So, you’re thinking about starting an online business, huh? Well, you’ve probably asked yourself this age-old question: should I sell digital or physical products?
As someone who’s been in the game for years and helped hundreds of businesses boost their sales, I’m here to break it down for you. Buckle up because we’re about to dive into the pros and cons!
Physical Products: The Tangible Temptation
Let’s start with physical products. You know, those things you can touch, feel, and accidentally drop on your foot.
The Good Stuff
- They sell like hotcakes! People love buying physical things. It’s just how we’re wired.
- You can test and tweak faster. Split-testing is a breeze with physical products.
- Ka-ching! You’ll see revenue rolling in quickly.
- Less back-and-forth with customers. They know precisely what they’re getting.
The Not-So-Good Stuff
- Cha-ching… but in reverse. Having moolah upfront for prototyping, manufacturing, or sourcing would be best.
- Logistics nightmare. Shipping, warehousing, packaging – oh my!
- More moving parts = more potential headaches.
Digital Products: The Virtual Ventures
Now, let’s talk about those bits and bytes that make up digital products.
The Awesome Aspects
- Low upfront costs. No need to remortgage your house!
- Easy to create (relatively speaking).
- Delivery is a breeze. No trips to the post office are required.
- Scale, baby, scale! Sell one or one million – your costs stay pretty much the same.
The Tricky Parts
- It’s harder to sell. You’re often selling a promise or an outcome.
- Higher refund and chargeback rates. People can be inconsistent with intangible goods.
- Tech know-how is needed. Setting up membership sites and delivery systems can be a pain.
So, Which One Should You Choose?
Here’s the deal: there’s no one-size-fits-all answer. It depends on your skills, resources, and what excites you to jump out of bed in the morning.
If you love creating something tangible and have some capital, physical products might be your jam. They sell faster and can command premium prices.
On the flip side, if you’re all about sharing knowledge, have limited funds, and don’t mind a steeper learning curve when it comes to marketing, digital products could be your ticket to success.
The Bottom Line
Both physical and digital products have their place in the market. Some of the most successful businesses I’ve worked with sell both!
Remember:
- Physical products sell faster but require more upfront investment.
- Digital products are more accessible to create and fulfill but can be trickier to sell.
My advice? Start with what feels suitable for you. You can continually expand later. The most important thing is to get started and keep learning along the way.
So, what’ll it be? Are you team physical or team digital? Or maybe you’re thinking of straddling both worlds? Whatever you choose, I’m rooting for you!
Do you have questions? Feel free to post them in the comments below. For more tips and tricks on digital marketing and scaling your business, don’t forget to subscribe to our newsletter at GSD!
Happy selling, folks!