It’s no secret that the digital world is changing faster than the average person can fathom. If you are a business owner or project manager currently working within a service-based business, it’s more important than ever to be up-to-date on these technological advancements.
Don’t fall victim to your revenue stream drying up because you are missing out on properly utilizing the most current digital products. You can bet your bottom line that your competition is!
To promote positive business growth and revenue, digital products are key in 2023. It’s time that you harness the power of Digital Products to generate new revenue streams and to grow your service-based business.
Adding Digital Products to Your Business Equals Big Growth in 2023
One thing is for certain, if you are a service professional on a quest to see your business reach all-time high successes in 2023, employing a strong array of digital products is a must.
And the best way to ensure you achieve your business goals is to understand what digital products are, how to use them within your zone of expertise, and what types are most appropriate for your target audience.
Digital Products – What Are They, Exactly?
You probably already know the answer to this, just may not have recognized that is what you were using: think music, software, and ebooks.
To put it simply, digital products are anything that can be delivered electronically and used digitally.
If you aren’t currently using digital products, let’s brainstorm some ways they can be used in your current business model. The key is for these strategies to seamlessly merge into what you are already using. We are working smarter here, not harder!
Here are some great examples:
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When used correctly, these digital products can take your service-based business revenue to the next level, with minimal effort.
Positive Impacts of Digital Products
A study from Harvard Business Review Analytic Services and Gainsight revealed that 81% of people strongly agreed that a strong digital product experience positively impacts business growth.
That’s because digital products are easy to produce and distribute due to being able to be downloaded instantly. They are also less expensive because they can be easily updated and adapted to keep up with the world of ever-changing technology.
The top three advantages of digital products include:
- They are incredibly cost-effective.
- They offer a higher profit margin.
- Versatility is the name of their game.
Because potential customers can find and purchase digital products straight from their mobile device or computer, service professionals can:
✔️ Expand their reach.
✔️ Save time on asset production.
✔️ Eliminate having a physical inventory.
✔️ Create additional revenue streams.
What is the Right Digital Product for Success in My Business?
Step 1: Define your goals. What is it exactly you’re looking to do or create? Be sure to keep the goals of your target audience in mind as well.
Step 2: Utilize your zone of expertise. You already know you are an expert in your field. How can you use that expertise to develop a product?
Step 3: Determine your budget and work your ideas from there.
Here are just a few ideas to get you started!
6 Profitable Digital Products:
- Educational products – online courses
- Licenses for digital assets – photos, videos, and software
- Memberships – site bundles
- Templates and tools – solutions to business pain points
- Music or art – custom prints
- Services – personalized plan creations
You are more than able to create a valuable product and the CEO Partner can help you determine the steps you need to implement digital products into your business.
Creating a world-class digital product agency is our focus and we are here to up your service-based business revenue stream.
Get Ready to Stay Competitive in 2023
The CEO Partner guides established service professionals looking to implement digital products to increase revenue online.
By utilizing the Business Systems Insider Toolkit, you will be able to monetize your expertise into a digital product that equals the creation of an instant online revenue stream.
Are you an ambitious service provider with a bustling business with too many ideas and not enough time to put them into practice? From the beginning vision, through the end launch, with development and build-out in between, we got you covered!
Click below to get started today! ⤵️