The Business Benefits of Creating a Physical Product
Creating a physical product could have a huge impact on increasing your business revenue
Have you ever ordered an item online or from a shopping catalogue? If you have, you probably know that feeling you get when your anticipated purchase arrives in the post. The satisfaction of finding a great product is nothing compared to the thrill of actually laying your hands on it. If there is any potential to present your business offering in the form of a product that your clients can physically see and touch, you need to take some time to explore this option.
By physical, I mean something that is in a box, something that you can physically send to a client's home or office. Physical products can be anything from books to audio recordings to DVD video. Your physical product might very well be in multiple formats, where you offer a combination of audio, video, and written material.
It may require considerable time and effort on your part, but creating a physical product can make a huge difference in your business revenue.
Here are six strong business benefits for you to seriously consider when creating your physical product:
- One of the major benefits of producing a physical product, or any product for that matter, is the fact that you do the work once. But, that one product can sell over and over and over again. While you're sleeping, enjoying dinner, shopping or vacationing, your product can continue to make money for you.
- You can charge more for physical products. It's less expensive to download an ebook or mp3 recording than it is to purchase a hardcopy, printed book or a CD. By their nature, digital products have a ceiling. Clients are not going to pay £500 or £1,000 for a digital product. But, people absolutely do pay that much for physical products. The client's perception of the value of the product is changed when it's physical. They've got something to have and to hold.
- Creating a physical product also increases your brand awareness. Because your product is in some way, shape or form, concrete and tangible, clients will have some ties to it. They have to handle it.
- In a sense, your physical product is serving as built-in follow-up for you. Your best prospects are always those people who have actually bought from you already. They're the people who are most likely to buy from you again. Your product, out on their desk, will constantly remind them of you when they look at it. Being reminded of you through your physical product is a good way to continue your relationship with your clients.
- Physical products increase the user's consumption. It's easy to download a digital product from the internet, which I am a big proponent of. But often, clients will read the information when they get it, store it somewhere on their computer and never go back to it again. You don't want people just buying your products, you want people using your products and having success with them. It makes sense to physically create and send products. Even if it's just a CD sitting on the corner of their desk or on their bookshelf or in their car, it's sitting there as a reminder. "You bought me, use me."
- A physical product increases your exposure. Someone may see it on your client's desk and inquire about it, or it will be fresh in your client's mind to share their discovery with others. Word-of-mouth sharing is your best and least expensive way of advertising.
It's well worth your time to assess your business, and take into account all of the criteria to see if physical products make sense for your market. Physical products can be complex to create, but there's nothing complicated about their payoff.
About the Author
Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com