Digital products are a great way for companies across various industries to generate a steady stream of revenue. These types of products are a great investment for savvy business owners due to their low overhead and creation costs, scalability, and general low barriers to entry. Digital products, such as apps, games, stock photos, and online courses are continuously being sold and distributed, and the digital products industry is predicted to be worth $374 billion by 2026. Here are five effective ways you can add more value to your digital products.
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Launch a Collection of NFTs
Over the years, NFTs have become incredibly popular with household brands. If you are wondering, ‘what is NFT’? You’re not alone. NFTs, or non-fungible tokens, have been around since 2014 and are digital assets that represent objects you can find in the real and digital world, such as videos, music, and art. They are often bought with cryptocurrency and can be bought and sold online. NFTs are one-of-a-kind blockchain-based digital assets that possess unique identifying codes, which means they cannot be exchanged like for like. Therefore, a collection of NFTs can increase the value of your in-demand assets.
Benefits of Creating a Collection of NFTs
Many brands use them to increase customer engagement and promote real-world products, and you can add value to your digital products by launching a collection of NFTs too. As NFTs can be created from objects that represent items that are both tangible and intangible, many different businesses can create NFTs from their wares. In addition to gaining an online sale, royalties can be programmed into the NFT so that you can receive a specific percentage of sales every time your NFT is sold to someone else. By minting an NFT with a customer’s transaction, you enable them to become the only owner of an original product. NFTs contain built-in authentication, which can be incredibly valuable to collectors.
Everyone likes to get more bang for their buck and so offering more value can make your digital product more attractive to your consumers. The trick is to identify cost-effective methods to give your customers more of what they want. For example, those who want customers to re-subscribe to their service can offer a tempting discount. You can also include more features with your products to entice old and new customers.
Make Your Products More Flexible
Many consumers enjoy getting more value for their money by purchasing products that can be used in different ways. By making your products more flexible, you can increase their value. For instance, big tech brands are able to draw in more consumers by finding more ways to diversify their products so that it appeals to a wider audience. If you buy a smartphone, you are not only purchasing a mobile phone to make calls, you are also buying a device that can take pictures, acts as a calculator, and devises the best routes. By increasing flexibility and adding more features, your consumers are more likely to buy your product instead of purchasing an array of products.
Make it More Shareable
Digital products that can be shared within households or with close family and friends are more valuable to consumers. Think mobile phone family plans and streaming services. The option to share these products makes them much more attractive to consumers.
Increase Your Product’s Lifespan
Before making a purchase, many customers consider the durability and longevity of a product first. You need to increase your product’s lifespan and market it so that it is a valuable selling point to the customer. Add value by showing your consumers they will have a long-lasting product that will still be relevant and useful in the future.