A digital product is online software that delivers a product or service via a web browser or smartphone app. Ping! Development’s Digital Product Development service offers our clients the ability to generate new revenue streams with these products. While the revenue models for digital products vary, the most common model is the subscription-based plan. Your company may be sitting on this opportunity right now with its existing products and software.
Benefits of Digital Products
Digital Products have distinct advantages over traditional manufactured goods or personal services. We’re able to get these products into the market as quickly as possible, so that our clients can start getting feedback, make improvements, and dial up the revenue.
The advantages of a digital product include:
- Rapid Production: It’s much easier build prototypes and test concepts before the product launches, at a much lower cost.
- Instant Gratification (Delivery): Want it delivered faster than Amazon Prime? Go digital, and your customers can have it now.
- Low Overhead: While there are up-front costs to develop the products, there is no direct cost of goods. Each sale is nearly pure profit after launch.
- No inventory or Shelf Life: No need to freeze your cash and watch it go bad.
- Faster Improvements: Once we launch the “Minimum Viable Product” (MVP), you can make incremental improvements or even pivot the product to an entirely new design using regular feedback and data from customers’ usage.
- Mobility: Your store in their pocket.
- Worldwide Sales: Access to potential new markets across the globe without the shipping and logistics headaches.
Is Your Business Right for Digital Products?
The businesses that benefit most from digital products include existing businesses ready to add digital products and services, as well as startups that have received at least partial funding and need to get products and revenues going. A unique example of a digital product is software which was developed to address specific, custom processes for a business, which that business can turn around and license to others in its industry. New opportunities for revenue can be created out of unexpected places with digital products.
More than Just Digital Products
Ping! Development offers several other services that tie into our digital product development. Like we mentioned in the above example, enterprising companies can license their own custom software to others in their industry, once all the features and functionality are built out. We also connect digital products to other services such as CRMs, marketing automation, inventory management, scheduling and booking, and more. Finally, we offer maintenance and service plans for continual improvement, updates, and expansion.
How is a Digital Product Developed?
First, we determine the workflow and how everything needs to fit together. Sometimes this is simple and obvious. Other times, it requires several discussions and ongoing collaboration. The key to getting to a successful launch is a full understanding of all the nuances of a product and its associated processes supporting it. These projects have longer development times as compared to other types of projects, typically taking two-to-three months to develop, followed by at least a year-long maintenance plan for continued improvements and added features.
The Opportunity for Digital Products in Your Business
Is your business ready to go digital? With some proper planning, we can help you add new streams of highly profitable revenue with digital product development. Use the advantages of the Internet and worldwide sales channels to add new revenue models to your company’s top line. Contact us today to do an initial analysis and see how you can use these products to help your business achieve its goals.