator of the Bankable Brilliance Course. An intuitive business growth strategist and teacher, her specialty is helping clients create bankable business models that allow them to increase their impact and income without burning out. Tai is a former corporate trainer with a master's degree in instructional design and over 20 years of experience designing course, training programs, and certifications. She is also the author of Girlfriend, It's Your Time and founder of Brilliant Business Girlfriends.