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November 16, 2022

Why do all businesses in every field need a digital product?

We all now know how COVID-19 has speeded the adoption of digital technologies by several years, and that many of these changes could be here for the long haul. A lot of changes have taken place and the biggest change is that more and more companies in any field have entered the digital market and launched their own digital products. According to statistics from Statisca, up to 97% of people surveyed agree that Covid 19 has accelerated their digital transformation process, of which nearly 70% think this change is very large. Today, although the impact of the pandemic has somewhat subsided, its impact on people's lives is still present. The proof is that owning a digital product is now considered a standard of any business or startup whether they operate in the technology field or not. So why does a startup or business today must have its own digital product?

What exactly is Digital Product

First, let's take a look at the concept of the digital products. In a nutshell: A Digital product is a software-enabled product or service that provides some benefit to the user.

With the development of technology, a business can digitalize a lot of its products and bring them to the market such as Ebook, audiobooks, podcasts, online courses… or most recently witnessed the explosion of NFTs, Crypto. Some of these products exist independently while others are digital or part of a physical product or business.

Although there are many digital products on the market, in general, a business or startup will often own the two most popular digital products: a website or a mobile app. Sometimes it’s both of them.

Facebook: one of the most popular Digital Product

4 Reasons why you should have your own digital product (mobile app, website)

Increase your sale 

By 2018, it was found that start-ups can increase their revenue by 34% by using digital-first strategies (Forbes). In the old days, you would need a wholesome sales team to sell your products or services, but now with just an app or a website, you can make thousands of dollars without having to do anything. No matter what you are providing: food, financial services, or even medical services, you always need a way for customers to reach your business. And nothing does that better than an app nowadays. People are doing their online shopping every second as you are reading this post. An app nowadays is like a salesman who can deal with thousands of buyers simultaneously without being overloaded. Not to mention it can even collect data to help you grow your business more. In short, creating a mobile app or a website for your business is like sharpening your weapon before going to the battlefield. 

Although building and maintaining a mobile app and website is the greatest way for customers to know about you, it does incur certain fees. However, when your business understands do it correctly, your sales will increase.

Get the competitive edge

Research by PRNewswire found that almost half of small businesses (48%) currently have mobile applications to connect with customers. This number was 32% in 2021. Owning your own website or mobile app (digital product) is gradually becoming a standard instead of just a trend. If you do not meet this, your opponent will certainly do. A brief example can be mentioned as traditional taxis and Uber. Using technology and creating a digital product, Uber has almost redefined the way we move on the street. This has caused many traditional taxi companies to suffer and lose market share to Uber. Your business can dominate a niche where competitors do not yet own a website or mobile app because this will be a huge competitive advantage. On the contrary, if other businesses have it and you don't, it will be a bad scenario. When this happens, you not only need to own a mobile app (website) right away, but you also have to research users to find new features that your competitors don't yet have.

Powerful marketing channel

Any Business cannot grow without the right Marketing strategy.

The good news is building a website or a mobile app will help you have a great tool to implement Marketing campaigns. Websites also make digital marketing easier by using the power of SEO, increasing online visibility, and assisting customers in increasing brand recognition and loyalty.

Compared to traditional marketing methods like TVC, or PR events, sponsoring marketing on digital products has a much lower cost. If you are a small business, will you choose to spend tens of thousands of dollars for a few short minutes of advertising on TV or simply send notifications to customers through your mobile app or website?

Boost reputation

Creating a website or a mobile app for your business is one of the best ways to increase your organization’s credibility. Almost every business on the market uses the Internet as the main method to reach clients. Even if you are a very small or low-budget startup you will at least need a website that looks attractive and effectively deliver high-quality information to users

Research showed 81% of shoppers conduct online research before buying decisions. With that being said, if your business doesn’t have a website or a mobile app, customers will worry about the reliability of your operation and the products you provide. These two digital products will create a memorable first impression and convince customers that you are a legitimate business.

ConclusionBuilding digital products like a website or mobile app might seem like a tough process, but in the long run, you will definitely see the worth of it. Every company is striving to catch up in a race where digital products have shown their indispensability more than ever after the pandemic. So if you ever want to choose to go against the crowd, you better be careful!

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