If you have stumbled across my business blog, I’m assuming you are in the business of building an empire. Empires are built on products. Products are goods and services that can be sold and exchanged for currency. There are three types of products that I will be discussing that should be present in your empire blueprint. These are tangible products, digital products and service products. Let’s look at each.
1. Physical Products or tangible products are products that you can touch. They can be sold in a store online or in person. They are products like
- wine glasses
- paperback books
Physical products are anything that is for sale that you can touch. When you create a Physical products it definitely adds credibility to you, your business, and your brand. When people see YOU created something they are completely in awe and enamored at your ability to create. So even you are a digital product master creating tangible products should happen as well.
2. Digital Products are products indeed, but they are products that can not be held in the hand, but it can be seen or heard. Digital products are products that usually are created on the computer and sold as downloads. The process for creating many of these products are much easier than the creation of physical products. These products are much easier and faster to create. You don’t touch the product nor does the recipient touch the product. These products can, however, be printed after creation if it is even necessary. If printed, these products then become a physical products. Digital products usually provide information. Some examples of digital products are
- pdf downloads
Digital products are all the rage now. They are easy create and they don’t cost a lot of money. Yowsers! Do you know what this means. You can make money by not having to put up money and that my friends is priceless.
3. Service Products are services that are sold for money. You can see the service taking place but can you put your hands on the service. Service products are services that you provide to your customers. People who sell service products are carrying out a task for their customers in exchange for money. Some examples of services are
- photography services
- coaching clients
- teaching workshops,
- consulting with companies
- gardening lawns,
- building homes
- washing cars
- apparel printing
You get my drift. Service products cannot be held in your hand, but the service can be seen with the naked eye and are just as valuable as digital and tangible products.
Oh I neglected to say, you do not have to create your own products you can always resell other products that sell well. You can even do drop shipping where you never even touch the products you sell.
Now that you know the different types of products out there I hope you have started thinking about what kind of products you can add to your product line.
A well rounded business would incorporate a little bit of each. For example if you have a business a Dry Cleaning business then here is what you can do to diversity your dry cleaning business.
Meg’s Dry Cleaning Business
Tangible Product Ideas for Dry Cleaning
- Guide – Getting the most out of dry cleaning Resource Guide
- Cleaning Spray/Starch – made by another manufacturer
- Book – How to clean stubborn stains before dry cleaning
Digital Product Ideas for Dry Cleaning
- Video Download – Showing how to clean stubborn stains
- Ebook-Getting the most out of dry cleaning
Additional Service Ideas
- Open House Event – Employees demonstrate how to clean stubborn stains before bringing them in to get dry cleaned.
So you see no matter what business you are in, there is always a way to incorporate all three types of products into your product line, thereby setting the foundation for your forthcoming empire. Different products and services can definitely diversify your current product line.